121st Maine Legislature
		Office of Fiscal and Program Review
		LD 706
		An Act to Create an Income Tax Credit for Premiums Paid for Health Insurance
		LR 0402(01)
		Fiscal Note for Original Bill
		Sponsor: Sen. Stanley
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
Current biennium revenue decrease - General Fund
Current biennium cost increase - General Fund
Fiscal Detail and Notes
	This bill establishes a tax credit for taxpayers who pay health insurance premiums.  This change is expected to reduce General Fund income tax collections by more than $100,000,000 per year.  The credit will also decrease the amounts transferred to the Local Government Fund for state-municipal revenue sharing.  Maine Revenue Services's administrative costs associated with this creidt are estimated to be $65,000 in fiscal year 2004-05.