| 122nd MAINE LEGISLATURE | |||||||||
| LD 476 | LR 2094(01) | ||||||||
| An Act To Increase the Franchise Tax on Financial Institutions | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Smith of Van Buren | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | ($869,064) | ($2,914,260) | ($2,972,545) | ($3,031,996) | |||||
| Revenue | |||||||||
| General Fund | $869,064 | $2,914,260 | $2,972,545 | $3,031,996 | |||||
| Other Special Revenue Funds | $47,670 | $159,854 | $163,051 | $166,312 | |||||
| Fiscal Detail and Notes | |||||||||
| Doubling the tax on financial institutions is expected to increase General Fund revenue by $869,064 in fiscal year 2005-06 and $2,914,260 in fiscal year 2006-07 based on a January 1, 2006 effective date. | |||||||||