123rd MAINE LEGISLATURE
		LD 422		LR 1862(01)
	An Act To Increase the State Income Tax Exemption for Retired Employees in the Maine State Retirement System and Other Pension Systems to the Same Level as That of Retirees under the Social Security System
	Fiscal Note for Original Bill
	Sponsor: Rep. Mazurek of Rockland
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Net Cost (Savings)
	General Fund		$79,830,680	$60,215,308	$63,225,189	$66,385,564
Appropriations/Allocations
	General Fund		$16,854	$17,697	$17,697	$17,697
Revenue
	General Fund		($79,813,826)	($60,197,611)	($63,207,492)	($66,367,867)
	Other Special Revenue Funds		($4,377,974)	($3,301,979)	($3,467,078)	($3,640,431)
Fiscal Detail and Notes
	Increasing the income tax deduction for certain public and private pension income will reduce General Fund revenue by an estimated $79,813,826 in fiscal year 2007-08 and $60,197,611 in fiscal year 2008-09.  Maine Revenue Services will also require General Fund appropriations of  $16,854 and $17,697 in fiscal years 2007-08 and 2008-09, respectively, for associated printing costs.