Maine has approved a statewide sales tax increase from 5.0% to 5.5% for general sales tax and from 7% to 8% for prepared food, lodging, and liquor. The tax hike is temporary, taking effect October 1, 2013, and expiring June 30, 2015.

Part of a plan to balance the state’s budget, lawmakers project that the tax increase will raise $178 million in revenue. The increase was not without its opponents. The Maine Senate had to overturn the Governor’s veto in order to pass the bill.

How does your business handle sales tax changes?