123rd MAINE LEGISLATURE
		LD 562		LR 1395(01)
	An Act To Adopt a Flat Corporate Income Tax
	Fiscal Note for Original Bill
	Sponsor: Sen. Mills, P. of Somerset
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
Current biennium revenue decrease - General Fund
Fiscal Detail and Notes
	Establishing a flat Corporate Income Tax rate of 8.5% will reduce income tax collections.  Maine Revenue Services estimates that a flat rate of 8.6% would be required to make the bill revenue neutral.  The Governor's proposed budget for the 2008-2009 biennium, LD 499, includes changes to the apportionment of corporate income.  This revenue estimate may need to be revisited based on the final legislative actions on LD 499.