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129th MAINE LEGISLATURE |
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LD 193 |
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LR 328(01) |
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An Act To Fully
Fund and Restore State-Municipal Revenue Sharing |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Harnett of Gardiner |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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FY 2018-19 |
FY 2019-20 |
FY 2020-21 |
Projections FY 2021-22 |
Projections FY 2022-23 |
| Net Cost
(Savings) |
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General Fund |
$49,941,123 |
$0 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
($49,941,123) |
$0 |
$0 |
$0 |
$0 |
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Other Special Revenue Funds |
$49,941,123 |
$0 |
$0 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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The bill
increases the revenue sharing rate from 2% to 5% in fiscal year 2018-19
retroactive to January 1, 2019. It
would result in a reduction in General Fund revenue of $49,941,123 in fiscal
year 2018-19 and a corresponding increase in Local Government Fund revenue of
$49,941,123 in fiscal year 2018-19.
This analysis is based on the December 2018 revenue forecast. There
would be no fiscal impact in the following years since current law already
has revenue sharing returning to 5%. |
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