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Mar 4, 2010

Maine Planning 294% Increase in Business Fees


Category: Business

The Maine legislature's Joint Standing Committee on Taxation recently voted, along party lines, in favor of an increase in annual filing fees for domestic LLCs and S-corporations from $85 to $250, an increase of 294%.  The majority report estimated that this would raise nearly $4 million annually from "23,387 LLCs and S-corps currently doing business in Maine."    Unfortunately, if these increases go through, you may have to consider changing your jurisdiction of incorporation for your business entity.  It is easy nowadays to choose a different state.  Foreign corporations are supposed to register to do business in Maine, at an annual fee of $150 (up from $85) but most don't bother because it really does not affect their doing business here.  In any case these fees are a substantial cost to Maine small businesses of which we believe you should be informed.

If you are concerned about the proposed increases it is not too late to contact your Legislators about it. 

Bryan Dench, for Skelton, Taintor & Abbott’s business and tax groups