| 122nd MAINE LEGISLATURE | |||||||||
| LD 328 | LR 0221(01) | ||||||||
| An Act To Enhance the Maine Earned Income Tax Credit | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Eder of Portland | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $45,365,018 | $40,215,852 | $41,024,229 | $41,845,863 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $113,587 | $64,135 | $69,478 | $72,017 | |||||
| Revenue | |||||||||
| General Fund | ($45,251,431) | ($40,151,717) | ($40,954,751) | ($41,773,846) | |||||
| Other Special Revenue Funds | ($2,482,146) | ($2,202,415) | ($2,246,463) | ($2,291,392) | |||||
| Fiscal Detail and Notes | |||||||||
| Increasing the earned income tax credit is expected to reduce General Fund revenue by $45,251,431 in fiscal year 2005-06 and $40,151,717 in fiscal year 2006-07. Maine Revenue Services will also require General Fund appropriations of $113,587 in fiscal year 2005-06 and $64,135 in fiscal year 2006-07 for the administrative costs associated with this credit. | |||||||||