121st Maine Legislature
		Office of Fiscal and Program Review
		LD 1385
		An Act to Establish the Pine Tree Development Zones Program
		LR 2032(02)
		Fiscal Note for Bill as Amended by Committee Amendment " "
		Committee: Business, Research and Economic Development
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings)
	General Fund		$165,549	$466,437	$706,941	$875,657
Revenue
	General Fund		($165,549)	($466,437)	($706,941)	($875,657)
	Other Special Revenue Funds		($8,897)	($25,067)	($38,777)	($48,032)
Fiscal Detail and Notes
	The table below summarizes the net General Fund revenue impact of the bill based on the assumption that approximately $150,000,000 of investment over 4 years within the 8 Pine Tree Development Zones would be within baseline economic assumptions.
			2003-04	2004-05	2005-06	2006-07
	Sales Tax Exemption for Construction Contractors		(160,144)	(409,256)	(474,000)	(474,000)
	Sales Tax Exemption for Tangible Personal Property		(2,684)	(9,545)	(17,480)	(25,425)
	Pine Tree Development Zone Income Tax Credit		(2,721)	(25,396)	(59,800)	(96,042)
	Employment Tax Increment Financing		0	(22,240)	(155,661)	(280,190)
			(165,549)	(466,437)	(706,941)	(875,657)
	Maine Revenue Services will incur additional one-time costs of approximately $24,000 as a result of this bill.  This bill does not include a General Fund appropriation for that purpose.