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129th MAINE LEGISLATURE |
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LD 1698 |
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LR 1741(03) |
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An Act To Create
Jobs and Slow Climate Change by Promoting the Production of Natural Resources
Bioproducts |
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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 |
$19,000 |
$33,250 |
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| Revenue |
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General Fund |
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$0 |
$0 |
($19,000) |
($33,250) |
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Other Special Revenue Funds |
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$0 |
$0 |
($1,000) |
($1,750) |
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| Fiscal Detail
and Notes |
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The bill provides an income tax credit for the
production of renewable chemicals by the conversion of renewable biomass from
the forest, farms, the sea or solid waste and would result in a reduction in
General Fund revenue of $19,000 in fiscal year 2021-22. It would also result in a reduction in
Local Government Fund revenue of $1,000 in fiscal year 2021-22. |
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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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