121st Maine Legislature
		Office of Fiscal and Program Review
		LD 583
		An Act To Amend the Laws Governing the Deduction of Pensions, Retirement Benefits and other Income from State Income Tax
		LR0251(01)
		Fiscal Note for Original Bill
		Sponsor: Rep. Clough of Scarborough
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
Current biennium revenue decrease - General Fund
Fiscal Detail and Notes
	This bill increases the maximum allowable pension income deduction and will reduce income tax revenue by approximately $13,000,000 in fiscal year 2003-04 and approximately $13,000,000 to $15,000,000 in fiscal year 2004-05, based on tax years beginning on or after January 1, 2003.  Maine Revenue Services will also require additional General Fund appropriations for the administrative costs associated with this change.