121st Maine Legislature
		Office of Fiscal and Program Review
		LD 1575
		An Act to Assist Brascan, the Successor to Great Northern Paper, in Paying the Property Taxes Due to the Towns of Millinocket and East Millinocket
		LR 2090(01)
		Fiscal Note for Original Bill
		Sponsor: Sen. Stanley of Penobscot
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings)
	General Fund		$1,563,355	($1,563,355)	$0	$0
Appropriations/Allocations
	General Fund		$1,563,355	($1,563,355)	$0	$0
Fiscal Detail and Notes
	This bill shifts certain Business Equipment Tax Reimbursement program (BETR) costs from fiscal year 2004-05 into fiscal year 2003-04.  That shift will require a General Fund appropriation of $1,563,355 in fiscal year 2003-04 and a corresponding General Fund deappropriation of $1,563,355 in fiscal year 2004-05. This bill also requires the Finance Authority of Maine to provide an interest free loan of up to $1,550,000 from the Economic Recovery Program Fund to the business acquiring the assets of Great Northern Paper, Inc. to pay for property taxes due to the towns of Millinocket and East Millinocket for the 2002-03 property tax year.  The Authority has indicated that there are sufficient funds available in the Economic Recovery Program Fund for this purpose.  Any additional cost to the Finance Authority of Maine can be absorbed utilizing existing budgeted resources.