| 124th MAINE LEGISLATURE | ||||||
| LD 197 | LR 289(01) | |||||
| An Act To Provide Tax Relief to Workers Who Lose Their Jobs Due to Business Closure | ||||||
| Preliminary Fiscal Impact Statement for Original Bill | ||||||
| Sponsor: Rep. Knight of Livermore Falls | ||||||
| Committee: Taxation | ||||||
| Fiscal Note Required: Yes | ||||||
| Preliminary Fiscal Impact Statement | ||||||
| 2009-10 | 2010-11 | Projections 2011-12 | Projections 2012-13 | |||
| Net Cost (Savings) | ||||||
| General Fund | $850,000 | $850,000 | $850,000 | $850,000 | ||
| Revenue | ||||||
| General Fund | ($850,000) | ($850,000) | ($850,000) | ($850,000) | ||
| Fiscal Detail and Notes | ||||||
| This bill exempts from Maine individual income tax severance pay from a Maine commercial or industrial establishment with 100 or more employees that terminates operations in Maine. The severance pay is exempt to the extent that it is included in federal adjusted gross income. | ||||||