| 124th MAINE LEGISLATURE | ||||||
| LD 1634 | LR 2085(01) | |||||
| An Act To Increase Financial Assets of Maine Citizens by Allowing Split Tax Refunds | ||||||
| Preliminary Fiscal Impact Statement for Original Bill | ||||||
| Sponsor: Rep. Flemings of Bar Harbor | ||||||
| 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 | $100,000 | $0 | $0 | $0 | ||
| Appropriations/Allocations | ||||||
| General Fund | $100,000 | $0 | $0 | $0 | ||
| Fiscal Detail and Notes | ||||||
| This bill requires the State Tax Assessor to deposit a state income tax refund into up to 3 accounts at one or more financial institutions upon request of the person entitled to the refund. Maine Revenue Services will require a one-time appropriation of $100,000 in fiscal year 2009-10 for computer programming and related costs. Additionally, if the proposal is not limited to electronically filed returns, a new schedule will be added to the individual income tax long and short form booklets, increasing printing and mailing costs by an estimated $16,615. Any impact on costs for the E-File project scheduled for development in 2010 have not yet been quantified. | ||||||