126th MAINE LEGISLATURE
		LD 1661		LR 2668(03)
	An Act To Clarify the Provisions of a Historic Preservation Tax Credit
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			FY 2013-14	FY 2014-15	Projections  FY 2015-16	Projections  FY 2016-17
Net Cost (Savings)
	General Fund		$0	$0	$0	$1,425,000
Revenue
	General Fund		$0	$0	$0	($1,425,000)
	Other Special Revenue Funds		$0	$0	$0	($75,000)
Fiscal Detail and Notes
	This bill allows for a historic preservation tax credit of $5,000,000 for each certified rehabilitation project or for each building within the structure, whichever is greater.  It also provides that a certified rehabilitation project that is placed in service over multiple taxable years is allowed up to $5,000,000 in credit for the portion of the certified rehabilitation project placed in service each taxable year.  These provisions would result in a reduction in General Fund and Local Government Fund revenue of $1,425,000 and $75,000, respectively, in fiscal year 2016-17.  The bill has the potential to substantially increase the credit allowed in future years because of the development time needed to put projects into service.