121st Maine Legislature
		Office of Fiscal and Program Review
		LD 99
		An Act to Repeal the Tax Incentive for Certain Shipbuilding Facilities
		LR 0559(01)
		Fiscal Note for Original Bill
		Sponsor: Rep. Goodwin
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings)
	General Fund		$0	($3,199,500)	($3,199,500)	($3,199,500)
Revenue
	General Fund		$0	$3,199,500	$3,199,500	$3,199,500
	Other Special Revenue Funds		$0	$175,500	$175,500	$175,500
Fiscal Detail and Notes
	Repealing the shipbuilding facility credit will increase income tax collections by an estimated $3,375,000 annually, beginning in fiscal year 2004-05.  The increase in these tax collections will increase the amounts transferred to the Local Government Fund for state-municipal revenue sharing by $175,500 per year.  The resulting net increase in General Fund revenue is estimated to be $3,199,500 per year, based on tax years beginning on or after January 1, 2004.