128th MAINE LEGISLATURE
		LD 1537		LR 726(02)
	An Act To Replace the Educational Opportunity Tax Credit with the Student Loan Repayment Credit for Maine Residents
	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		$0	$0	$30,006,528	$29,726,494
Appropriations/Allocations
	General Fund		$0	$0	$176,528	$181,494
Revenue
	General Fund		$0	$0	($29,830,000)	($29,545,000)
	Other Special Revenue Funds		$0	$0	($1,570,000)	($1,555,000)
Fiscal Detail and Notes
	This legislation replaces the educational opportunity tax credit with a student loan repayment credit for tax years beginning on or after January 1, 2019.  It would result in a reduction in General Fund revenue of $29,830,000 and a reduction in Local Government Fund revenue of $1,570,000 in fiscal year 2019-20.  The Department of Administrative and Financial Services will require a General Fund appropriation of $176,528 in fiscal year 2019-20 for 2 Tax Examiner positions and related costs to analyze and process income tax returns.