121st Maine Legislature
		Office of Fiscal and Program Review
		LD 1633
		An Act Regarding Conformity with the Federal Jobs and Growth Tax Relief Reconciliation Act of 2003
		LR 2170(01)
		Fiscal Note for Original Bill
		Sponsor: Sen. Stanley
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
No net General Fund revenue impact
Fiscal Detail and Notes
	This bill has no net General Fund cost.  It requires the state to conform to recent federal income tax law changes but requires taxpayers to make adjustments to income to avoid the significant General Fund revenue loss that would result from full conformity.  The following table is provided for informational purposes only as it reflects the General Fund revenue loss associated with fully conforming to the federal Jobs and Growth Tax Relief Reconciliation Act of 2003, Public Law 108-27, if the adjustments contained in this bill were not made.
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Revenue
	General Fund - Marriage Penalty		($21,857,937)	($9,770,335)	$0	$0
	General Fund - Alternative Minimum Tax Exemption		($492,294)	($480,431)	$0	$0
	General Fund - Increased Expensing (Section 179)		($3,651,236)	($2,925,455)	($2,320,052)	$3,089,684
	General Fund - Bonus Depreciation		($28,171,846)	($16,549,702)	$1,259,644	$8,032,326
			($54,173,313)	($29,725,923)	($1,060,408)	$11,122,010