126th MAINE LEGISLATURE
		LD 743		LR 1377(01)
	An Act To Extend and Improve the Maine Seed Capital Tax Credit Program
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Sen. Valentino of York
	Committee: Taxation
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Current biennium revenue decrease - General Fund
Fiscal Detail and Notes
	Amending the Maine Seed Capital Tax Credit Program as proposed in this legislation would reduce General Fund revenue by approximately $455,000 in FY 2013-14, $1,300,000 in FY 2014-15 and $2,200,000 in FY 2015-16.  Municipal Revenue Sharing would experience a slight reduction as well.  Additional administrative costs incurred by Maine Revenue Services can be absorbed withtin existing budgeted resources.
	Given the current provisions under the Maine Seed Capital Tax Credit Program in both statute and rule that allow the Authority to charge certain fees, additional General Fund appropriations to the Finance Authority of Maine to implement the requirements of this legislation will not be required.