125th MAINE LEGISLATURE
		LD 805		LR 703(01)
	An Act To Decrease the Tax Burden on Maine's Seniors
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Volk of Scarborough
	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		$142,555,722	$142,575,114	$142,575,114	$142,575,114
Appropriations/Allocations
	General Fund		$55,722	$75,114	$75,114	$75,114
Revenue
	General Fund		($142,500,000)	($142,500,000)	($142,500,000)	($142,500,000)
	Other Special Revenue Funds		($7,500,000)	($7,500,000)	($7,500,000)	($7,500,000)
Fiscal Detail and Notes
	Providing a 50% income tax credit to ratepayers who are 60 years of age and older will reduce revenues to the General Fund and reduce revenue sharing commencing in fiscal year 2011-12.  Administration of this tax credit will also require a one-time appropriation during fiscal year 2011-12 of $11,000 to provide for a required changeover in computer programming and an appropriation during fiscal year 2011-12 for one Tax Examiner to confirm the age eligibility of those taking the credit and to respond to related queries.