LD 784 LR 343(02)
An Act To Prevent Tax Haven Abuse
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 $399,889 ($3,613,612) ($3,769,878) ($3,950,882)
General Fund $399,889 $306,388 $315,122 $324,118
General Fund $0 $3,920,000 $4,085,000 $4,275,000
Other Special Revenue Funds $0 $80,000 $215,000 $225,000
Fiscal Detail and Notes
The bill requires corporations who file unitary income tax returns to include income from certain jurisdictions outside the United States in net income when apportioning income among tax jurisdictions.  This will increase General Fund and Local Government Fund revenues by $3,920,000 and $80,000, respectively, in fiscal year 2018-19. The bill includes General Fund appropriations of $399,899 in fiscal year 2017-18 and $306,388 in fiscal year 2018-19 for one Tax Analyst position and 2 Staff Attorney positions and related All Other to administer the new tax.