129th MAINE LEGISLATURE
		LD 241		LR 1682(02)
	An Act To Adjust the Personal Property Tax Exemption for Farm Machinery
	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	$17,500	$525,000	$525,000
Appropriations/Allocations
	General Fund		$0	$17,500	$525,000	$525,000
Fiscal Detail and Notes
	This bill increases the property tax exemption for farm machinery from $10,000 to $45,000 and provides for 100% reimbursement to municipalities of the property tax loss.  The bill includes a one-time General Fund appropriation of $17,500 in fiscal year 2020-21 to the Department of Administrative and Financial Services to reimburse municipalities for costs associated with increasing this property tax exemption.  The Department will require annual General Fund appropriations of $525,000 beginning in fiscal year 2021-22 to reimburse municipalities 100% of the property tax loss.