| 122nd MAINE LEGISLATURE | |||||||||
| LD 356 | LR 1532(01) | ||||||||
| An Act To Increase the State Income Tax Exemption for Retired Workers in the Maine State Retirement System to the Same Level as That of Retirees under the Social Security System | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Paradis of Frenchville | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $63,492,350 | $47,007,629 | $49,826,680 | $53,676,908 | |||||
| Revenue | |||||||||
| General Fund | ($63,492,350) | ($47,007,629) | ($49,826,680) | ($53,676,908) | |||||
| Other Special Revenue Funds | ($3,462,663) | ($2,578,478) | ($2,733,109) | ($2,944,303) | |||||
| Fiscal Detail and Notes | |||||||||
| Increasing the maximum allowable pension income deduction is expected to reduce Genreal Fund revenue by $63,492,350 in fiscal year 2005-06 and $47,007,629 in fiscal year 2006-07. | |||||||||