| 122nd MAINE LEGISLATURE | |||||||||
| LD 1150 | LR 2075(01) | ||||||||
| An Act To Promote and Facilitate Personal Retirement Saving in Maine | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Woodbury of Yarmouth | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $3,481,139 | $362,858 | $381,001 | $340,990 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $28,838 | $20,179 | $21,188 | $22,247 | |||||
| Revenue | |||||||||
| General Fund | ($3,452,301) | ($342,679) | ($359,813) | ($318,743) | |||||
| Other Special Revenue Funds | ($189,367) | ($18,797) | ($19,737) | ($17,484) | |||||
| Fiscal Detail and Notes | |||||||||
| This bill is expected to reduce General Fund revenue by $3,452,301 in fiscal year 2005-06 and $342,679 in fiscal year 2006-07 as a result of the income tax credit for taxpayers who invest in qualified retirement savings contributions. Maine Revenue Services will also require $28,838 in fiscal year 2005-06 and $20,179 in fiscal year 2006-07 for the administrative costs associated with this credit. | |||||||||