An additional 1.07% tax on corporate income over $3.5 million to fund agricultural programs.

The bill imposes an additional 1.07% tax on annual corporate income exceeding $3.5 million, raising the top tax rate to 10%. Revenue from this tax will be allocated to agricultural programs, including dairy stabilization support funds, Dirigo business incentives, the Maine Agriculture, Food and Forest Products Investment Fund, the Business Recovery and Resilience Fund program, the Agricultural Marketing Loan Fund, and the Dairy Improvement Fund. Any remaining funds will be transferred to the General Fund.

An additional 1.07% tax on corporate income over $3.5 million to fund agricultural programs.

The bill imposes an additional 1.07% tax on annual corporate income exceeding $3.5 million, raising the top tax rate to 10%. Revenue from this tax will be allocated to agricultural programs, including dairy stabilization support funds, Dirigo business incentives, the Maine Agriculture, Food and Forest Products Investment Fund, the Business Recovery and Resilience Fund program, the Agricultural Marketing Loan Fund, and the Dairy Improvement Fund. Any remaining funds will be transferred to the General Fund.