Here you'll find copies of all the Portland Regional Chamber's testimony, statements and related materials. As always, if you have comments or questions after reading anything we've said, just drop me an email or give me a call 207-772-2811 x231.

Portland Regional Chamber Supports Tax Reform Legislation, Opposes June Referendum to Overturn

Also supports bond issues

April 28th 2010

On April 28th the Regional Board of the Portland Regional Chamber voted by a 2/3^rd's majority to continue supporting tax reform, and to oppose the June 8^th referendum seeking to repeal last year's tax reform law.

Godfrey Wood, Portland Regional Chamber CEO, said: "Maine's tax burden needs to be reduced - the tax reform law passed last year lowers taxes for the vast majority of Maine taxpayers.  The law creates a foundation for a stronger Maine economy.  In the years ahead I fully expect we'll see even greater tax reductions - but only if voters keep the tax reform law in place by voting NO on Question 1 on June 8^th."

In making its decision the Board agreed to continue support for: a) landmark reductions to Maine's income tax that the Chamber has sought for over a decade, b) export of over $50 million dollars in tax burden to non-residents, c) a 20% reduction in the state capital gains tax rate and d) a rebalancing of income and sales tax revenue streams to the state. Most importantly the Board supported the reduction in Maine's top income tax bracket as a strong "welcome" to businesses considering coming to Maine.

While the Board acknowledged the real pain imposed by the tax reform law on some individuals and businesses, it saw the law as an unprecedented step forward toward a more business friendly state tax code that could not be rejected after years of work toward the tax reform goals first set out by the Portland Regional Chamber in 2003.

In addition the Regional Board gave the Portland Regional Chamber's support to Bond Questions 2, 3, 4 and 5 on the June ballot. The Board judged that each question met the organization's decisional criteria for support, and that each bond would finance needed infrastructure projects, like the Portland Harbor ‘mega-berth,' that will create good jobs and enhance the region's economy at a time when that stimulus is most needed.