121st Maine Legislature
		Office of Fiscal and Program Review
		LD 246
		An Act To Promote and Facilitate Personal Retirement Saving in Maine
		LR 1465(01)
		Fiscal Note for Original Bill
		Sponsor: Rep. Woodbury
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings):
	General Fund		$2,025,020	$215,618	$226,448	$203,555
Appropriations/Allocations
	General Fund		$21,845	$16,781	$17,669	$18,607
Revenue
	General Fund		($2,003,175)	($198,837)	($208,779)	($184,948)
	Other Special Revenue Funds		($109,879)	($10,907)	($11,452)	($10,145)
Fiscal Detail and Notes
	Providing a one-time income tax credit for certain retirement savings contributions is estimated to have a General Fund cost of $2,025,020 in fiscal year 2003-04 and $215,618 in fiscal year 2004-05.  This credit will reduce income tax collections by $2,113,054 in fiscal year 2003-04 and $209,744 in fiscal year 2004-05 That reduction will decrease the amounts transferred to the Local Government Fund for state-municipal revenue sharing in those years by $109,879 and $10,907.  The resulting net reduction of General Fund revenue is estimated to be $2,003,175 in fiscal year 2003-04 and $198,837 in fiscal year 2004-05.  Maine Revenue Services will also require a General Fund appropriation of $21,845 and $16,781 in fiscal years 2003-04 and 2004-05, respectively for the related administrative costs.