121st Maine Legislature
		Office of Fiscal and Program Review
		LD 1927
		An Act To Modify Taxation of Benefits under Employee Retirement Plans, Including Retirement Plans for Teachers
		LR 2707(01)
		Fiscal Note for Original Bill
		Sponsor: Sen. Gagnon of Kennebec
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings)
	General Fund		$0	$1,392,487	$4,269,735	$6,136,328
Revenue
	General Fund		$0	($1,392,487)	($4,269,735)	($6,136,328)
	Other Special Revenue Funds		$0	($74,833)	($234,205)	($336,592)
Fiscal Detail and Notes
	Exempting certain employee retirement benefits from the income tax will reduce income tax collections by $1,467,320 in fiscal year 2004-05, resulting in a General Fund revenue loss of $1,392,487 and an Other Special Revenue funds loss of $74,833 for state-municipal revenue sharing.