LD 444 LR 165(01)
An Act To Fully Restore Revenue Sharing
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Sen. Bellows of Kennebec
Committee: Taxation
Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
FY 2018-19 FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund ($8,323,521) $0 $0 $0 $0
General Fund $8,323,521 $0 $0 $0 $0
Other Special Revenue Funds $8,323,521 $0 $0 $0 $0
Fiscal Detail and Notes
The bill increases the revenue sharing rate from 2% to 5% for the last 3 months of fiscal year 2018-19.  It would result in a reduction in General Fund revenue of $8,323,521 in fiscal year 2018-19 and a corresponding increase in Local Government Fund revenue of $8,323,521 in fiscal year 2018-19.  This analysis is based on the December 2018 revenue forecast and assumes that without a retroactivity clause the change would become effective June 1, 2019, impacting only the last month of revenue sharing. There would be no fiscal impact in the following years since current law already has revenue sharing returning to 5%.