127th MAINE LEGISLATURE
LD 644 LR 786(02)
An Act To Exempt Annuity Considerations from Tax
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
             
Fiscal Note
FY 2015-16 FY 2016-17 Projections  FY 2017-18 Projections  FY 2018-19
Net Cost (Savings)
General Fund $795,150 $1,901,300 $2,852,850 $3,755,350
Appropriations/Allocations
General Fund $0 $33,600 $0 $0
Revenue
General Fund ($795,150) ($1,867,700) ($2,852,850) ($3,755,350)
Other Special Revenue Funds ($41,850) ($98,300) ($150,150) ($197,650)
Fiscal Detail and Notes
This bill reduces the income tax on annuities by .5% each year until it becomes zero in 2019.  It would reduce General Fund revenue by $795,150 in fiscal year 2015-16 and $1,867,700 in fiscal year 2016-17 and Local Government Fund revenue by $41,850 in fiscal year 2015-16 and $98,300 in fiscal year 2016-17.  The bill includes a one-time General Fund appropriation of $33,600 to the Department of Administrative and Financial Services for computer programming charges.