126th MAINE LEGISLATURE
		LD 455		LR 1059(01)
	An Act To Increase the State Earned Income Credit
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Stuckey of Portland
	Committee: Taxation
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Current biennium revenue decrease - General Fund Current biennium cost increase - General Fund
Fiscal Detail and Notes
	Increasing the state earned income credit from 5% to 50% of the federal earned income credit for tax years beginning on or after January 1, 2013 and making the credit fully refundable will reduce General Fund revenue and Municipal Revenue Sharing significantly.  It is estimated the total impact could be in the $79 million to $89 million range each year.  In addition to the revenue reduction, Maine Revenue Services will require a General Fund appropriation for two additional Tax Examiner positions and related administrative support.