| 125th MAINE LEGISLATURE | ||||||
| LD 358 | LR 1189(01) | |||||
| An Act To Exempt from the Income Tax Military Death Payments and Employment-based Retirement Income of Persons Who Are 65 Years of Age or Older | ||||||
| Preliminary Fiscal Impact Statement for Original Bill | ||||||
| Sponsor: Rep. Harmon of Palermo | ||||||
| Committee: Taxation | ||||||
| Fiscal Note Required: Yes | ||||||
| Preliminary Fiscal Impact Statement | ||||||
| Potential current biennium revenue decrease - General Fund | ||||||
| Fiscal Detail and Notes | ||||||
| This bill provides an income tax exemption to persons age 65 or older for retirement income from an employment-based retirement plan while maintaining the current limited retirement benefit exemption for persons under 65. The bill also provides an income tax exemption for military death payments. These measures may result in revenue losses to the General Fund. Maine Revenue Services indicates that clarification is needed to further delineate the scope of the exemptions and as a result no fiscal estimate is made at this time. | ||||||