121st Maine Legislature
		Office of Fiscal and Program Review
		LD 216
		An Act to Provide an Income Tax Deduction for a Qualified State-sponsored 529 Plan for Higher Education Expenses
		LR 0433(01)
		Fiscal Note for Original Bill
		Sponsor: Rep. Clough
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings):
	General Fund		$490,912	$1,247,604	$1,266,459	$1,291,811
Appropriations/Allocations
	General Fund			$10,505	$4,618	$4,733
Revenue
	General Fund		($490,912)	($1,237,099)	($1,261,841)	($1,287,078)
	Other Special Revenue Funds		($26,928)	($67,858)	($69,215)	($70,599)
Fiscal Detail and Notes
	Providing an income tax deduction for certain tuition contributions will decrease income tax collections by an estimated $517,840 in fiscal year 2003-04 and $1,304,957 in fiscal year 2004-05.  The decrease in these tax collections will decrease the amounts transferred to the Local Government Fund for state-municipal revenue sharing by $26,928 in fiscal year 2003-04 and $67,858 in fiscal year 2004-05.  The resulting net decrease in General Fund revenue is estimated to be $490,912 and $1,237,099.