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123rd MAINE LEGISLATURE |
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LD 1856 |
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LR 2619(01) |
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An Act To Allow a
Tax Credit for College Loan Repayments |
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Fiscal Note for
Initiated Bill |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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Fiscal Note |
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2007-08 |
2008-09 |
Projections 2009-10 |
Projections 2010-11 |
Net Cost
(Savings) |
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General Fund |
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$0 |
$208,692 |
$1,164,613 |
$3,643,176 |
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Appropriations/Allocations |
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General Fund |
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$0 |
$61,016 |
$70,368 |
$73,360 |
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Revenue |
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General Fund |
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$0 |
($147,676) |
($1,094,245) |
($3,569,816) |
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Other Special Revenue Funds |
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$0 |
($8,100) |
($60,022) |
($195,831) |
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Fiscal Detail
and Notes |
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This bill is an
initiated bill which cannot be amended to include any appropriations or
allocations. If the bill is either
approved by the Legislature and signed into law by the Governor or approved
by the voters in a statewide election in November, the 123rd Legislature will
need to include any necessary appropriations in separate legislation. |
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This
legislation requires the financial aid offices at the University of Maine
System, the Maine Community College System and the Maine Maritime Academy, as
well as all other accredited Maine junior college, college or university, to
administer parts of the Job Creation Through Educational Opportunity
Program. The fiscal impact to each
individual financial aid office can not be determined at this time. The Maine Community College System has
indicated that this legislation will require one additional full-time person
at the Southern Maine Community College office and an average of a half-time
person at each of its other financial aid offices for a total cost of
approximately $250,000 per year. The
University of Maine System is not able to determine a fiscal impact until
further aspects of the administration requirements are more clearly
defined. Additional costs to Maine
Maritime Academy can be absorbed within existing budgeted resources. |
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The General Fund
revenue loss associated with the tax credit is estimated to be $147,676 in
fiscal year 2008-09. The revenue loss
beyond the current revenue forecast periond is estimated to be $9,100,000 in
fiscal year 2011-12 and increases to $62,900,000 in fiscal year 2017-18. Maine Revenue Services will require an
additional General Fund appropriation of $61,016 in fiscal year 2008-09 for
the related administrative costs, including funds for one Tax Examiner
position. |
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Additional costs
to the State Board of Education associated with drafting the opportunity
contract can be absorbed within existing budgeted resources. |
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