LD 1120 LR 1705(02)
An Act To Improve Maine's Tax Laws
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2013-14 FY 2014-15 Projections  FY 2015-16 Projections  FY 2016-17
Net Cost (Savings)
General Fund $0 $0 ($4,722,199) ($5,056,223)
General Fund $0 $0 $265,301 $216,277
General Fund $0 $0 $4,987,500 $5,272,500
Other Special Revenue Funds $0 $0 $262,500 $277,500
Fiscal Detail and Notes
The amendment requires corporations who file unitary income tax returns to include income from certain jurisdictions outside the United States in net income when apportioning income among tax jurisdictions.  It would result in an increase in General Fund and Local Government Fund revenue of $4,987,500 and $262,500, respectively, in fiscal year 2015-16 and $5,272,500 and $277,500, respectively, in fiscal year 2016-17.  Maine Revenue Services will require a General Fund appropriation of $265,301 in fiscal year 2015-16 and $216,277 in fiscal year 2016-17 for one Staff Attorney position, one Tax Analyst position, computer programming charges and related costs to apply the new law.