LD 1645 LR 1760(02)
An Act To Create Affordable Workforce and Senior Housing and Preserve Affordable Rural Housing
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund $0 $0 $17,350,638 $19,000,000
General Fund $0 $0 $60,638 $0
General Fund $0 $0 ($17,290,000) ($19,000,000)
Other Special Revenue Funds $0 $0 ($910,000) ($1,000,000)
Fiscal Detail and Notes
The bill creates a state affordable housing tax credit and would result in a reduction in General Fund revenue of $17,290,000 in fiscal year 2021-22 and a reduction in Local Government Fund revenue of $910,000 in fiscal year 2021-22.  The Department of Administrative and Financial Services will require a General Fund appropriation of $60,638 in fiscal year 2021-22 for programming costs.
Additional costs to the Maine State Housing Authority to implement the requirements of this legislation can be absorbed within existing budgeted resources.