129th MAINE LEGISLATURE
		LD 420		LR 573(05)
	An Act To Amend the Maine Exclusion Amount in the Estate Tax
	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	($12,000,134)	($15,907,850)	($15,893,824)
Appropriations/Allocations
	General Fund		$0	$299,866	$492,150	$506,176
Revenue
	General Fund		$0	$12,300,000	$16,400,000	$16,400,000
Fiscal Detail and Notes
	The bill decreases the estate tax exclusion amount from $5,600,000 to $2,000,000 for estates of decedents dying on or after January 1, 2020 and creates an additional exclusion for family farms, aquaculture, fishing and wood harvesting businesses of up to $3,800,000.  It is estimated to increase General Fund revenue by $12,300,000 in fiscal year 2020-21.  The bill includes a General Fund appropriation of $299,866 in fiscal year 2020-21 to the Department of Administrative and Financial Services for one Tax Section Manager position, one Senior Tax Examiner position, 3 Tax Examiner positions and related costs to process and audit additional estate tax returns.