| 122nd MAINE LEGISLATURE | |||||||||
| LD 2026 | LR 3116(01) | ||||||||
| An Act To Implement Recommendations of the Study Commission Regarding Liveable Wages Concerning Conformity with Federal Tax Laws | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Lerman of Augusta | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $0 | $45,112,084 | $175,306,373 | $176,414,562 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $0 | $49,087 | $64,135 | $67,113 | |||||
| Revenue | |||||||||
| General Fund | $0 | ($45,062,997) | ($175,242,238) | ($176,347,449) | |||||
| Other Special Revenue Funds | $0 | ($2,421,721) | ($9,612,443) | ($9,673,067) | |||||
| Fiscal Detail and Notes | |||||||||
| Conforming to the federal law regarding the child care credit, personal exemption and the child tax credit is expected to reduce General Fund revenue by $45,062,997 in fiscal year 2006-07. Maine Revenue Services will also require a General Fund appropriation of $49,087 in fiscal year 2006-07 for the administrative costs associated with these changes, including funds for one Tax Examiner position. | |||||||||