LD 268 LR 68(04)
An Act To Create a Credit under the Commercial Forestry Excise Tax for Landowners Using Businesses Based in the United States
Fiscal Note for Senate Amendment " " to Committee Amendment "A"
Sponsor: Pres. Jackson of Aroostook
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 ($2,000,000) ($2,000,000) ($2,000,000) ($2,000,000)
General Fund $2,000,000 $2,000,000 $2,000,000 $2,000,000
Fiscal Detail and Notes
This amendment changes the starting date for the commercial forestry excise tax credit to tax years based on the status of property on or after April 1, 2022 and changes the percentage of employees who must be residents of the United States from 75% to 90% for the first two years. The incremental impact (shown above) is to remove the revenue loss in the biennium and postpone the full impact beyond the years shown above.