129th MAINE LEGISLATURE
		LD 1305		LR 1029(02)
	An Act To Encourage Savings through Contributions to Family Development Accounts
	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	$42,500	$9,500	$9,500
Appropriations/Allocations
	General Fund		$0	$33,000	$0	$0
Revenue
	General Fund		$0	($9,500)	($9,500)	($9,500)
	Other Special Revenue Funds		$0	($500)	($500)	($500)
Fiscal Detail and Notes
	The bill creates a tax credit for taxpayers who make contributions to family development account reserve funds and would result in a reduction in General Fund revenue of $9,500 in fiscal year 2020-21 and a reduction in Local Government Fund revenue of $500 in fiscal year 2020-21.  The bill includes a one-time General Fund appropriation of $33,000 in fiscal year 2020-21 to the Department of Administrative and Financial Services for computer programming to add one additional line to the income tax returns.