129th MAINE LEGISLATURE
		LD 71		LR 1281(02)
	An Act To Reinstate the Income Tax Deduction for Contributions to College Savings Accounts
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			FY 2019-20	FY 2020-21	Projections  FY 2021-22	Projections  FY 2022-23
Net Cost (Savings)
	General Fund		$0	$972,000	$997,500	$997,500
Appropriations/Allocations
	General Fund		$0	$22,000	$0	$0
Revenue
	General Fund		$0	($950,000)	($997,500)	($997,500)
	Other Special Revenue Funds		$0	($50,000)	($52,500)	($52,500)
Fiscal Detail and Notes
	The bill provides for an income tax deduction for certain contributions to qualified tuition programs up to $1,000 per designated beneficiary and would result in a loss of General Fund revenue of $950,000 and a loss of Other Special Revenue Funds revenue of $50,000 in fiscal year 2020-21. The bill includes a one-time General Fund appropriation to the Department of Administrative and Financial Services of $22,000 in fiscal year 2020-21 for computer programming costs.