| 122nd MAINE LEGISLATURE | |||||||||
| LD 370 | LR 1249(01) | ||||||||
| An Act To Amend the Sales and Use Tax Law Regarding the Food Service and Lodging Industries | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Sen. Cowger of Kennebec | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $8,745,117 | $12,627,360 | $13,101,360 | $13,575,360 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $22,000 | $0 | $0 | $0 | |||||
| Revenue | |||||||||
| General Fund | ($8,723,117) | ($12,627,360) | ($13,101,360) | ($13,575,360) | |||||
| Other Special Revenue Funds | ($478,483) | ($692,640) | ($718,640) | ($744,640) | |||||
| Fiscal Detail and Notes | |||||||||
| Expanding a sales and use tax exemption for certain property used in the food and lodging industry is expected to reduce General Fund revenue by $8,723,117 in fiscal year 2005-06 and $12,627,360 in fiscal year 2006-07 based on an October 1, 2005 effective date. Maine Revenue Services will also require a one-time General Fund appropriation of $22,000 in fiscal year 2005-06 for the administrative costs associated with this change. | |||||||||