SP0303, LD 952, item 4, 123rd Maine State Legislature

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Amend the bill by striking out everything after the enacting clause and before the summary and inserting the following:
‘Sec. 1. 5 MRSA §1518-A,  as enacted by PL 2005, c. 2, Pt. A, §4 and affected by §14, is amended to read:
§ 1518-A. Tax Relief Fund for Maine Residents
 
1. Tax Relief Fund for Maine Residents.   There is created the Tax Relief Fund for Maine Residents, referred to in this section as "the fund," which must be used to provide tax relief to residents of the State. The fund consists of all resources transferred to the fund under this section and section 1536 and other resources made available to the fund.
 
2. Nonlapsing fund.   Any unexpended balance in the ~~Tax Relief Fund for Maine Residents may~~fund does not lapse but ~~must be~~is carried forward to be used pursuant to subsection 1.
 
3.  Transfer from income tax revenue growth.     Beginning with fiscal year 2009-10, at the close of each fiscal year, the State Controller shall transfer to the fund 15% of the increase in revenue received by the State under Title 36, Part 8 for the fiscal year being closed over revenue received under Title 36, Part 8 for the previous fiscal year.
 
4.  Legislation authorized.    The joint standing committee of the Legislature having jurisdiction over taxation matters may submit legislation to provide income tax relief using money available in the fund.’
 
SUMMARY
This amendment replaces the bill and requires the transfer to the Tax Relief Fund for Maine Residents, beginning in fiscal year 2009-10, of 15% of the growth in income tax revenues over the previous year. The joint standing committee of the Legislature having jurisdiction over taxation matters is authorized to submit legislation to provide income tax relief using money available in the fund.
FISCAL NOTE REQUIRED
(See attached)

SP0303, LR 555, item 4, First Special Session - 123rd Legislature, page