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130th MAINE LEGISLATURE |
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LD 1919 |
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LR 2271(02) |
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An Act To
Encourage Job Growth in the Forest Products Sector through Tax Incentives |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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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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$0 |
$138,115 |
$528,820 |
$1,400,848 |
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Appropriations/Allocations |
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General Fund |
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$0 |
$138,115 |
$101,320 |
$104,098 |
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Revenue |
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General Fund |
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$0 |
$0 |
($427,500) |
($1,296,750) |
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Other Special Revenue Funds |
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$0 |
$0 |
($22,500) |
($68,250) |
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Fiscal Detail
and Notes |
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The bill provides
an income tax credit for certain qualified timber harvesting businesses and
will reduce General Fund and Other Special Revenue Funds revenue by $427,500
and $22,500, respectively, in fiscal year 2023-24. |
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This bill
includes General Fund appropriations totaling $138,115 in fiscal year 2022-23
for the costs associated with implementing and administering the income tax
credit for qualified timber harvesting businesses. Of that amount, a one-time
General Fund appropriation of $33,000 is provided to the Bureau of Revenue
Services within the Department of Administrative and Financial Services for
the computer programming costs to add lines to individual, fiduciary and
corporate income tax returns.
Additionally, a General Fund appropriation of $105,115 is provided to
the Business Development program within the Department of Economic and
Community Development for one Development Program Officer position and related
All Other costs associated with implementing and administering the tax credit
program. |
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