Maine LD1939 mandates worldwide combined income reporting for corporations with over $1 billion in gross revenues.

Maine LD1939, based on the Model Statute for Worldwide Combined Reporting, requires corporations and unitary businesses with over $1 billion in gross revenues to file a combined return detailing their worldwide financial information. The Maine corporate income tax liability is determined using this combined return. The bill also outlines procedures for combining income and apportionment factors, determining net taxable income, and applying state tax credits. It applies to tax years beginning on or after January 1, 2027.

Maine LD1939 mandates worldwide combined income reporting for corporations with over $1 billion in gross revenues.

Maine LD1939, based on the Model Statute for Worldwide Combined Reporting, requires corporations and unitary businesses with over $1 billion in gross revenues to file a combined return detailing their worldwide financial information. The Maine corporate income tax liability is determined using this combined return. The bill also outlines procedures for combining income and apportionment factors, determining net taxable income, and applying state tax credits. It applies to tax years beginning on or after January 1, 2027.