128th MAINE LEGISLATURE
		LD 946		LR 169(02)
	An Act To Provide an Income Tax Credit for Students Returning to College
	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		$182,854,525	$188,241,614	$187,898,932	$188,756,319
Appropriations/Allocations
	General Fund		$84,525	$81,614	$83,932	$86,319
Revenue
	General Fund		($182,770,000)	($188,160,000)	($187,815,000)	($188,670,000)
	Other Special Revenue Funds		($3,730,000)	($3,840,000)	($9,885,000)	($9,930,000)
Fiscal Detail and Notes
	The bill provides a refundable income tax credit up to $5,000 for individuals and parents making payments on qualified education loans.  It would result in a loss of General Fund revenue of $182,770,000 in fiscal year 2017-18 and $188,160,000 in fiscal year 2018-19 and a loss of Local Government Fund revenue of $3,730,000 in fiscal year 2017-18 and $3,840,000 in fiscal year 2018-19.  The bill includes a General Fund appropriation of $84,525 in fiscal year 2017-18 and $81,614 in fiscal year 2018-19 to the Department of Administrative and Financial Services for one Tax Examiner position and related costs to establish and administer the credit.