124th MAINE LEGISLATURE
		LD 197		LR 289(03)
	An Act To Provide Tax Relief to Workers Who Lose Their Jobs Due to Business Closure
	Fiscal Note for Bill as Amended by Committee Amendment "   "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			2009-10	2010-11	Projections 2011-12	Projections 2012-13
Net Cost (Savings)
	General Fund		$1,852,229	$751,183	$461,253	$0
Revenue
	General Fund		($1,852,229)	($751,183)	($461,253)	$0
	Other Special Revenue Funds		($101,599)	($41,204)	($25,301)	$0
Fiscal Detail and Notes
	This bill retroactively exempts from Maine individual income tax any severance pay received on or after January 1, 2008 from a commercial or industrial Maine business that employs or has employed at any time in the preceding 12-month period 100 or more persons and that terminates operations in the State.  The  income tax exemption for severance pay ends before January 1, 2012.  The General Fund revenue loss is projected to be $1,852,229 in FY 2009-10 and $751,183 in FY 2010-11. The Local Government Fund revenue loss is anticipated to be $101,599 in FY 2009-10 and $41,204 in FY 2010-11.  It is the intent of this bill that the loss of revenue be covered by federal stimulus funds from the American Recovery and Reinvestment Act of 2009.