128th MAINE LEGISLATURE
		LD 620		LR 1087(02)
	An Act To Restore the Tax Deduction for Contributions to College Savings Accounts
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			FY 2017-18	FY 2018-19	Projections  FY 2019-20	Projections  FY 2020-21
Net Cost (Savings)
	General Fund		$276,800	$264,600	$266,000	$275,500
Appropriations/Allocations
	General Fund		$22,000	$0	$0	$0
Revenue
	General Fund		($254,800)	($264,600)	($266,000)	($275,500)
	Other Special Revenue Funds		($5,200)	($5,400)	($14,000)	($14,500)
Fiscal Detail and Notes
	This legislation restores the income tax deduction, up to $250, to a qualified tuition program established under Section 529 and would result in a loss of General Fund revenue of $254,800 in fiscal year 2017-18 and $264,600 in fiscal year 2018-19 and a loss of Local Government Fund revenue of $5,200 in fiscal year 2017-18 and $5,400 in fiscal year 2018-19.  The bill includes a one-time General Fund appropriation of $22,000 in fiscal year 2017-18 to the Department of Administrative and Financial Services to establish a line on both the individual and fiduciary income tax returns.