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Printable Form 8888 Maine: What You Should Know

Form 8997. Elimination of Interest for Taxpayer Interests. Interest expense that will be allowed or charged on an amount paid may be limited by a statute, rule, regulation, contractual provision, or other law.   In accordance with Maine statute, state law, or other applicable law, the interest on an amount paid may be limited to a maximum annual percentage rate (APR) of 10% that was approved by the Legislative Council on April 12, 2012. The interest may be deducted from the amount that is paid. Interest is required to be paid prior to tax date if payment is made by tax return to the creditor before due date (or date the tax is due, if you do not file an individual tax return), and interest is required to be paid on all amounts paid and allowed in the tax return. If the amount paid is a lump sum, interest must be paid within 90 days after the date the tax has been paid.

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