LD 1664 LR 2617(06)
An Act To Encourage Charitable Contributions to Nonprofit Organizations
Fiscal Note for Bill as Engrossed with:
C "A" (S-492)
S "A" (S-542) to C "A" (S-492)
Committee: Taxation
Fiscal Note
FY 2013-14 FY 2014-15 Projections  FY 2015-16 Projections  FY 2016-17
Net Cost (Savings)
General Fund $0 $0 $4,324,400 $8,222,250
General Fund $0 $0 ($4,324,400) ($8,222,250)
Other Special Revenue Funds $0 $0 ($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 by $18,000 for tax years beginning in 2016 may be claimed on a Maine return.  For tax years beginning on or after January 1, 2017 there is no cap for charitable contributions.  These provisions will reduce General Fund and Local Government Fund revenues beginning in fiscal year 2015-16.