124th MAINE LEGISLATURE
		LD 1288		LR 111(02)
	An Act To Reduce Income Tax Rates
	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		$457,507,268	$656,702,700	$856,390,922	$896,317,606
Appropriations/Allocations
	General Fund		$36,668	$0	$0	$0
Revenue
	General Fund		($457,470,600)	($656,702,700)	($856,390,922)	($896,317,606)
	Other Special Revenue Funds		($24,077,400)	($34,563,300)	($45,073,207)	($47,174,611)
Fiscal Detail and Notes
	This bill reduces income taxes imposed on individuals and corporations over a three year period, beginning in tax year 2009.  The State alternative minimum tax is also eliminated.  The loss to the General Fund will be $457,470,600 in FY 2009-10 and $656,702,700 in FY2010-11.  The loss to the Local Government Fund is $24,077,400 in FY 2009-10 and $34,563,300 in FY 2010-11. An appropriation of $36,668 is provided to reprint and redistribute the Maine State Revenue withholding tables to reflect the change in the income tax rates.