An Act To Return Surplus Money to Maine Taxpayers

CONCEPT DRAFT SUMMARY

This bill is a concept draft pursuant to Joint Rule 208.

This bill proposes to distribute the funds in the State treasury by:

1. Placing in the General Fund only the amount necessary to cover the outstanding obligations of the State required by law, such as for bond debt and payment of contracts and salaries;

2. After the transfer of funds required to meet the legal obligations of the State, distributing 75% of the remaining funds to Maine taxpayers on a pro rata basis, based on tax data for the 2018 tax year; and

3. After the transfer and the distributions, transferring the remaining 25% to the Maine Budget Stabilization Fund, also known as the Maine Rainy Day Fund.