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.