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)
General Fund $0 $492,507 $492,150 $506,176
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.