125th MAINE LEGISLATURE
		LD 260		LR 688(01)
	An Act To Extend the Historic Preservation Tax Credit
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Herbig of Belfast
	Committee: Taxation
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
			FY 2011-12	FY 2012-13	Projections  FY 2013-14	Projections  FY 2014-15
Net Cost (Savings)
	General Fund		$0	$0	$332,500	$1,045,000
Revenue
	General Fund		$0	$0	($332,500)	($1,045,000)
	Other Special Revenue Funds		$0	$0	($17,500)	($55,000)
Fiscal Detail and Notes
	Although the intent of the bill is to extend the Maine historic preservation tax credit for an additional 6 years, language currently in statute terminating the credit on December 31, 2013 has not been changed by the bill.  Assuming the bill is amended to add the necessary language and the credit is extended through 2019, income tax revenue would be reduced by $350,000 in fiscal year 2013-14 and by $1,100,000 in fiscal year 2014-15.
	Additional administrative and reporting costs to the Maine State Housing Authority and the Maine Historic Preservation Commission associated with extending the tax credit for 6 additional years can be absorbed within existing budgeted resources.