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131st MAINE LEGISLATURE |
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LD 792 |
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LR 630(01) |
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An Act to Provide
a Turnpike Gasoline Fairness Credit for Maine Turnpike Drivers |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Sen. Brakey of Androscoggin |
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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 2023-24 |
FY 2024-25 |
Projections FY 2025-26 |
Projections FY 2026-27 |
| Net Cost
(Savings) |
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General Fund |
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$0 |
$11,000 |
$0 |
$0 |
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Highway Fund |
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$0 |
$5,750,000 |
$5,750,000 |
$5,750,000 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$11,000 |
$0 |
$0 |
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| Revenue |
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General Fund |
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$0 |
($5,750,000) |
($5,750,000) |
($5,750,000) |
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| Transfers |
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General Fund |
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$0 |
$5,750,000 |
$5,750,000 |
$5,750,000 |
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Highway Fund |
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$0 |
($5,750,000) |
($5,750,000) |
($5,750,000) |
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| Fiscal Detail
and Notes |
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Providing a
refundable income tax credit based on type of fuel used and number of miles
traveled on the Maine Turnpike will reduce General Fund revenue by $5,750,000
annually beginning in fiscal year 2024-25. The bill requires an annual
transfer from the Highway Fund to the General Fund to offset the loss of
income tax revenue in the General Fund and to reflect the revenue reduction
only in the Highway Fund. |
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The Department of
Administrative and Financial Services, Bureau of Revenue Services will
require a one-time General Fund appropriation of $11,000 in fiscal year
2024-25 to update the individual income tax return for the turnpike motor
fuel fairness credit established in the bill. |
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