123rd MAINE LEGISLATURE
LD 872 LR 214(01)
An Act To Exempt Military Pensions and Survivors' Benefit Payments from State Income Tax
Fiscal Note for Original Bill
Sponsor: Rep. Lansley of Sabattus
Committee: Taxation
Fiscal Note Required: Yes
             
Fiscal Note
2007-08 2008-09 Projections 2009-10 Projections 2010-11
Net Cost (Savings)
General Fund $12,286,964 $9,380,518 $9,957,045 $10,561,025
Appropriations/Allocations
General Fund $11,000 $0 $0 $0
Revenue
General Fund ($12,275,964) ($9,380,518) ($9,957,045) ($10,561,025)
Other Special Revenue Funds ($673,365) ($514,543) ($546,167) ($579,297)
Fiscal Detail and Notes
Exempting from the state income tax certain military retirement benefits will reduce General Fund revenue by an estimated $12,275,964 in fiscal year 2007-08 and $9,380,518 in fiscal year 2008-09.  Maine Revenue Services will also require a one-time General Fund appropriation of $11,000 in fiscal year 2007-08 for the related computer programming costs