128th MAINE LEGISLATURE
		LD 1537		LR 726(09)
	An Act To Replace the Educational Opportunity Tax Credit with the Student Loan Repayment Credit for Maine Residents
	Fiscal Note for House Amendment " " to Committee Amendment "A"
	Sponsor: Rep. Pouliot of Augusta
	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	$8,075,000	$10,355,000
Revenue
	General Fund		$0	$0	($8,075,000)	($10,355,000)
	Other Special Revenue Funds		$0	$0	($425,000)	($545,000)
Fiscal Detail and Notes
	The amendment provides for refundability of credits under the new Student Loan Repayment Credit for Maine Residents for those loans for which a credit was issued under the current credit for educational opportunity.  It also provides that any unused credit in any taxable year can be carried forward and used in the succeeding 5 tax years.  It would reduce General Fund revenue by $8,075,000 and reduce Local Government Fund revenue by $425,000 in fiscal year 2019-20.