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129th MAINE LEGISLATURE |
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LD 1685 |
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LR 1169(01) |
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An Act To
Facilitate Entry of Immigrants into the Workforce |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Cloutier of Lewiston |
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Committee: Innovation, Development, Economic
Advancement and Business |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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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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$75,000 |
$75,000 |
$75,000 |
$75,000 |
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| Appropriations/Allocations |
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General Fund |
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$75,000 |
$75,000 |
$75,000 |
$75,000 |
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| Fiscal Detail
and Notes |
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The bill
establishes the Foreign Credentialing and Skills Recognition Revolving Loan
Program to be administered by the Finance Authority of Maine (FAME) to
provide interest-free loans to eligible immigrants who need assistance while
awaiting federal employment authorization.
The bill includes ongoing General Fund appropriations of $75,000 per
year beginning in fiscal year 2019-20 to a newly created Foreign
Credentialing and Skills Recognition Revolving Loan Program Fund within FAME
to fund the loan program. The bill
also provides that FAME may charge the fund up to 5% for it's cost to
administer the program. FAME
anticipates that this funding will be sufficient to cover its administrative
costs. |
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