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126th MAINE LEGISLATURE |
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LD 1664 |
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LR 2617(06) |
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An Act To
Encourage Charitable Contributions to Nonprofit Organizations |
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Fiscal Note for
Bill as Engrossed with:
C "A" (S-492)
S "A" (S-542) to C "A" (S-492) |
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Committee: Taxation |
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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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$0 |
$0 |
$4,324,400 |
$8,222,250 |
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| Revenue |
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General Fund |
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$0 |
$0 |
($4,324,400) |
($8,222,250) |
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Other Special Revenue Funds |
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$0 |
$0 |
($227,600) |
($432,750) |
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| Fiscal Detail
and Notes |
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This bill
provides that charitable contributions included in federal itemized
deductions that exceed the limitation on Maine itemized deductions by $18,000
for tax years beginning in 2016 may be claimed on a Maine return. For tax years beginning on or after January
1, 2017 there is no cap for charitable contributions. These provisions will reduce General Fund
and Local Government Fund revenues beginning in fiscal year 2015-16. |
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