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The tax credit for 2023 is $350 for each dependent but is annually indexed for inflation. The bill requires the State Tax Assessor to make the application for the child tax credit available as part of the sales tax fairness credit or property tax fairness credit application or through another simplified application.
Maine is one of several states continuing a form of the child tax credit into 2024, even as the Biden administration's version of the credit expired last year. The Pine Tree State offers a refundable child tax credit of up to $300 each year per child for eligible families in the state.
For the 2023 tax year (returns filed in 2024), the child tax credit is worth up to $2,000 per qualifying dependent. The credit is also partially refundable through the additional child tax credit, meaning some taxpayers may be able to receive a tax refund for any excess amount up to a maximum of $1,600.
A tax credit of up to $2,600 was put into effect for any projects billed as of January 1, 2023. The criteria for qualifying requires customers to have a tax liability of $2,000 or more, and only certain equipment qualifies for this credit.
State-Level Child Tax Credit StateProgram NameRefundableCaliforniaYoung Child Tax CreditYesColoradoChild Tax CreditYesIdahoChild Tax CreditNoMainebDependent Exemption Tax CreditYes10 more rows
Budget Links Maine Governor Janet Mills signed the state's current services budget for fiscal 2024-2025 into law on March 31 to ensure continued operations of state government, providing for $9.8 billion in general fund spending.