121st Maine Legislature
		Office of Fiscal and Program Review
		LD 445
		An Act To Facilitate Farmer Participation in the Land for Maine's Future Program
		LR 0310(01)
		Fiscal Note for Original Bill
		Sponsor: Rep. Smith of Monmouth
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings):
	General Fund		$154,299	$143,335	$148,626	$157,492
Revenue
	General Fund		($154,299)	($143,335)	($148,626)	($157,492)
	Other Special Revenue Funds		($8,464)	($7,862)	($8,152)	($8,639)
Fiscal Detail and Notes
	This bill provides an income tax deduction for the sale of certain development rights under the Land for Maine's Future Program.  This change will reduce income tax collections by an estimated $162,763 in fiscal year 2003-04 and $151,197 in fiscal year 2004-05.  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 $8,464 and $7,862.  The resulting net reduction of General Fund revenue is estimated to be $154,299 in fiscal year 2003-04 and $143,335 in fiscal year 2004-05, based on tax years beginning on or after January 1, 2003.