126th MAINE LEGISLATURE
		LD 65		LR 653(02)
	An Act To Reduce the Income Tax on Capital Gains
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			FY 2013-14	FY 2014-15	Projections  FY 2015-16	Projections  FY 2016-17
Net Cost (Savings)
	General Fund		$46,481,750	$43,443,500	$48,375,900	$52,424,800
Appropriations/Allocations
	General Fund		$22,000	$0	$0	$0
Revenue
	General Fund		($46,459,750)	($43,443,500)	($48,375,900)	($52,424,800)
	Other Special Revenue Funds		($2,445,250)	($2,286,500)	($2,546,100)	($2,759,200)
Fiscal Detail and Notes
	Exempting 50% of net long-term capital gains subject to federal income tax from Maine individual and fiduciary income tax will reduce General Fund revenue by an estimated $46,459,750 in FY 2013-14 and $43,443,500 in FY 2014-15.  The exemption will also reduce Municipal Revenue Sharing by $2,445,250 in FY 2013-14 and $2,286,500 in FY 2014-15.  This bill includes a General Fund appropriation of $22,000 in FY 2013-14 to Maine Revenue Services for computer programming to accomodate these changes.