121st Maine Legislature
		Office of Fiscal and Program Review
		LD 555
		An Act To Increase the Maine Income Tax Deduction for Benefits Received Under the Maine State Retirement System
		LR1248(01)
		Fiscal Note for Original Bill
		Sponsor: Rep. Paradis of Frenchville
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
Current biennium revenue decrease - General Fund
Fiscal Detail and Notes
	Increasing the Maine income tax deduction for certain retirement benefit income is expected to reduce General Fund revenue by approximately $500,000 to $1,000,000 in fiscal year 2003-04 and approximately $1,500,000 to $3,500,000 in fiscal year 2004-05, assuming this benefit would apply to retirement benefits generally beginning with tax years beginning on or after January 1, 2004.