125th MAINE LEGISLATURE
		LD 695		LR 1475(02)
	An Act To Reduce Taxes and Promote Employment
	Fiscal Note for Bill as Amended by Committee Amendment "   "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			FY 2011-12	FY 2012-13	Projections  FY 2013-14	Projections  FY 2014-15
Net Cost (Savings)
	General Fund		$8,053,421	$7,869,501	$6,269,226	$6,052,151
Appropriations/Allocations
	General Fund		$119,971	$144,101	$144,101	$144,101
Revenue
	General Fund		($7,933,450)	($7,725,400)	($6,125,125)	($5,908,050)
	Other Special Revenue Funds		($417,550)	($406,600)	($322,375)	($310,950)
Fiscal Detail and Notes
	Increasing the state earned income tax credit from 5% to 10% of the federal earned income tax credit and making the state earned income tax credit 50% refundable will result in reduced revenue to the General Fund and will reduce revenue sharing starting in fiscal year 2011-12.  Maine Revenue Services will require General Fund appropriations for two Tax Examiner positions and related administrative support.