LD 73 LR 581(02)
An Act To Provide an Income Tax Credit for Certain Student Loan Repayments
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 $11,000 $21,375 $41,800 $49,400
General Fund $11,000 $0 $0 $0
General Fund $0 ($21,375) ($41,800) ($49,400)
Other Special Revenue Funds $0 ($1,125) ($2,200) ($2,600)
Fiscal Detail and Notes
The bill provides an income tax deduction for certain student loan payments and would result in a reduction in General Fund revenue of $21,375 and a reduction in Local Government Fund revenue of $1,125 in fiscal year 2020-21.  The bill includes a General Fund appropriation of $11,000 in fiscal year 2019-20 to the Department of Administrative and Financial Services for computer programming costs to update individual income tax forms.