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126th MAINE LEGISLATURE |
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LD 412 |
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LR 1915(01) |
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An Act To Expand
Employment Tax Increment Financing To Support Job Creation |
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Preliminary Fiscal
Impact Statement for Original Bill |
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Sponsor: Rep. Chenette of Saco |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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| Future biennium revenue decrease - General Fund |
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| Fiscal Detail
and Notes |
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By amending the
eligibililty requirements of the employment tax increment financing program
to allow for-profit businesses that add at least 2 new qualified employees
within a one-year period to participate, General Fund revenue reductions are
anticipated for 2016 and beyond due to increased state reimbursement of
withholding tax payment to qualified businesses. Revenue reductions could range from
$120,000 in earlier years to in excess of $400,000 in later years. |
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