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130th MAINE LEGISLATURE |
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LD 23 |
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LR 175(04) |
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An Act To
Reinstate and Increase the Income Tax Deduction for Contributions to
Education Savings Plans |
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Fiscal Note for
Senate Amendment " " to Committee Amendment "A" |
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Sponsor: Sen. Breen of Cumberland |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2021-22 |
FY 2022-23 |
Projections FY 2023-24 |
Projections FY 2024-25 |
| Net Cost
(Savings) |
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General Fund |
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$0 |
($1,019,500) |
$22,000 |
$0 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
($22,000) |
$22,000 |
$0 |
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| Revenue |
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General Fund |
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$0 |
$997,500 |
$0 |
$0 |
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Other Special Revenue Funds |
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$0 |
$52,500 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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This amendment
changes the effective date from tax years beginning on or after January 1,
2022 to tax years beginning on or after January 1, 2023. The revenue
reduction in fiscal year 2022-23 is removed. It also moves the General Fund
appropriation from fiscal year 2022-23 to fiscal year 2023-24. The Department
of Administrative and Financial Services will need to request this funding in
a subsequent budget. |
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