122nd MAINE LEGISLATURE
LD 700 LR 0692(01)
An Act To Provide Tax Benefits for Sale of Leased Land Used as a Primary Residence
Fiscal Note for Original Bill
Sponsor: Sen. Davis of Piscataquis
Committee: Taxation
Fiscal Note Required: Yes
   
             
Fiscal Note
Projections Projections
2005-06 2006-07 2007-08 2008-09
Net Cost (Savings)
General Fund $115,635 $98,906 $103,851 $109,044
Appropriations/Allocations
General Fund $30,000 $0 $0 $0
Revenue
General Fund ($85,635) ($98,906) ($103,851) ($109,044)
Other Special Revenue Funds ($4,697) ($5,425) ($5,696) ($5,981)
Fiscal Detail and Notes
This bill is expected to reduce General Fund revenue by $85,635 in fiscal year 2005-06 and $98,906 in fiscal year 2006-07 as a result of the income tax exemption for certain capital gains.  Maine Revenue Services will also require a one-time General Fund appropriation in fiscal year 2005-06 for the additional computer programming costs associated with this change.