125th MAINE LEGISLATURE
		LD 549		LR 1213(04)
	An Act Regarding the Recognition of Corporate Entities for Tax Purposes
	Fiscal Note for House Amendment "   " to Committee Amendment "A"
	Sponsor: Rep. Knight of Livermore Falls
	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		$0	($1,223,582)	($2,204,126)	($2,705,292)
Revenue
	General Fund		$0	$1,223,582	$2,204,126	$2,705,292
Fiscal Detail and Notes
	Treating corporate entities formed in accordance with Title 13, Title 13-B or Title 13-C of the Maine Revised Statutes as the true owners of all income paid or payable to the entities including any distributive share income of the entities for tax years beginning on or after January 1, 2011 and limiting the scope of application of the bill to income taxes will eliminate the effect on estate tax collections that resulted from the committee amendment, increasing General Fund revenue and revenue sharing starting in fiscal year 2012-13 compared to the prior committee amendment.  The numbers shown above reflect only the incremental effect of the House amendment.  The overall fiscal impact after this House amendment will be General Fund revenue reductions of $1,264,069 in fiscal year 2011-12 and $2,573,892 in fiscal year 2012-13 as well as revenue sharing reductions of $66,530 in fiscal year 2011-12 and $135,468 in fiscal year 2012-13.