129th MAINE LEGISLATURE
		LD 420		LR 573(02)
	An Act To Amend the Maine Exclusion Amount in the Estate Tax
	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	($9,482,493)	($13,306,600)	($13,940,617)
Appropriations/Allocations
	General Fund		$0	$492,507	$492,150	$506,176
Revenue
	General Fund		$0	$9,975,000	$13,798,750	$14,446,793
Fiscal Detail and Notes
	The bill decreases the estate tax exclusion amount from $5,700,000 to $2,000,000 for estates of decedents dying on or after January 1, 2020.  It is estimated to increase General Fund revenue by $9,975,000 in fiscal year 2020-21.  The bill includes a General Fund appropriation of $492,507 in fiscal year 2020-21 to the Department of Administrative and Financial Services for one Tax Section Manager position, one Senior Tax Examiner position, 3 Tax Examiner positions and related costs to process and audit additional estate tax returns.