125th MAINE LEGISLATURE
		LD 1287		LR 1496(01)
	An Act To Create a Scholarship Granting Organization Tax Credit
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Sen. Sherman of Aroostook
	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		$9,500,000	$11,400,000	$15,200,000	$17,100,000
Revenue
	General Fund		($9,500,000)	($11,400,000)	($15,200,000)	($17,100,000)
	Other Special Revenue Funds		($500,000)	($600,000)	($800,000)	($900,000)
Fiscal Detail and Notes
	Providing an income tax credit to individuals and corporations who donate to scholarship granting organizations will reduce General Fund revenues and reduce revenue sharing.
	Additional costs to the Department of Education associated with providing the required certification and with the rulemaking process can be absorbed within existing budgeted resources.