124th MAINE LEGISLATURE
		LD 1449		LR 623(02)
	An Act To Expand Tax Incentives for Visual Media Productions
	Fiscal Note for Bill as Amended by Committee Amendment "   "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			2009-10	2010-11	Projections 2011-12	Projections 2012-13
Net Cost (Savings)
	General Fund		$742,500	$3,577,500	$2,865,000	$2,865,000
Appropriations/Allocations
	General Fund		$30,000	$15,000	$15,000	$15,000
Revenue
	General Fund		($712,500)	($3,562,500)	($2,850,000)	($2,850,000)
	Other Special Revenue Funds		($37,500)	($187,500)	($150,000)	($150,000)
Fiscal Detail and Notes
	This bill replaces the existing media income tax credit and reimbursement for certain production wages with a refundable income tax credit that is a percentage of the direct visual media production expenditures in the State. The expanded tax credit will result in a loss of tax revenue to the General Fund of $712,500 in FY 2009-10 and $3,562,500 in FY 2010-11.  There will also be a loss of revenue to the Local Government Fund of $37,500 in FY 2009-10 and $187,500 in FY 2010-11.  Additional costs to Maine Revenue Services associated with the new tax credit can be absorbed within existing budgeted resources.
	This bill includes General Fund appropriations of $30,000 in fiscal year 2009-10 and $15,000 per year beginning in fiscal year 2010-11 to the Finance Authority of Maine for the upfront and ongoing administrative expenses of establishing and administering a low-interest loan program for visual media production companies.
	Additional costs to the Department of Economic and Community Development associated with providing the required certification, approving the internship program, rulemaking and for the Maine Film Office to submit the required report can be absorbed within existing budgeted resources.