123rd MAINE LEGISLATURE
		LD 623		LR 41(01)
	An Act To Change the Standard State Tax Deduction for Married People Filing Jointly to $10,000
	Fiscal Note for Original Bill
	Sponsor: Rep. Flood of Winthrop
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Net Cost (Savings)
	General Fund		$22,108,801	$16,497,912	$17,157,828	$10,537,879
Revenue
	General Fund		($22,108,801)	($16,497,912)	($17,157,828)	($10,537,879)
	Other Special Revenue Funds		($1,212,719)	($904,949)	($941,147)	($578,027)
Fiscal Detail and Notes
	Increasing the standard deduction to the federal standard deduction will reduce General Fund revenue by an estimated $22,108,801 in fiscal year 2007-08 and $16,497,912 in fiscal year 2008-09.  The federal standard deduction for married taxpayers filing jointly is $10,700.  The title of the bill should be changed to reflect that amount.