121st Maine Legislature
		Office of Fiscal and Program Review
		LD 146
		An Act to Establish a Tax Credit for Parents who Homeschool Their Children
		LR 1586(01)
		Fiscal Note for Original Bill
		Sponsor: Sen. Nass
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings):
	General Fund		$436,890	$2,869,883	$3,012,197	$3,154,513
Appropriations/Allocations
	General Fund		$10,290	$4,553	$4,667	$4,783
Revenue
	General Fund		($426,600)	($2,865,330)	($3,007,530)	($3,149,730)
	Other Special Revenue Funds		($23,400)	($157,170)	($164,970)	($172,770)
Fiscal Detail and Notes
	This bill establishes a nonrefundable income tax credit for parents who homeschool their children.  This change will reduce income tax collections by an estimated $450,000 in fiscal year 2003-04 and $3,022,500 in fiscal year 2004-05.  The reduction of these tax collections will decrease the amounts transferred to the Local Government Fund for state-municipal revenue sharing in those years by $23,400 and $157,170.  The resulting net reduction of General Fund revenue is estimated to be $426,600 in fiscal year 2003-04 and $2,865,330 in fiscal year 2004-05.