Sec. F-1. Implementation of modified accrual; corporate income tax, cigarette and tobacco tax, estate tax and real estate transfer tax. Notwithstanding the Maine Revised Statutes, Title 5, chapter 151-B, the Commissioner of Administrative and Financial Services shall recognize additional revenue in the General Fund as a result of administratively implementing the modified accrual method of accounting for revenue for the corporate income tax, the cigarette and tobacco tax, the estate tax and the real estate transfer tax.
Sec. F-2. Recognition of Estate Tax Suspense account as General Fund revenue. Notwithstanding the Maine Revised Statutes, Title 5, chapter 151-B, the Commissioner of Administrative and Financial Services shall implement the recognition of payments deposited into the Estate Tax Suspense account as General Fund revenue as the deposits are made beginning in fiscal year 2000-01. In order to facilitate this change, the balance of the Estate Tax Suspense account at the end of fiscal year 1999-00 must be recognized as General Fund revenue at the end of fiscal year 1999-00. It is estimated that this will generate additional General Fund revenue of $4,000,000 in fiscal year 1999-00.
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