121st Maine Legislature
Office of Fiscal and Program Review
LD 1927
An Act To Modify Taxation of Benefits under Employee Retirement Plans, Including Retirement Plans for Teachers
LR 2707(01)
Fiscal Note for Original Bill
Sponsor: Sen. Gagnon of Kennebec
Committee: Taxation
Fiscal Note Required: Yes
   
             
Fiscal Note
Projections Projections
2003-04 2004-05 2005-06 2006-07
Net Cost (Savings)
General Fund $0 $1,392,487 $4,269,735 $6,136,328
Revenue
General Fund $0 ($1,392,487) ($4,269,735) ($6,136,328)
Other Special Revenue Funds $0 ($74,833) ($234,205) ($336,592)
Fiscal Detail and Notes
Exempting certain employee retirement benefits from the income tax will reduce income tax collections by $1,467,320 in fiscal year 2004-05, resulting in a General Fund revenue loss of $1,392,487 and an Other Special Revenue funds loss of $74,833 for state-municipal revenue sharing.