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128th MAINE LEGISLATURE |
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LD 290 |
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LR 901(02) |
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An Act To Phase
Out the Insurance Premium Tax on Annuities |
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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 2017-18 |
FY 2018-19 |
Projections FY 2019-20 |
Projections FY 2020-21 |
| Net Cost
(Savings) |
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General Fund |
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$1,031,000 |
$2,528,000 |
$4,103,000 |
$5,678,000 |
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| Appropriations/Allocations |
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General Fund |
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$33,000 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
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($998,000) |
($2,528,000) |
($4,103,000) |
($5,678,000) |
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| Fiscal Detail
and Notes |
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Phasing out the
insurance premium tax over 4 years would result in a loss of General Fund
revenue of $998,000 in fiscal year 2017-18 and $2,528,000 in fiscal year
2018-19. The bill includes a one-time
General Fund appropriation to the Department of Administrative and Financial
Services of $33,000 in fiscal year 2017-18 to adjust the premium tax return
to reflect updated rates for annuity premiums. |
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