| 122nd MAINE LEGISLATURE | |||||||||
| LD 332 | LR 1549(01) | ||||||||
| An Act To Exempt Unemployment Benefits from State Income Tax | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Clark of Millinocket | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2004-05 | 2005-06 | 2006-07 | 2007-08 | 2008-09 | |||||
| Net Cost (Savings) | |||||||||
| General Fund | $445,872 | $9,928,809 | $9,626,080 | $10,389,007 | $11,092,340 | ||||
| Appropriations/Allocations | |||||||||
| General Fund | $0 | $47,087 | $50,007 | $54,056 | $56,009 | ||||
| Revenue | |||||||||
| General Fund | ($445,872) | ($9,881,722) | ($9,576,073) | ($10,334,951) | ($11,036,331) | ||||
| Other Special Revenue Funds | ($23,962) | ($542,035) | ($525,270) | ($566,896) | ($605,368) | ||||
| Fiscal Detail and Notes | |||||||||
| Exempting unemployment benefits from income tax is expected to result in a General Fund revenue loss of $445,872 in fiscal year 2004-05, $9,881,722 in fiscal year 2005-06 and $9,576,073 in fiscal year 2006-07. Maine Revenue Services will also require General Fund appropriations of $47,087 in fiscal year 2005-06 and $50,007 in fiscal year 2006-07 to support the administrative costs associated with this exemption. | |||||||||