130th MAINE LEGISLATURE
		LD 1919		LR 2271(02)
	An Act To Encourage Job Growth in the Forest Products Sector through Tax Incentives
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Taxation
	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		$0	$138,115	$528,820	$1,400,848
Appropriations/Allocations
	General Fund		$0	$138,115	$101,320	$104,098
Revenue
	General Fund		$0	$0	($427,500)	($1,296,750)
	Other Special Revenue Funds		$0	$0	($22,500)	($68,250)
Fiscal Detail and Notes
	The bill provides an income tax credit for certain qualified timber harvesting businesses and will reduce General Fund and Other Special Revenue Funds revenue by $427,500 and $22,500, respectively, in fiscal year 2023-24.
	This bill includes General Fund appropriations totaling $138,115 in fiscal year 2022-23 for the costs associated with implementing and administering the income tax credit for qualified timber harvesting businesses. Of that amount, a one-time General Fund appropriation of $33,000 is provided to the Bureau of Revenue Services within the Department of Administrative and Financial Services for the computer programming costs to add lines to individual, fiduciary and corporate income tax returns.  Additionally, a General Fund appropriation of $105,115 is provided to the Business Development program within the Department of Economic and Community Development for one Development Program Officer position and related All Other costs associated with implementing and administering the tax credit program.