122nd MAINE LEGISLATURE
LD 734 LR 0360(01)
An Act To Establish a Long-term Capital Gains Tax Rate
Fiscal Note for Original Bill
Sponsor: Rep. Lindell of Frankfort
Committee: Taxation
Fiscal Note Required: Yes
   
             
Fiscal Note
Projections Projections
2005-06 2006-07 2007-08 2008-09
Net Cost (Savings)
General Fund $43,641,930 $35,141,187 $36,722,540 $38,375,055
Appropriations/Allocations
General Fund $60,000 $0 $0 $0
Revenue
General Fund ($43,581,930) ($35,141,187) ($36,722,540) ($38,375,055)
Other Special Revenue Funds ($2,390,570) ($1,927,576) ($2,014,317) ($2,104,961)
Fiscal Detail and Notes
This bill is expected to reduce General Fund revenue by $43,581,930 in fiscal year 2005-06 and $35,141,187 in fiscal year 2006-07 due to the change in the treatment of certain capital gains.  Maine Revenue Services will also require a one-time General Fund appropriation in fiscal year 2005-06 for the computer programming costs associated with this change.