125th MAINE LEGISLATURE
		LD 140		LR 695(02)
	An Act To Eliminate the Restriction on Net Operating Loss Carry-forwards
	Fiscal Note for Bill as Amended by Committee Amendment "   "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			FY 2011-12	FY 2012-13	Projections  FY 2013-14	Projections  FY 2014-15
Net Cost (Savings)
	General Fund		$7,467,000	$1,140,000	($1,083,000)	($1,710,000)
Revenue
	General Fund		($7,467,000)	($1,140,000)	$1,083,000	$1,710,000
	Other Special Revenue Funds		($393,000)	($60,000)	$57,000	$90,000
Fiscal Detail and Notes
	Eliminating the restriction on net operating loss carry-forwards (NOLs) for both individual taxpayers and corporations allows individuals to deduct NOLs for the purposes of computing Maine income tax.  This bill reduces General Fund revenue and reduces revenue sharing in the present biennium in both fiscal years 2011-12 and 2012-13, but increases General Fund revenue and revenue sharing in the following biennium.