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129th MAINE LEGISLATURE |
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LD 1520 |
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LR 1028(02) |
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An Act To Create
and Sustain Jobs through Development of Cooperatives and Employee-owned
Businesses |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2019-20 |
FY 2020-21 |
Projections FY 2021-22 |
Projections FY 2022-23 |
| Net Cost
(Savings) |
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General Fund |
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$177,000 |
$197,250 |
$206,750 |
$211,500 |
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| Appropriations/Allocations |
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General Fund |
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$177,000 |
$50,000 |
$50,000 |
$50,000 |
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| Revenue |
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General Fund |
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$0 |
($147,250) |
($156,750) |
($161,500) |
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Other Special Revenue Funds |
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$0 |
($7,750) |
($8,250) |
($8,500) |
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| Fiscal Detail
and Notes |
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The bill creates
an income tax exclusion for employee stock ownership plans, eligible
worker-owned cooperatives, consumer cooperatives and affordable housing
cooperatives. It would result in a
reduction in General Fund revenue of $147,250 in fiscal year 2020-21 and a
reduction in Local Government Fund revenue of $7,750 in fiscal year
2020-21. The bill includes a one-time
General Fund appropriation of $77,000 in fiscal year 2019-20 to the
Department of Administrative and Financial Services for computer programming
to update income tax filing forms. |
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This bill also
includes ongoing General Fund appropriations of $100,000 in fiscal year
2019-20 and $50,000 per year beginning in fiscal year 2020-21 to the Business
Development program within the Department of Economic and Community
Development to contract with a nonprofit economic development organization to
develop and manage a Maine Employee Ownership Center to assist businesses in
the transition to employee or cooperative ownership. |
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