123rd MAINE LEGISLATURE
LD 569 LR 1469(01)
An Act To Reduce Maine's Income Tax Rates by 50 Percent
Fiscal Note for Original Bill
Sponsor: Sen. Smith, D. of Piscataquis
Committee: Taxation
Fiscal Note Required: Yes
             
Fiscal Note
2007-08 2008-09 Projections 2009-10 Projections 2010-11
Net Cost (Savings)
General Fund $823,074,607 $649,458,612 $672,414,967 $695,940,731
Revenue
General Fund ($823,074,607) ($649,458,612) ($672,414,967) ($695,940,731)
Other Special Revenue Funds ($45,147,553) ($35,624,312) ($36,883,521) ($38,173,964)
Fiscal Detail and Notes
The General Fund revenue loss associated with a 50% reduction in income tax rates is estimated to be $823,074,607 in fiscal year 2007-08 and $649,458,612 in fiscal year 2008-09.