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126th MAINE LEGISLATURE |
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LD 455 |
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LR 1059(02) |
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An Act To Increase
the State Earned Income Credit |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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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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$16,245,641 |
$17,115,508 |
$16,991,137 |
$17,368,482 |
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| Appropriations/Allocations |
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General Fund |
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$121,291 |
$147,558 |
$151,437 |
$155,432 |
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| Revenue |
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General Fund |
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($16,124,350) |
($16,967,950) |
($16,839,700) |
($17,213,050) |
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Other Special Revenue Funds |
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($848,650) |
($893,050) |
($886,300) |
($905,950) |
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| Fiscal Detail
and Notes |
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General Fund
revenue and Municipal Revenue Sharing are reduced by increasing the state
earned income credit from 5% to 10% of the federal earned income credit for
tax years beginning on or after January 1, 2013. This bill includes an ongoing General Fund
appropriation for two additional Tax Examiner positions beginning Jauary 1,
2014 and related administrative support. |
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