126th MAINE LEGISLATURE
		LD 1839		LR 2808(02)
	An Act To Increase the Deduction for Pension Income
	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	$3,692,650	$12,429,800	$17,578,800
Revenue
	General Fund		$0	($3,692,650)	($12,429,800)	($17,578,800)
	Other Special Revenue Funds		$0	($194,350)	($654,200)	($925,200)
Fiscal Detail and Notes
	This bill increases the maximum Maine individual income tax pension deduction amount from $10,000 to $15,000 in 2015 and 2016, to $20,000 in 2017 and 2018 and to $30,000 beginning in 2021.  This increase would result in a loss of General Fund and Local Government Fund revenue of $3,692,650 and $194,350, respectively, in fiscal year 2014-15.  In 2021, when the deduction reaches $30,000, it is estimated that General Fund revenue would be reduced by approximately $60,000,000.