125th MAINE LEGISLATURE
		LD 822		LR 642(01)
	An Act To Remove Taxes on Equipment Used for Business
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Damon of Bangor
	Committee: Taxation
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Current biennium revenue decrease - General Fund
Fiscal Detail and Notes
	Extending the business equipment property tax exemption to office furniture and otherwise eligible property located at a retail sales facility with interior customer selling space less than 20,000 square feet will trigger the state reimbursement provision of the Maine Constitution, Article IV, Part Third, Section 23 and will require the state to reimburse municipalities for 50% of their property tax revenue losses as a result of this bill.  These reimbursements are revenue reductions to the General Fund.  No estimate can be made of the amount of the revenue loss until additional clarifying language is added to the bill.