| 122nd MAINE LEGISLATURE | |||||||||
| LD 332 | LR 1549(02) | ||||||||
| An Act To Exempt Unemployment Benefits from State Income Tax | |||||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $10,385,104 | $9,636,182 | $10,389,007 | $11,092,340 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $47,087 | $50,007 | $54,056 | $56,009 | |||||
| Revenue | |||||||||
| General Fund | ($10,338,017) | ($9,586,175) | ($10,334,951) | ($11,036,331) | |||||
| Other Special Revenue Funds | ($555,574) | ($515,168) | ($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 $10,338,017 in fiscal year 2005-06 and $9,586,175 in fiscal year 2006-07. This bill also includes General Fund appropriations of $47,087 in fiscal year 2005-06 and $50,007 in fiscal year 2006-07 for Maine Revenue Services to support the administrative costs associated with this deduction. | |||||||||