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
General Fund $0 $33,000 $0 $0
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.