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126th MAINE LEGISLATURE |
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LD 436 |
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LR 609(01) |
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An Act To Raise
the Maximum 529 Plan Contribution Tax Deduction |
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Preliminary Fiscal
Impact Statement for Original Bill |
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Sponsor: Sen. Mazurek of Knox |
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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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FY 2013-14 |
FY 2014-15 |
Projections FY 2015-16 |
Projections FY 2016-17 |
| Net Cost
(Savings) |
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General Fund |
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$799,900 |
$673,550 |
$706,800 |
$741,950 |
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| Revenue |
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General Fund |
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($799,900) |
($673,550) |
($706,800) |
($741,950) |
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Other Special Revenue Funds |
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($42,100) |
($35,450) |
($37,200) |
($39,050) |
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| Fiscal Detail
and Notes |
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This bill reduces
General Fund revenue and Municipal Revenue Sharing due to increasing the
maximum deduction to $1,000 per designated beneficiary for contributions made
to a qualified tuition program established under Section 529 of the United
States Internal Revenue Code of 1986. |
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