LD 71 LR 1281(02)
An Act To Reinstate the Income Tax Deduction for Contributions to College Savings Accounts
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund $0 $972,000 $997,500 $997,500
General Fund $0 $22,000 $0 $0
General Fund $0 ($950,000) ($997,500) ($997,500)
Other Special Revenue Funds $0 ($50,000) ($52,500) ($52,500)
Fiscal Detail and Notes
The bill provides for an income tax deduction for certain contributions to qualified tuition programs up to $1,000 per designated beneficiary and would result in a loss of General Fund revenue of $950,000 and a loss of Other Special Revenue Funds revenue of $50,000 in fiscal year 2020-21. The bill includes a one-time General Fund appropriation to the Department of Administrative and Financial Services of $22,000 in fiscal year 2020-21 for computer programming costs.