| 122nd MAINE LEGISLATURE | |||||||||
| LD 319 | LR 0162(01) | ||||||||
| An Act To Exempt Retirement and Pension Income from the State Income Tax | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Glynn of South Portland | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $74,417,732 | $53,800,412 | $54,290,676 | $54,837,272 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $74,173 | $128,270 | $138,935 | $144,013 | |||||
| Revenue | |||||||||
| General Fund | ($74,343,559) | ($53,672,142) | ($54,151,741) | ($54,693,259) | |||||
| Other Special Revenue Funds | ($3,995,281) | ($2,884,383) | ($2,970,349) | ($3,000,052) | |||||
| Fiscal Detail and Notes | |||||||||
| Increasing the deduction from $6,000 to $35,000 and expanding the definition of employee retirement plan is expected to reduce Genreal Fund revenue by $74,343,559 in fiscal year 2005-06 and $53,672,142 in fiscal year 2006-07. Maine Revenue Services will also require General Fund appropriations of $74,173 in fiscal year 2005-06 and $128,270 in fiscal year 2006-07 for the administrative costs associated with this change, including funds for 2 Tax Examiner positions. | |||||||||