130th MAINE LEGISLATURE
		LD 1524		LR 1459(01)
	An Act To Amend the Maine Exclusion Amount in the Estate Tax
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Collings of Portland
	Committee: Taxation
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
			FY 2021-22	FY 2022-23	Projections  FY 2023-24	Projections  FY 2024-25
Net Cost (Savings)
	General Fund		$338,960	($14,883,388)	($20,504,441)	($21,119,087)
Appropriations/Allocations
	General Fund		$338,960	$641,612	$661,309	$681,636
Revenue
	General Fund		$0	$15,525,000	$21,165,750	$21,800,723
Fiscal Detail and Notes
	The bill lowers the estate tax exclusion amount to $2,000,000 and creates an additional exclusion amount for qualified family farms and aquaculture, fishing and wood harvesting businesses of $3,800,000 for estates of decedents dying on or after January 1, 2022 and will result in an increase in General Fund revenue of $15,525,000 in fiscal year 2022-23.  The Department of Administrative and Financial Services will require General Fund appropriations of $338,960 in fiscal year 2021-22 and $641,612 in fiscal year 2022-23 for one Tax Section Manager position, 2 Senior Tax Examiner positions, 3 Tax Examiner II positions and related costs to process and audit estate tax returns and review for potential recapture of the additional exclusion amount.