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130th MAINE LEGISLATURE |
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LD 23 |
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LR 175(05) |
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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
Bill as Engrossed with:
C "A" (S-72)
S "A" (S-584) to C "A" (S-72) |
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Committee: Taxation |
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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 |
$0 |
$1,019,500 |
$1,045,000 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$0 |
$22,000 |
$0 |
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| Revenue |
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General Fund |
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$0 |
$0 |
($997,500) |
($1,045,000) |
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Other Special Revenue Funds |
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$0 |
$0 |
($52,500) |
($55,000) |
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| Fiscal Detail
and Notes |
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The bill would
result in a reduction in General Fund revenue of $997,500 in fiscal year
2023-24 and a reduction in Local Government Fund revenue of $52,500 in fiscal
year 2023-24. The Department of
Administrative and Financial Services will require a one-time General Fund
appropriation of $22,000 in fiscal year 2023-24 for computer programming to
add lines to the individual income tax and fiduciary income tax returns. |
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