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121st Maine Legislature |
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Office of Fiscal and Program Review |
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LD 1824 |
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An Act
To Provide Property Tax Relief to Maine Homeowners |
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LR 2194(06) |
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Fiscal Note for House Amendment " " |
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Sponsor: Speaker Colwell |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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Projections |
Projections |
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2003-04 |
2004-05 |
2005-06 |
2006-07 |
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| Net Cost
(Savings) |
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General Fund |
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$0 |
($2,991,797) |
$2,570,124 |
$5,240,374 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$31,964,165 |
$30,770,185 |
$31,727,669 |
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| Revenue |
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General Fund |
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$0 |
$34,955,962 |
$28,200,061 |
$26,487,295 |
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Other Special Revenue Funds |
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$0 |
($383,625) |
($939,421) |
($1,022,668) |
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| Fiscal Detail
and Notes |
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Projections |
Projections |
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2003-04 |
2004-05 |
2005-06 |
2006-07 |
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General Fund Appropriations |
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Part A - Administrative costs - Revenue
Services |
$143,567 |
$160,852 |
$155,277 |
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Part B - General Purpose Aid for Local Schools |
$25,000,000 |
$0 |
$0 |
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Part H - Homestead Exemption Costs |
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$6,174,798 |
$29,963,533 |
$30,926,592 |
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Part H - Homestead State Mandate Costs |
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$645,800 |
$645,800 |
$645,800 |
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Total
General Fund Appropriations |
$0 |
$31,964,165
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$30,770,185
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$31,727,669
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2003-04 |
2004-05 |
2005-06 |
2006-07 |
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General Fund Revenue |
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Part A - Maine Residents Property Tax Program |
($11,750,532) |
($22,880,436) |
($24,596,469) |
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Part C - Cigarette Tax Increase - Cigarette Tax |
$32,578,000
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$35,400,000
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$35,200,000
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Part C - Cigarette Tax Increase - Sales Tax |
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$649,990 |
$707,113 |
$716,126 |
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Part D - Liquor Sold in Licensed Establishments
- Sales Tax |
$3,662,001 |
$4,323,259 |
$4,496,190 |
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Part E - Tobacco Products Tax Inc. - Tobacco
Products Tax |
$1,073,048 |
$1,195,516 |
$1,225,404 |
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Part E - Tobacco Products Tax Inc. - Sales Tax |
$46,843 |
$56,667 |
$58,084 |
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Part F - Excise Tax - Beer and Wine - Excise
Tax |
$8,443,331
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$9,210,906
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$9,210,906
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Part F - Excise Tax - Beer and Wine - Sales Tax |
$368,585
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$436,597
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$436,597
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Part H - Homestead impact on individual income tax |
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($115,304) |
($249,561) |
($259,543) |
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Total
General Fund Revenue |
$0 |
$34,955,962
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$28,200,061
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$26,487,295
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Revenue - Local Government
Fund/Disproportionate Tax Burden Fund |
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Part A - Maine Residents Property Tax Program |
($631,483) |
($1,255,045) |
($1,349,173) |
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Part C - Cigarette Tax Increase - Sales Tax |
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$34,931 |
$38,787 |
$39,281 |
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Part D - Liquor Sold in Licensed Establishments
- Sales Tax |
$196,799 |
$263,470 |
$274,327 |
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Part E - Tobacco Products Tax Inc. - Sales Tax |
$2,517 |
$3,108 |
$3,186 |
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Part F - Excise Tax - Beer and Wine - Sales Tax |
$19,808 |
$23,948 |
$23,948 |
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Part H - Homestead impact on individual income tax |
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($6,197) |
($13,689) |
($14,237) |
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Net Increase (Decrease) |
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$0 |
($383,625) |
($939,421) |
($1,022,668) |
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Conflicts with LD 1919 - 2004-2005 Supplemental
Budget Bill |
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The
estimates included in this fiscal note reflect the impact of the bill as
amended by this amendment and attempt to anticipate the interaction effects
of this bill as amended and LD 1919, the 2004-2005 Supplemental Budget Bill,
as amended by Committee Amendment "A". |
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This
bill does not reflect the deappropriation in fiscal year 2004-05 as a result
of the change of the treatment of the Maine Residents Property Tax Program
(or "circuit breaker" program) as reductions of individual income
tax revenue rather than a General Fund appropriation because that
deappropriation is included in LD 1919.
If LD 1919 is not enacted, a deappropriation from the Maine Residents
Property Tax Program will be required and the amount of the net change to
General Fund revenue and the transfers to the Local Government
Fund/Disproportionate Tax Burden Fund will be increased. |
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The
General Purpose Aid for Local Schools statutory changes and language
establishing the fiscal year 2004-05 distribution to municipalities assume
that the additional $15 million provided in LD 1919 Part N is also
appropropriated. If the amounts in LD
1919 are changed, the amounts included in this bill and the statutory and
other language establishing the distribution will need to be revised
accordingly. |
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