LD 1664 LR 2617(02)
An Act To Encourage Charitable Contributions to Nonprofit Organizations
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 $1,343,300 $4,324,400 $8,222,250
General Fund $0 ($1,343,300) ($4,324,400) ($8,222,250)
Other Special Revenue Funds $0 ($70,700) ($227,600) ($432,750)
Fiscal Detail and Notes
This bill provides that charitable contributions included in federal itemized deductions that exceed the limitation on Maine itemized deductions may be claimed on a Maine return up to the cap specified in the bill.  This provision would reduce General Fund and Local Government Fund revenues by $1,343,300 and $70,700, respectively, in fiscal year 2014-15.