121st Maine Legislature
Office of Fiscal and Program Review
LD 1735
An Act To Repeal the Taxation of Personal Property Valued at $1,000 or More
LR 2285(01)
Fiscal Note for Original Bill
Sponsor: Rep. Barstow of Gorham
Committee: Taxation
Fiscal Note Required: Yes
   
             
Fiscal Note
Current Cost - State Mandate
State Mandate
New or Expanded Activity Unit Affected Costs
Administrative activities and expenses associated with extending the personal property tax exemption. Municipality Insignificant
Fiscal Detail and Notes
General fund appropriations will be required to reimburse municipalities for at least 50% of the property tax revenue that is lost as a result of the exemptions contained in this bill.  The amount required can not be determined at this time and will depend on specific definitions that are intended.  This is in addition to the state mandate created by the minor administrative responsibilities at the local level associated with extending the exemption.