125th MAINE LEGISLATURE
		LD 686		LR 1584(01)
	An Act To Promote Small Business in Maine
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Cornell du Houx of Brunswick
	Committee: Taxation
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Current biennium revenue decrease - General Fund
Fiscal Detail and Notes
	Creating a personal property tax exemption for the first $75,000 in value of any machinery, equipment, furnishings or like property owned and regularly used by any small business in the state will trigger the state reimbursement provision of the Maine Constitution, Article IV, Part Third, Section 23 and will require the state to reimburse municipalities for 50% of their property tax revenue losses, resulting in a reduction to General Fund revenue.  No estimate of the revenue reduction to the General Fund can be provided until certain provisions of the bill are clarified.