122nd MAINE LEGISLATURE
		LD 751		LR 1625(01)
	An Act Concerning Counties' Share of the Real Estate Transfer Tax
	Fiscal Note for Original Bill
	Sponsor: Sen. Damon of Hancock
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2005-06	2006-07	2007-08	2008-09
Net Cost (Savings)
	General Fund		($916,109)	($2,279,469)	($1,446,410)	($601,779)
Revenue
	General Fund		$916,109	$2,279,469	$1,446,410	$601,779
	Other Special Revenue Funds		($1,375,967)	($4,025,412)	($4,506,422)	($4,993,858)
Fiscal Detail and Notes
	The General Fund revenue increase associated with this bill is estimated to be $916,109 in fiscal year 2005-06 and $2,279,469 in fiscal year 2006-07 based on the December 2004 revenue forecasting committee report.  The estimated loss of revenue to the Housing Opportunities for Maine (H.O.M.E.) Fund within the Maine State Housing Authority is anticipated to be $1,375,967 in fiscal year 2005-06 and $4,025,412 in fiscal year 2006-07.  The Governor's Budget for the 2006-2007 biennium includes a proposal in Part G to reduce the amount of funds distributed from the State's share of the real estate transfer tax to the H.O.M.E. Fund by $7,500,000 in both fiscal year 2005-06 and 2006-07 and instead designates the funds for the General Fund.  If this legislation is approved, it is unclear as to whether there will be sufficient funds available for the General Fund in the 2006-2007 budget.