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129th MAINE LEGISLATURE |
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LD 1586 |
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LR 1147(02) |
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An Act To Promote
Major Food Processing and Manufacturing Facility Expansion and To Create Jobs
in Maine |
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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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$0 |
$0 |
$33,000 |
$1,111,500 |
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Appropriations/Allocations |
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General Fund |
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$0 |
$0 |
$33,000 |
$0 |
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Revenue |
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General Fund |
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$0 |
$0 |
$0 |
($1,111,500) |
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Other Special Revenue Funds |
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$0 |
$0 |
$0 |
($58,500) |
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Fiscal Detail
and Notes |
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The bill creates
an income tax credit for major food processing and manufacturing facilities
and will reduce General Fund revenue by $1,111,500 in fiscal year 2022-23 and
reduce Local Government Fund revenue by $58,500 in fiscal year 2022-23. The Department of Administrative and
Financial Services will require a General Fund appropriation of $33,000 in
fiscal year 2022-23 for computer programming costs to update corporate income
tax forms. |
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Additional costs
to the Department of Economic and Community Development to implement the
requirements of this legislation can be absorbed within existing budgeted
resources. |
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