|
|
|
|
|
|
|
|
128th MAINE LEGISLATURE |
|
|
LD 1276 |
|
LR 2013(01) |
|
|
|
An Act To Change
the Exemption Amount under the Estate Tax |
|
Preliminary Fiscal
Impact Statement for Original Bill |
|
Sponsor: Rep. Brooks of Lewiston |
|
Committee: Taxation |
|
Fiscal Note Required: Yes |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preliminary
Fiscal Impact Statement |
|
|
|
|
|
|
|
|
|
|
FY 2017-18 |
FY 2018-19 |
Projections FY 2019-20 |
Projections FY 2020-21 |
| Net Cost
(Savings) |
|
|
|
|
|
|
General Fund |
|
$167,855 |
($24,102,325) |
($32,593,787) |
($33,884,992) |
|
|
|
|
|
|
|
| Appropriations/Allocations |
|
|
|
|
|
|
General Fund |
|
$167,855 |
$297,675 |
$306,213 |
$315,008 |
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
General Fund |
|
$0 |
$24,400,000 |
$32,900,000 |
$34,200,000 |
|
|
|
|
|
|
|
| Fiscal Detail
and Notes |
|
|
|
|
|
|
The bill lowers
the estate tax exemption from $5,000,000 to $1,000,000 for deaths occurring
on or after January 1, 2018 and will reduce General Fund revenue by
$24,400,000 in fiscal year 2018-19.
The Department of Administrative and Financial Services will require
General Fund appropriations of $167,855 in fiscal year 2017-18 and $297,675
in fiscal year 2018-19 for 3 Senior Revenue Agent positions and related costs
to audit and process estate tax returns. |
|
|
|
|
|
|
|