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130th MAINE LEGISLATURE |
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LD 1650 |
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LR 829(02) |
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An Act To Create
the Small Business Capital Savings Account Program |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Innovation, Development, Economic
Advancement and Business |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2021-22 |
FY 2022-23 |
Projections FY 2023-24 |
Projections FY 2024-25 |
| Net Cost
(Savings) |
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General Fund |
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$34,891 |
$205,562 |
$137,750 |
$137,750 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$66,000 |
$0 |
$0 |
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| Revenue |
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General Fund |
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($34,891) |
($139,562) |
($137,750) |
($137,750) |
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Other Special Revenue Funds |
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($1,359) |
($5,438) |
($7,250) |
($7,250) |
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| Fiscal Detail
and Notes |
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The bill creates a
tax deduction for contributions made to qualifying small business capital
savings accounts and will result in a reduction in General Fund revenue of
$34,891 in fiscal year 2021-22 and $139,562 in fiscal year 2022-23. It will also result in a reduction in Local
Government Fund revenue of $1,359 in fiscal year 2021-22 and $5,438 in fiscal
year 2022-23. The bill includes a
one-time General Fund appropriation of $66,000 in fiscal year 2022-23 for
computer programming costs. |
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Additional costs
to the Department of Economic and Community Development to establish and
administer the Small Business Capital Savings Account Program can be absorbed
within existing budgeted resources. |
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