129th MAINE LEGISLATURE
		LD 1019		LR 1020(02)
	An Act To Eliminate the Double Taxation of Out-of-state Pensions
	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		$10,545,000	$21,850,000	$34,437,500	$47,975,000
Revenue
	General Fund		($10,545,000)	($21,850,000)	($34,437,500)	($47,975,000)
	Other Special Revenue Funds		($555,000)	($1,150,000)	($1,812,500)	($2,525,000)
Fiscal Detail and Notes
	This bill increases the maximum annual income tax pension deduction amount for nonmilitary retirement pensions from $10,000 to $35,000 per year over a 5-year period beginning with the 2019 tax year.  It reduces General Fund revenue by $10,545,000 in fiscal year 2019-20 and by $21,850,000 in fiscal year 2020-21 and reduces Local Government Fund revenue by $555,000 in fiscal year 2019-20 and by $1,150,000 in fiscal year 2020-21.