LD 1713 LR 521(04)
An Act To Revitalize Maine's Paper Industry through the Establishment of an Income Tax Credit for Paper Manufacturing
Fiscal Note for Senate Amendment " " to Committee Amendment "A"
Sponsor: Sen. Breen of Cumberland
Fiscal Note Required: Yes
Fiscal Note
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund ($33,000) ($770,000) ($717,000) $0
General Fund ($33,000) $0 $33,000 $0
General Fund $0 $770,000 $750,000 $0
Other Special Revenue Funds $0 $30,000 $50,000 $0
Fiscal Detail and Notes
This amendment changes the effective date of the tax credit to tax years beginning on or after January 1, 2024 and the revenue loss is eliminated in fiscal year 2022-23 and reduced in fiscal year 2023-24. The appropriation in fiscal year 2021-22 is removed and the Department of Administrative and Financial Services will require a one-time General Fund appropriation of $33,000 in fiscal year 2023-24 for computer programming costs to add lines to the individual, fiduciary and corporate income tax returns.