123rd MAINE LEGISLATURE
LD 954 LR 561(02)
An Act To Reduce the Sales Tax on Business Energy
Fiscal Note for Bill as Amended by Committee Amendment "     "
Committee: Taxation
Fiscal Note Required: Yes
             
Fiscal Note
2007-08 2008-09 Projections 2009-10 Projections 2010-11
Net Cost (Savings)
General Fund $8,669,840 $11,347,560 $11,916,360 $12,523,080
Appropriations/Allocations
General Fund $62,000 $0 $0 $0
Revenue
General Fund ($8,607,840) ($11,347,560) ($11,916,360) ($12,523,080)
Other Special Revenue Funds ($472,160) ($622,440) ($653,640) ($686,920)
Fiscal Detail and Notes
Reducing the sales tax on electricity and fuel to businesses will reduce General Fund revenue by an estimated $8,607,840 in fiscal year 2007-08 and $11,347,560 in fiscal year 2008-09.  This amendment also includes a one-time General Fund appropriation of $62,000 in fiscal year 2007-08 for the administrative costs associated with this change.