| 122nd MAINE LEGISLATURE | |||||||||
| LD 828 | LR 0732(01) | ||||||||
| An Act To Have Counties Retain All the Proceeds from the Real Estate Transfer Tax | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Pinkham of Lexington Township | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $9,483,885 | $11,814,440 | $11,884,726 | $11,955,435 | |||||
| Revenue | |||||||||
| General Fund | ($9,483,885) | ($11,814,440) | ($11,884,726) | ($11,955,435) | |||||
| Other Special Revenue Funds | ($9,325,885) | ($11,614,440) | ($11,684,726) | ($11,755,435) | |||||
| Fiscal Detail and Notes | |||||||||
| This bill will reduce General Fund revenue by $9,483,885 in fiscal year 2005-06 and $11,814,440 in fiscal year 2006-07 based on the December 2004 revenue forcasting committee report. This bill also reduces Other Special Revenue funds for the Housing Opportunities for Maine Fund within the Maine State Housing Authority by $9,325,885 in fiscal year 2005-06 and $11,614,440 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 Housing Opportunities for Maine Fund within the Maine State Housing Authority 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, these funds will no longer be available for the General Fund in the 2006-2007 budget. | |||||||||