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.