| 122nd MAINE LEGISLATURE | |||||||||
| LD 972 | LR 1178(01) | ||||||||
| An Act To Exempt Military Pensions for Future Military Retirees from State Income Tax | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Eberle of South Portland | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $89,982 | $332,727 | $575,300 | $848,591 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $0 | $10,000 | $0 | $0 | |||||
| Revenue | |||||||||
| General Fund | ($89,982) | ($322,727) | ($575,300) | ($848,591) | |||||
| Other Special Revenue Funds | ($4,936) | ($17,702) | ($31,557) | ($46,547) | |||||
| Fiscal Detail and Notes | |||||||||
| Exempting military retirement plan income from the income tax is expected to reduce Genreal Fund revenue by $89,982 in fiscal year 2005-06 and $322,727 in fiscal year 2006-07. Maine Revenue Services will also require a General Fund appropriation of $10,000 for the required computer programming associated with this change. | |||||||||