Following an update to Me. Rev. Stat. Ann. tit. 36, § 5250-A(3), the exceptions under which a buyer is not required to withhold tax imposed has been updated under Item C. This section now states the following:
“C. The consideration for the property is less than $50,000 or, for sales occurring on or after January 1, 2021, less than $100,000; [PL 2019, c. 659, Pt. C, §2 (AMD).]”
As such, we will be changing Cx1570 section (c) from $50,000 to $100,000.
This change will take effect on February 27, 2021. If you have any questions of concerns about this change, please contact Client Support at 1.800.497.3584.
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UPDATE: (February 23, 2021) In addition to the above changes, we will be modifying Cx1570 further so that it matches the latest version of the “2021 REW-4 – Notification of buyer(s) of withholding tax requirement” form published by Maine Revenue Services (which Cx1570 is a duplicate of; a copy of the official form can be found here: https://www.maine.gov/revenue/tax-return-forms/real-estate-withholding).