123rd MAINE LEGISLATURE
		LD 569		LR 1469(01)
	An Act To Reduce Maine's Income Tax Rates by 50 Percent
	Fiscal Note for Original Bill
	Sponsor: Sen. Smith, D. of Piscataquis
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Net Cost (Savings)
	General Fund		$823,074,607	$649,458,612	$672,414,967	$695,940,731
Revenue
	General Fund		($823,074,607)	($649,458,612)	($672,414,967)	($695,940,731)
	Other Special Revenue Funds		($45,147,553)	($35,624,312)	($36,883,521)	($38,173,964)
Fiscal Detail and Notes
	The General Fund revenue loss associated with a 50% reduction in income tax rates is estimated to be $823,074,607 in fiscal year 2007-08 and $649,458,612 in fiscal year 2008-09.