| 123rd MAINE LEGISLATURE | ||||||
| LD 2225 | LR 3486(01) | |||||
| An Act To Provide Tax Relief to Maine's Forest Products Industry | ||||||
| Fiscal Note for Original Bill | ||||||
| Sponsor: Sen. Schneider of Penobscot | ||||||
| Committee: Taxation | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| 2007-08 | 2008-09 | Projections 2009-10 | Projections 2010-11 | |||
| Net Cost (Savings) | ||||||
| General Fund | ($407) | ($254) | $13,594 | $0 | ||
| Appropriations/Allocations | ||||||
| General Fund | $7,000 | $0 | $0 | $0 | ||
| Revenue | ||||||
| General Fund | ($167,593) | ($124,746) | ($13,594) | $0 | ||
| Other Special Revenue Funds | ($9,007) | ($6,704) | ($746) | $0 | ||
| Transfers | ||||||
| General Fund | $175,000 | $125,000 | $0 | $0 | ||
| Fiscal Detail and Notes | ||||||
| The General Fund revenue loss associated with the sales tax refund for parts and supplies for use in the repair and maintenance of motor vehicles and trailers that are used directly and primarily in the harvest related transport of forest products is estimated to be $167,593 in fiscal year 2007-08 and $124,746 in fiscal year 2008-09. This bill also includes a one-time General Fund appropriation of $7,000 in fiscal year 2007-08 for Maine Revenue Services for the administrative costs associated with this rebate. | ||||||
| This legislation also authorizes the Governor to transfer by financial order $175,000 by March 1, 2008 and $125,000 by July 1, 2008 from the emergency portion of the State Contingent account to the unappropriated surplus of the General Fund. There is a sufficient balance in the State Contingent account to cover the proposed transfer. | ||||||