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129th MAINE LEGISLATURE |
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LD 444 |
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LR 165(01) |
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An Act To Fully
Restore Revenue Sharing |
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Preliminary Fiscal
Impact Statement for Original Bill |
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Sponsor: Sen. Bellows of Kennebec |
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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 |
($8,323,521) |
$0 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
$8,323,521 |
$0 |
$0 |
$0 |
$0 |
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Other Special Revenue Funds |
$8,323,521 |
$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% 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%. |
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