LD 1586 LR 1147(02)
An Act To Promote Major Food Processing and Manufacturing Facility Expansion and To Create Jobs in Maine
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 $0 $33,000 $1,111,500
General Fund $0 $0 $33,000 $0
General Fund $0 $0 $0 ($1,111,500)
Other Special Revenue Funds $0 $0 $0 ($58,500)
Fiscal Detail and Notes
The bill creates an income tax credit for major food processing and manufacturing facilities and will reduce General Fund revenue by $1,111,500 in fiscal year 2022-23 and reduce Local Government Fund revenue by $58,500 in fiscal year 2022-23.  The Department of Administrative and Financial Services will require a General Fund appropriation of $33,000 in fiscal year 2022-23 for computer programming costs to update corporate income tax forms.
Additional costs to the Department of Economic and Community Development to implement the requirements of this legislation can be absorbed within existing budgeted resources.