131st MAINE LEGISLATURE
LD 1979 LR 2570(02)
An Act Regarding Surplus Lines Insurance Tax
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
             
Fiscal Note
Minor cost increase - General Fund
Minor revenue decrease - General Fund
Fiscal Detail and Notes
This bill removes the imposition of a higher rate of tax on premiums for direct insurance and annuity considerations for insurers that are incorporated outside of the State. Additional costs to the Department of Administrative and Financial Services, Bureau of Revenue Services to implement this change are expected to be minor and can be absorbed within existing budgeted resources. General Fund revenue is expected to decrease by minor amounts.