123rd MAINE LEGISLATURE
LD 1925 LR 2657(02)
An Act To Cut Taxes on Maine Residents by over $140,000,000
Fiscal Note for Bill as Amended by House Amendment "     "
Sponsor: Rep. Woodbury of Yarmouth
Fiscal Note Required: Yes
             
Fiscal Note
2007-08 2008-09 Projections 2009-10 Projections 2010-11
Net Cost (Savings)
General Fund ($237,635) ($188,601) ($929,200) $4,625,181
Appropriations/Allocations
General Fund $849,164 $964,278 $1,400,556 $2,000,745
Other Special Revenue Funds $0 $1,001,493 $3,101,329 $3,078,489
Revenue
General Fund $1,086,799 $1,152,879 $2,329,756 ($2,624,436)
Other Special Revenue Funds ($1,612,732) ($1,367,517) $649,943 $103,338
Fiscal Detail and Notes
Gross Revenue Impact - Bill as Amended 2007-08 2008-09 Projections 2009-10 Projections 2010-11
Individual Income Tax
Flat Rate Decling from 4.9% to 4.5%, Household Credit ($157,720,160) ($398,331,840) ($409,154,000) ($431,578,000)
Section 179 Conformity $0 $0 ($1,626,300) ($2,455,198)
Corporate Income Tax
Flat Rate at 8.93% $1,020,000 $6,822,500 $6,980,000 $7,166,500
Sales and Use Tax
Expand Base, Repeal Exemptions, 6% $105,088,613 $281,820,186 $291,729,381 $302,724,708
Meals and Lodging to 8% $8,227,200 $26,890,000 $28,110,000 $29,340,000
Expanded Tax on Prepared Foods @ 8% $11,116,800 $35,400,000 $35,890,000 $36,470,000
Real Estate Transfer Tax
Graduated Tax Based on Value $23,450,000 $36,820,000 $40,686,100 $45,446,374
Beer and Wine
Double Excise Tax (except for small manufacturers of malt liquor) $8,291,614 $10,364,518 $10,364,518 $10,364,518
($525,933) ($214,636) $2,979,699 ($2,521,098)
General Fund Appropriation Summary
Elderly Tax Deferal Porgram $0 $492,000 $1,060,875 $1,647,008
Administrative Costs $849,164 $472,278 $339,681 $353,737
$849,164 $964,278 $1,400,556 $2,000,745
Other Special Revenue Fund Summary
Local Government Fund ($1,645,645) ($2,417,357) ($2,415,120) ($2,905,593)
Tourism Marketing Promotion Fund $0 $1,001,493 $3,101,329 $3,078,489
Fund for the Efficient Delivery of Local and Regional Services $32,913 $48,347 $48,302 $58,112