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128th MAINE LEGISLATURE |
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LD 1522 |
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LR 569(02) |
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An Act To
Authorize a Local Option Sales Tax |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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Contingent current biennium cost increase - General Fund
Contingent current biennium revenue increase - Local Government Fund
Contingent current biennium revenue increase - Municipalities |
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| Fiscal Detail
and Notes |
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This bill allows
a municipality to establish a local option sales tax if approved by
referendum of the municipality's voters.
If such a tax is established by a municipality, the Department of
Administrative and Financial Services will need an initial General Fund
appropriation of approximately $690,000 with annual General Fund
appropriations thereafter of approximately $450,000 to establish, implement
and maintain a system to track certain sales taxes by municipality. Revenue from this tax would be distributed
to the municipality, to the Local Government Fund for revenue sharing
statewide and to the Regional Economic Development Revolving Loan Program
administered by the Finance Authority of Maine for distribution to counties
for economic development purposes. |
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