| 122nd MAINE LEGISLATURE | |||||||||
| LD 56 | LR 0143(02) | ||||||||
| RESOLUTION, Proposing an Amendment to the Constitution of Maine To Facilitate the Repeal of the Taxation of Personal Property Valued at $1,000 or More | |||||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Current Cost - State Mandate | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $0 | $6,137,236 | $6,444,360 | $6,766,502 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $0 | $6,137,236 | $6,444,360 | $6,766,502 | |||||
| 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 | |||||||||
| This bill includes General Fund appropriations totalling $6,137,236 in fiscal year 2006-07 to reimburse municipalities for 50% of the property tax revenue lost due to the expanded exemption for personal property and to support the related administrative costs. | |||||||||