129th MAINE LEGISLATURE
		LD 625		LR 612(02)
	An Act To Phase Out the Insurance Premium Tax on Annuities
	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		$303,000	$800,000	$1,380,000	$1,970,000
Appropriations/Allocations
	General Fund		$33,000	$0	$0	$0
Revenue
	General Fund		($270,000)	($800,000)	($1,380,000)	($1,970,000)
Fiscal Detail and Notes
	This bill phases out the insurance premium tax on annuity considerations over a 10 year period with the tax eliminated in year 10 and thereafter.  This would result in a loss of General Fund revenue of $270,000 in fiscal year 2019-20 and $800,000 in fiscal year 2020-21.  When fully phased out the loss of General Fund revenue will have grown to $5,600,000 annually.  The bill includes a one-time General Fund appropriation to the Department of Administrative and Financial Services of $33,000 in fiscal year 2019-20 for computer programming costs.