125th MAINE LEGISLATURE
		LD 705		LR 601(01)
	An Act To Reduce the Income Tax for Low-income Families
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Chipman of Portland
	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		$2,850,000	$2,850,000	$2,850,000	$2,850,000
Revenue
	General Fund		($2,850,000)	($2,850,000)	($2,850,000)	($2,850,000)
	Other Special Revenue Funds		($150,000)	($150,000)	($150,000)	($150,000)
Fiscal Detail and Notes
	Providing a credit to eliminate the state income tax burden for ratepayers who are Maine residents for whom their federal adjusted gross income is $15,000 or less in any given tax year will reduce revenues to the General Fund and reduce revenue sharing commencing in fiscal year 2011-12.