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128th MAINE LEGISLATURE |
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LD 928 |
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LR 426(02) |
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An Act Requiring
a Dynamic Fiscal Analysis of Changes to Visual Media Production Tax Credits
and Reimbursements |
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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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| Contingent current biennium cost increase - General Fund |
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| Fiscal Detail
and Notes |
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The bill
increases the reimbursement amount for certified production wages from 12% to
25%, increases the cap on the reimbursement of wages from $50,000 to $100,000
and provides a reimbursement of 20% of nonwage production expenses. The implementation of these changes is
contingent upon the development and evaluation of a dynamic fiscal analysis
that results in a positive fiscal impact on revenue. Reimbursement costs from this bill without
taking into account additional revenue generated from the dynamic aspect of
the activity is estimated to be $750,000 to the General Fund in fiscal year
2018-19 and more than $1,000,000 in subsequent years. |
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Additional costs
to the Legislature's Office of Fiscal and Program Review, the Department of
Economic and Community Development, the Department of Administrative and
Financial Services and the University of Maine System can be absorbed within
existing budgeted resources. |
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