123rd MAINE LEGISLATURE
		LD 1925		LR 2657(02)
	An Act To Cut Taxes on Maine Residents by over $140,000,000
	Fiscal Note for Bill as Amended by House Amendment "     "
	Sponsor: Rep. Woodbury of Yarmouth
	Fiscal Note Required: Yes
Fiscal Note
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Net Cost (Savings)
	General Fund		($237,635)	($188,601)	($929,200)	$4,625,181
Appropriations/Allocations
	General Fund		$849,164	$964,278	$1,400,556	$2,000,745
	Other Special Revenue Funds		$0	$1,001,493	$3,101,329	$3,078,489
Revenue
	General Fund		$1,086,799	$1,152,879	$2,329,756	($2,624,436)
	Other Special Revenue Funds		($1,612,732)	($1,367,517)	$649,943	$103,338
Fiscal Detail and Notes
Gross Revenue Impact - Bill as Amended			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Individual Income Tax
	Flat Rate Decling from 4.9% to 4.5%, Household Credit		($157,720,160)	($398,331,840)	($409,154,000)	($431,578,000)
	Section 179 Conformity		$0	$0	($1,626,300)	($2,455,198)
Corporate Income Tax
	Flat Rate at 8.93%		$1,020,000	$6,822,500	$6,980,000	$7,166,500
Sales and Use Tax
	Expand Base, Repeal Exemptions, 6%		$105,088,613	$281,820,186	$291,729,381	$302,724,708
	Meals and Lodging to 8%		$8,227,200	$26,890,000	$28,110,000	$29,340,000
	Expanded Tax on Prepared Foods @ 8%		$11,116,800	$35,400,000	$35,890,000	$36,470,000
Real Estate Transfer Tax
	Graduated Tax Based on Value		$23,450,000	$36,820,000	$40,686,100	$45,446,374
Beer and Wine
	Double Excise Tax (except for small manufacturers of malt liquor)		$8,291,614	$10,364,518	$10,364,518	$10,364,518
			($525,933)	($214,636)	$2,979,699	($2,521,098)
General Fund Appropriation Summary
	Elderly Tax Deferal Porgram		$0	$492,000	$1,060,875	$1,647,008
	Administrative Costs		$849,164	$472,278	$339,681	$353,737
			$849,164	$964,278	$1,400,556	$2,000,745
Other Special Revenue Fund Summary
	Local Government Fund		($1,645,645)	($2,417,357)	($2,415,120)	($2,905,593)
	Tourism Marketing Promotion Fund		$0	$1,001,493	$3,101,329	$3,078,489
	Fund for the Efficient Delivery of Local and Regional Services		$32,913	$48,347	$48,302	$58,112