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129th MAINE LEGISLATURE |
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LD 73 |
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LR 581(02) |
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An Act To Provide
an Income Tax Credit for Certain Student Loan Repayments |
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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 2019-20 |
FY 2020-21 |
Projections FY 2021-22 |
Projections FY 2022-23 |
| Net Cost
(Savings) |
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General Fund |
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$11,000 |
$21,375 |
$41,800 |
$49,400 |
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| Appropriations/Allocations |
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General Fund |
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$11,000 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
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$0 |
($21,375) |
($41,800) |
($49,400) |
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Other Special Revenue Funds |
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$0 |
($1,125) |
($2,200) |
($2,600) |
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| Fiscal Detail
and Notes |
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The bill provides
an income tax deduction for certain student loan payments and would result in
a reduction in General Fund revenue of $21,375 and a reduction in Local
Government Fund revenue of $1,125 in fiscal year 2020-21. The bill includes a General Fund
appropriation of $11,000 in fiscal year 2019-20 to the Department of
Administrative and Financial Services for computer programming costs to
update individual income tax forms. |
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