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125th MAINE LEGISLATURE |
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LD 1137 |
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LR 896(01) |
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An Act To Conform
Business Expense Deductions to Federal Law |
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Preliminary Fiscal
Impact Statement for Original Bill |
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Sponsor: Rep. Knight of Livermore Falls |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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FY 2011-12 |
FY 2012-13 |
Projections FY 2013-14 |
Projections FY 2014-15 |
| Net Cost
(Savings) |
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General Fund |
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$5,723,097 |
$1,532,916 |
($1,577,295) |
($1,261,837) |
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| Revenue |
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General Fund |
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($5,723,097) |
($1,532,916) |
$1,577,295 |
$1,261,837 |
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Other Special Revenue Funds |
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($301,216) |
($80,680) |
$83,016 |
$66,412 |
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| Fiscal Detail
and Notes |
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Permitting
businesses to claim business expense deductions for purchases to the same
extent as permitted by federal law will reduce General Fund revenue and
reduce revenue sharing in fiscal years 2011-12 and 2012-13. Beginning in fiscal year 2013-14, General
Fund revenues will increase as well as revenue sharing owing to the smaller
depreciation allowances that are anticipated to commence in that fiscal
year.
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