| 122nd MAINE LEGISLATURE | |||||||||
| LD 1503 | LR 0415(02) | ||||||||
| An Act To Amend the Economic Development Statutes | |||||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | |||||||||
| Committee: Business, Research and Economic Development | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Current biennium cost increase - General Fund | |||||||||
| Current biennium revenue increase - Other Special Revenue Funds | |||||||||
| Fiscal Detail and Notes | |||||||||
| Repealing the June 30, 2006 sunset of the Maine Research and Development Evaluation Fund will increase the dedicated revenue to the Fund from the 0.8% assessment applied to those agencies or private entities that receive $500,000 or more in General Fund appropriations or general obligation bond proceeds for research and development in a fiscal year. The amount collected can not exceed $120,000 in any fiscal year and is expected to be at the limit. The assessment diverts money from the original purposes for which the appropriations and bond proceeds were originally intended. | |||||||||
| Additional costs to the Finance Authority of Maine can be absorbed utilizing existing budgeted resources. | |||||||||