| 123rd MAINE LEGISLATURE | ||||||
| LD 623 | LR 41(01) | |||||
| An Act To Change the Standard State Tax Deduction for Married People Filing Jointly to $10,000 | ||||||
| Fiscal Note for Original Bill | ||||||
| Sponsor: Rep. Flood of Winthrop | ||||||
| Committee: Taxation | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| 2007-08 | 2008-09 | Projections 2009-10 | Projections 2010-11 | |||
| Net Cost (Savings) | ||||||
| General Fund | $22,108,801 | $16,497,912 | $17,157,828 | $10,537,879 | ||
| Revenue | ||||||
| General Fund | ($22,108,801) | ($16,497,912) | ($17,157,828) | ($10,537,879) | ||
| Other Special Revenue Funds | ($1,212,719) | ($904,949) | ($941,147) | ($578,027) | ||
| Fiscal Detail and Notes | ||||||
| Increasing the standard deduction to the federal standard deduction will reduce General Fund revenue by an estimated $22,108,801 in fiscal year 2007-08 and $16,497,912 in fiscal year 2008-09. The federal standard deduction for married taxpayers filing jointly is $10,700. The title of the bill should be changed to reflect that amount. | ||||||