125th MAINE LEGISLATURE
		LD 338		LR 1438(03)
	An Act To Provide an Income Tax Credit for Logging Companies That Hire Maine Residents
	Fiscal Note for House Amendment "   "
	Sponsor: Rep. Martin of Eagle Lake
	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		$73,245	$314,600	$289,645	$287,945
Appropriations/Allocations
	General Fund		$0	$22,000	$0	$0
Revenue
	General Fund		($73,245)	($292,600)	($289,645)	($287,945)
	Other Special Revenue Funds		($3,855)	($15,400)	($15,235)	($15,155)
Fiscal Detail and Notes
	Establishing an income tax credit of up to $2,500 based on internal combustion engine fuel purchased by employers in the commercial forestry industry in Maine who employ residents of the state for tax years beginning on or after January 1, 2012 will reduce General Fund revenue and reduce revenue sharing starting in fiscal year 2011-12.  The bill as amended also includes a one-time General Fund appropriation in fiscal year 2012-13 for Maine Revenue Services to adapt tax forms for the new income tax credit.  This fiscal note reflects the comprehensive impact of the bill with the House amendment added rather than just the incremental fiscal effect of the House amendment.