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additional property eligible from the reduction of the acreage | | threshold. The estimated net additional costs for current use | | valuation tax reimbursements in fiscal year 2001-02 and 2002-03, | | including reimbursement for state mandate costs, are approximately | | $300,000 and $330,000, respectively. The expansion of eligibility | | will result in additional applications and additional processing | | costs for municipalities and represents a state mandate pursuant to | | the Constitution of Maine. The additional local costs are | | estimated to be less than $200 annually. Reimbursements for these | | mandate costs will be required beginning in fiscal year 2001-02. |
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| | | The sales tax exemption or refund for electricity used in | | commercial agriculture, fishing or aquaculture will decrease | | sales tax collections by $238,316 in fiscal year 2000-01, | | $266,000 in fiscal year 2001-02 and $271,000 in fiscal year 2002- | | 03. The reduction of these tax collections will decrease the | | amounts transferred to the Local Government Fund for state- | | municipal revenue sharing in those years by $12,154, $13,566 and | | $13,821, respectively. The resulting net reductions of General | | Fund revenue will be $226,162 in fiscal year 2000-01, $252,434 in | | fiscal year 2001-02 and $257,179 in fiscal year 2002-03. |
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| | | The Bureau of Revenue Services within the Department of | | Administrative and Financial Services will incur some minor | | additional administrative costs to implement these changes to the | | tax laws. These costs can be absorbed within the bureau's | | existing budgeted resources. |
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| | | The Governor's proposed 2000-2001 supplemental budget also | | includes proposals that provide reimbursement for valuation under | | farm and open space tax laws, a reduced acreage threshold for | | eligibility for farm and open space valuation and the sales tax | | exemption or refund for electricity used in commercial | | agriculture, fishing or aquaculture. |
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| | | This bill implements the tax policy recommendations of the | | Task Force on State Office Building Location, Other State Growth- | | related Capital Investments and Patterns of Development, commonly | | referred to as the "Smart Growth Task Force." The bill | | implements the following tax policies. |
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| | | 1. The bill provides for additional state-municipal revenue- | | sharing for all municipalities with a property tax rate in excess | | of 10 mills. The amount of General Fund revenue dedicated to | | state-municipal revenue-sharing is increased from |
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