| 122nd MAINE LEGISLATURE | |||||||||
| LD 2027 | LR 3114(01) | ||||||||
| An Act To Implement Recommendations of the Study Commission Regarding Liveable Wages Concerning the State Earned Income Tax Credit | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Lerman of Augusta | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $0 | $819,016 | $42,411,379 | $43,124,299 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $0 | $187,761 | $256,405 | $266,619 | |||||
| Revenue | |||||||||
| General Fund | $0 | ($631,255) | ($42,154,974) | ($42,857,679) | |||||
| Other Special Revenue Funds | $0 | ($33,924) | ($2,312,298) | ($2,350,843) | |||||
| Fiscal Detail and Notes | |||||||||
| Increasing the Maine earned income tax credit is expected to reduce General Fund revenue by $631,255 in fiscal year 2006-07. Maine Revenue Services will also require a General Fund appropriation of $187,761 in fiscal year 2006-07 for the administrative costs associated with these changes, including funds for three Tax Examiner positions. | |||||||||