125th MAINE LEGISLATURE
		LD 647		LR 328(02)
	An Act To Exempt Retired Military Pay from State Income Tax
	Fiscal Note for Bill as Amended by Committee Amendment "A"
	Committee: Taxation
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
			FY 2011-12	FY 2012-13	Projections  FY 2013-14	Projections  FY 2014-15
Net Cost (Savings)
	General Fund		$3,862,672	$2,955,036	$3,043,687	$3,134,997
Revenue
	General Fund		($3,862,672)	($2,955,036)	($3,043,687)	($3,134,997)
	Other Special Revenue Funds		($203,299)	($155,528)	($160,194)	($165,000)
Fiscal Detail and Notes
	Increasing the current state income tax exemption for military retirement benefits from $6,000 to $10,000 will result in losses to the General Fund and reduce revenue sharing.  The impact is highest for fiscal year 2011-12 because by the time the bill becomes law the impact from January 1, 2011 to June 30, 2011 would have to be credited in fiscal year 2011-12.