| 123rd MAINE LEGISLATURE | ||||||
| LD 872 | LR 214(01) | |||||
| An Act To Exempt Military Pensions and Survivors' Benefit Payments from State Income Tax | ||||||
| Fiscal Note for Original Bill | ||||||
| Sponsor: Rep. Lansley of Sabattus | ||||||
| Committee: Taxation | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| 2007-08 | 2008-09 | Projections 2009-10 | Projections 2010-11 | |||
| Net Cost (Savings) | ||||||
| General Fund | $12,286,964 | $9,380,518 | $9,957,045 | $10,561,025 | ||
| Appropriations/Allocations | ||||||
| General Fund | $11,000 | $0 | $0 | $0 | ||
| Revenue | ||||||
| General Fund | ($12,275,964) | ($9,380,518) | ($9,957,045) | ($10,561,025) | ||
| Other Special Revenue Funds | ($673,365) | ($514,543) | ($546,167) | ($579,297) | ||
| Fiscal Detail and Notes | ||||||
| Exempting from the state income tax certain military retirement benefits will reduce General Fund revenue by an estimated $12,275,964 in fiscal year 2007-08 and $9,380,518 in fiscal year 2008-09. Maine Revenue Services will also require a one-time General Fund appropriation of $11,000 in fiscal year 2007-08 for the related computer programming costs | ||||||