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131st MAINE LEGISLATURE |
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LD 695 |
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LR 570(02) |
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An Act to Exempt
Nonprofit Land Trusts from Sales Tax |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2023-24 |
FY 2024-25 |
Projections FY 2025-26 |
Projections FY 2026-27 |
| Net Cost
(Savings) |
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General Fund |
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$100,820 |
$199,500 |
$206,150 |
$211,850 |
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| Appropriations/Allocations |
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General Fund |
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$3,920 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
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($96,900) |
($199,500) |
($206,150) |
($211,850) |
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Other Special Revenue Funds |
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($5,100) |
($10,500) |
($10,850) |
($11,150) |
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| Fiscal Detail
and Notes |
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This bill
provides a sales tax exemption for sales to nonprofit land trusts. It will
reduce General Fund revenue by $96,900 in fiscal year 2023-24 and $199,500 in
fiscal year 2024-25. It will also reduce Local Government Fund revenue by
$5,100 in fiscal year 2023-24 and $10,500 in fiscal year 2024-25.
The bill includes a one-time General Fund appropriation to the Department
of Administrative and Financial Services, Bureau of Revenue Services of
$3,920 in fiscal year 2023-24 for programming costs to implement the tax
exemption. |
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