130th MAINE LEGISLATURE
LD 1524 LR 1459(02)
An Act To Amend the Maine Exclusion Amount in the Estate Tax
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
             
Fiscal Note
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 bill includes General Fund appropriations of $338,960 in fiscal year 2021-22 and $641,612 in fiscal year 2022-23 to the Department of Administrative and Financial Services 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.