| 124th MAINE LEGISLATURE | ||||||
| LD 198 | LR 303(01) | |||||
| An Act To Recouple Maine Estate Tax with the Federal Estate Tax | ||||||
| Preliminary Fiscal Impact Statement for Original Bill | ||||||
| Sponsor: Rep. Knight of Livermore Falls | ||||||
| Committee: Taxation | ||||||
| Fiscal Note Required: Yes | ||||||
| Preliminary Fiscal Impact Statement | ||||||
| 2009-10 | 2010-11 | Projections 2011-12 | Projections 2012-13 | |||
| Net Cost (Savings) | ||||||
| General Fund | $15,912,514 | $1,381,138 | $0 | $0 | ||
| Revenue | ||||||
| General Fund | ($15,912,514) | ($1,381,138) | $0 | $0 | ||
| Fiscal Detail and Notes | ||||||
| This bill requires Maine estate tax to conform to the Federal estate tax guidelines beginning January 1, 2009. This conformity will reduce General Fund revenue by $15,912,514 in FY 2009-10 and $1,381,138 in FY 2010-11. The additional costs to Maine Revenue Services associated with complying with this change in tax law can be absorbed within existing budgeted resources. | ||||||