|
|
|
|
|
|
|
|
131st MAINE LEGISLATURE |
|
|
LD 695 |
|
LR 570(03) |
|
|
|
An Act to Exempt
Nonprofit Land Trusts from Sales Tax |
|
Fiscal Note for
Bill as Amended by Committee Amendment " " |
|
Committee: Taxation |
|
Fiscal Note Required: Yes |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Note |
|
|
|
FY 2023-24 |
FY 2024-25 |
Projections FY 2025-26 |
Projections FY 2026-27 |
| Net Cost
(Savings) |
|
|
|
|
|
|
General Fund |
|
$0 |
$0 |
$771,721,945 |
$2,187,563,353 |
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
General Fund |
|
$0 |
$0 |
($771,721,945) |
($2,187,563,353) |
|
Other Special Revenue Funds |
|
$0 |
$0 |
($42,046,533) |
($133,124,543) |
|
|
|
|
|
|
|
| Fiscal Detail
and Notes |
|
|
|
|
|
|
Eliminating the
sales and use tax for tax years on or after January 1, 2026 will reduce
General Fund revenue by $771,721,945 in fiscal year 2025-26 and
$2,187,563,353 in fiscal year 2026-27. The bill will also reduce
distributions to Other Special Revenue Funds by $42,046,533 in fiscal year
2025-26 and $113,124,543 in fiscal year 2026-27. |
|
The Department of
Administrative and Financial Services is required to review the provisions of
statute that relate to the sales and use tax and suggest legislation for
elimination by January 15, 2025. Any suggested legislation may include
funding of costs to implement the elimination of the sales and use tax over
and above the loss of revenue shown above. |
|
|
|
|
|
|
|