| 122nd MAINE LEGISLATURE | |||||||||
| LD 169 | LR 0044(01) | ||||||||
| An Act To Amend the Law Regarding Resale Certificates | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Moody of Manchester | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Current biennium revenue decrease - General Fund | |||||||||
| Current biennium cost increase - General Fund | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $525,214 | $922,821 | $1,055,707 | $1,197,748 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $29,220 | $0 | $0 | $0 | |||||
| Revenue | |||||||||
| General Fund | ($495,994) | ($922,821) | ($1,055,707) | ($1,197,748) | |||||
| Other Special Revenue Funds | ($27,206) | ($50,619) | ($57,908) | ($65,699) | |||||
| Fiscal Detail and Notes | |||||||||
| The change in the issuance of resale certificates will result in a General Fund revenue loss of $495,994 in fiscal year 2005-06 and $922,821 in fiscal year 2006-07. The annual revenue loss represents one half of the total revenue increase associated with the resale certificate initiative authorized by PL 2003, c. 673, Part AAA. Maine Revenue Services will also require a one-time General Fund appropriation of $29,220 in fiscal year 2005-06 for the additional printing and mailing costs associated with these changes. | |||||||||