| 122nd MAINE LEGISLATURE | |||||||||
| LD 700 | LR 0692(01) | ||||||||
| An Act To Provide Tax Benefits for Sale of Leased Land Used as a Primary Residence | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Sen. Davis of Piscataquis | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $115,635 | $98,906 | $103,851 | $109,044 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $30,000 | $0 | $0 | $0 | |||||
| Revenue | |||||||||
| General Fund | ($85,635) | ($98,906) | ($103,851) | ($109,044) | |||||
| Other Special Revenue Funds | ($4,697) | ($5,425) | ($5,696) | ($5,981) | |||||
| Fiscal Detail and Notes | |||||||||
| This bill is expected to reduce General Fund revenue by $85,635 in fiscal year 2005-06 and $98,906 in fiscal year 2006-07 as a result of the income tax exemption for certain capital gains. Maine Revenue Services will also require a one-time General Fund appropriation in fiscal year 2005-06 for the additional computer programming costs associated with this change. | |||||||||