| 123rd MAINE LEGISLATURE | ||||||
| LD 298 | LR 1012(01) | |||||
| An Act To Assist Higher Education Debt Reduction | ||||||
| Fiscal Note for Original Bill | ||||||
| Sponsor: Rep. Cressey of Cornish | ||||||
| Committee: Taxation | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| 2007-08 | 2008-09 | Projections 2009-10 | Projections 2010-11 | |||
| Net Cost (Savings) | ||||||
| General Fund | $536,407 | $421,480 | $438,339 | $455,872 | ||
| Appropriations/Allocations | ||||||
| General Fund | $11,000 | $0 | $0 | $0 | ||
| Revenue | ||||||
| General Fund | ($525,407) | ($421,480) | ($438,339) | ($455,872) | ||
| Other Special Revenue Funds | ($28,820) | ($23,119) | ($24,044) | ($25,006) | ||
| Fiscal Detail and Notes | ||||||
| The General Fund revenue loss associated with the income tax deduction for certain student loan interest is estimated to be $525,407 in fiscal year 2007-08 and $421,480 in fiscal year 2008-09. Maine Revenue Services will also require a one-time General Fund appropriation of $11,000 in fiscal year 2007-08 for the related computer programming costs. | ||||||