121st Maine Legislature
Office of Fiscal and Program Review
LD 1575
An Act to Assist Brascan, the Successor to Great Northern Paper, in Paying the Property Taxes Due to the Towns of Millinocket and East Millinocket
LR 2090(03)
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
   
             
Fiscal Note
Projections Projections
2003-04 2004-05 2005-06 2006-07
Net Cost (Savings)
General Fund $1,563,355 ($1,563,355) $0 $0
Appropriations/Allocations
General Fund $1,563,355 ($1,563,355) $0 $0
Fiscal Detail and Notes
This bill shifts certain Business Equipment Tax Reimbursement program (BETR) costs from fiscal year 2004-05 into fiscal year 2003-04.  This bill includes a General Fund appropriation of $1,563,355 in fiscal year 2003-04 and a corresponding General Fund deappropriation of $1,563,355 in fiscal year 2004-05 to reflect the change in the timing of the reimbursement.

This bill also requires the Finance Authority of Maine to provide an interest free loan of up to $1,550,000 from the Economic Recovery Program Fund to the business acquiring the assets of Great Northern Paper, Inc. to pay for property taxes due to the towns of Millinocket and East Millinocket for the 2002-03 property tax year.  The Authority has indicated that there are sufficient funds available in the Economic Recovery Program Fund for this purpose.  Any additional cost to the Finance Authority of Maine can be absorbed utilizing existing budgeted resources.