125th MAINE LEGISLATURE
LD 1287 LR 1496(02)
An Act To Create a Scholarship Granting Organization Tax Credit
Fiscal Note for Bill as Amended by Committee Amendment "   "
Committee: Taxation
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 $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.