LD 1645 LR 1760(07)
An Act To Create Affordable Workforce and Senior Housing and Preserve Affordable Rural Housing
Fiscal Note for Bill as Engrossed with:
S "A" (S-374)
Committee: Taxation
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund $0 $0 $8,705,638 $9,500,000
General Fund $0 $0 $60,638 $0
General Fund $0 $0 ($8,645,000) ($9,500,000)
Other Special Revenue Funds $0 $0 ($455,000) ($500,000)
Fiscal Detail and Notes
The bill creates a state affordable housing tax credit administered by the Maine State Housing authority and will reduce General Fund revenue by an estimated $8,645,000 in fiscal year 2021-22 and reduce Local Government Fund revenue by $455,000 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.