LD 1835 LR 2786(02)
An Act To Improve Maine's Ability To Attract Major Private Investments
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Labor, Commerce, Research and Economic Development
Fiscal Note Required: Yes
Fiscal Note
Potential future biennium revenue decrease - General Fund
Correctional and Judicial Impact Statements
Establishes new Class D crimes;
The collection of additional fines may also increase General Fund revenue by minor amounts.
Fiscal Detail and Notes
Given the parameters that need to be met in terms of investment and number of employees hired, it is estimated that any reduction in sales and use and income tax revenue through fiscal year 2016-17 would be minor and that more significant reduction would occur in later years.
Increasing the Finance Authority of Maine's revenue obligation securities limit by $500,000,000 extends the moral obligation of the State.
Expanding eligibility for funding available under the Competitive Skills Scholarship Program to include a qualified transformational expansion project business may result in less funds being available for education and training for eligible individuals pursuant to Title 26, 2033, sub-5. The impact will depend on the number of qualified transformational expansion project businesses that take advantage of this provision.
Under current law the Efficiency Maine Trust must transfer 15% of funds received in the Regional Greenhouse Gas Initiative Trust Fund in fiscal years 2013-14, 2014-15 and 2015-16 to the Public Utilities Commission (PUC) to be disbursed to ratepayers. Under this bill the PUC will use that transferred money to provide reimbursements to certain qualified business projects. Any additional costs to the PUC are expected to be minor and can be absorbed within existing budgeted resources.
Additional costs to the Department of Economic and Community Development associated with the certification process can be absorbed within existing budgeted resources.