124th MAINE LEGISLATURE
		LD 1088		LR 1600(02)
	An Act To Modernize the Tax Laws and Provide over $75,000,000 to Residents of the State in Tax Relief
	Fiscal Note for Bill as Amended by Committee Amendment "       "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			2009-10	2010-11	Projections 2011-12	Projections 2012-13
Net Cost (Savings)
	General Fund		($8,166,927)	$8,111,091	$5,667,304	($3,664,336)
Appropriations/Allocations
	General Fund		$523,073	$1,511,091	$967,304	$1,015,664
	Other Special Revenue Funds		$0	$740,000	$1,860,000	$1,850,000
Revenue
	General Fund		$8,690,000	($6,600,000)	($4,700,000)	$4,680,000
	Other Special Revenue Funds		$350,000	$310,000	$1,510,000	$1,970,000
Fiscal Detail and Notes
	Individual Income Tax, Net General Fund Revenue
	Flat Tax Rate @ 6.5% and various new credits		($35,650,000)	($94,130,000)	($94,950,000)	($89,540,000)
	Sales and Use Tax, Net General Fund Revenue
	Meals and Lodging @ 8.5%		$13,318,867	$34,382,265	$35,243,073	$36,559,336
	Candy @ 8.5%		$1,413,600	$3,453,820	$3,427,809	$3,533,610
	Short-term auto rentals @ 12.5%  10/01/09		$627,000	$1,254,000	$1,282,500	$1,330,000
	Expands Sales and Use Tax base *		$27,100,533	$46,059,915	$46,536,618	$48,457,055
	Sales and Use Tax - Net		$42,460,000	$85,150,000	$86,490,000	$89,880,000
*	Includes: amusement, entertainment and recreation services; certain installation, repair or maintenance services; personal property services; transportation and courier services and other sales tax areas.
	Real Estate Transfer Tax, General Fund Revenue
	Graduated Tax Based on Value > $500,000		$1,880,000	$3,190,000	$3,760,000	$4,340,000
	Tax and Rent Refund Program, General Fund Revenue
	Tax and Rent Refund Program Changes		$0	($810,000)	$0	$0
	Net General Fund Revenue		$8,690,000	($6,600,000)	($4,700,000)	$4,680,000
	General Fund Appropriation Summary
	Maine Revenue Services administrative costs		$523,073	$1,511,091	$967,304	$1,015,664
	Other Special Revenue Fund Summary
	Local Government Fund		$350,000	($430,000)	($350,000)	$120,000
	Tourism Marketing Promotion Fund			$740,000	$1,860,000	$1,850,000
	Total Other Special Revenue		$350,000	$310,000	$1,510,000	$1,970,000