121st Maine Legislature
		Office of Fiscal and Program Review
		LD 681
		An Act To Amend the Law Pertaining to Tax Exemptions for Public and Private Pensions
		LR 0416(01)
		Fiscal Note for Original Bill
		Sponsor: Rep. Davis of Falmouth
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
Net Cost (Savings)
	General Fund - FY 2003-04	$400,000 to $800,000
	General Fund - FY 2004-05	$1,000,000 to $2,000,000
Revenue
	General Fund - FY 2003-04	Revenue loss ranges from ($400,000) to ($800,000)
	General Fund - FY 2004-05	Revenue loss ranges from ($1,000,000) to ($2,000,000)
Fiscal Detail and Notes
	This bill exempts from the Social Security benefit offset benefits received under the Maine State Retirement System.  This change will reduce income tax collections.  The General Fund revenue loss in fiscal year 2003-04 is expected to range from $400,000 to $800,000.  The General Fund revenue loss in fiscal 2004-05 and annually thereafter is expected to range from $1,000,000 to $2,000,000, based on tax years beginning on or after January 1, 2004.