128th MAINE LEGISLATURE
LD 1276 LR 2013(01)
An Act To Change the Exemption Amount under the Estate Tax
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Rep. Brooks of Lewiston
Committee: Taxation
Fiscal Note Required: Yes
             
Preliminary Fiscal Impact Statement
FY 2017-18 FY 2018-19 Projections  FY 2019-20 Projections  FY 2020-21
Net Cost (Savings)
General Fund $167,855 ($24,102,325) ($32,593,787) ($33,884,992)
Appropriations/Allocations
General Fund $167,855 $297,675 $306,213 $315,008
Revenue
General Fund $0 $24,400,000 $32,900,000 $34,200,000
Fiscal Detail and Notes
The bill lowers the estate tax exemption from $5,000,000 to $1,000,000 for deaths occurring on or after January 1, 2018 and will reduce General Fund revenue by $24,400,000 in fiscal year 2018-19.  The Department of Administrative and Financial Services will require General Fund appropriations of $167,855 in fiscal year 2017-18 and $297,675 in fiscal year 2018-19 for 3 Senior Revenue Agent positions and related costs to audit and process estate tax returns.