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129th MAINE LEGISLATURE |
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LD 1993 |
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LR 2886(01) |
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An Act To Clarify
the Law Relating to Corporate Income Tax Nexus and the Shipment of Spirits
into the State |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Sen. Sanborn of Cumberland |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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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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$0 |
$144,375 |
$147,250 |
$152,000 |
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| Revenue |
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General Fund |
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$0 |
($144,375) |
($147,250) |
($152,000) |
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Other Special Revenue Funds |
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$0 |
($5,625) |
($7,750) |
($8,000) |
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| Fiscal Detail
and Notes |
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The bill provides
an exemption to corporate income tax for a manufacturer of alcoholic spirits
located outside of the State whose only nexus with the State is the storage
of the manufacturer's spirits in a warehouse operated by the Department of
Administrative and Financial Services.
It would result in a reduction in General Fund revenue of $144,375 in
fiscal year 2020-21 and a reduction in Local Government Fund revenue of
$5,625 in fiscal year 2020-21. |
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