123rd MAINE LEGISLATURE
		LD 262		LR 673(04)
	An Act To Amend the Credit for Rehabilitation of Historic Properties
	Fiscal Note for Bill as Amended by Committee Amendment "     "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Net Cost (Savings)
	General Fund		$0	$41,098	($2,585,596)	($1,504,642)
Appropriations/Allocations
	General Fund		$0	$44,000	$0	$0
	Other Special Revenue Funds		$0	$500	$500	$500
Revenue
	General Fund		$0	$2,902	$2,585,596	$1,504,642
	Other Special Revenue Funds		$0	($94,778)	($3,360,284)	($3,841,518)
Fiscal Detail and Notes
	The General Fund income tax loss associated with the credit for the rehabilitation of historic properties is estimated to be $87,098 in fiscal year 2008-09, $734,404 in fiscal year 2009-10 and $2,215,358 in fiscal year 2010-11.  The estimated cost of this credit outside the forecast period is $6,600,000 in fiscal year 2011-12, $10,800,000 in fiscal year 2012-13 and $14,400,000 in fiscal year 2013-14.
	This bill also amends the distribution of real estate transfer tax proceeds, increasing General Fund revenue by $90,000 in fiscal year 2008-09, by $3,320,000 in fiscal year 2009-10 and by $3,720,000 in fiscal year 2010-11, resulting in a corresponding decrease in Other Special Revenue Funds dedicated to the Housing Opportunities for Maine Fund.
	The bill includes a one-time General Fund appropriation of $44,000 in fiscal year 2008-09 for the computer programming costs associated with the income tax credit.
	The bill includes an Other Special Revenue Funds base allocation of $500 in fiscal year 2008-09 for the costs to the Maine Historic Preservation Commission associated with administering the tax credit program that will be offset by the provision in the bill that allows for the establishment of processing fees to be used to support the administration of the program.
	Provisions of this bill are also included in Committee Amendment "A" and Committee Amendment "B" to LD 2173, the Governor's 2008-2009 Supplemental Budget.