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125th MAINE LEGISLATURE |
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LD 1205 |
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LR 426(02) |
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An Act To Provide
Economic Incentives to Businesses for the Collection of State Taxes |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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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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$4,753,823 |
$8,859,817 |
$9,104,589 |
$9,431,612 |
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| Appropriations/Allocations |
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General Fund |
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$10,000 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
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($4,743,823) |
($8,859,817) |
($9,104,589) |
($9,431,612) |
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Other Special Revenue Funds |
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($263,546) |
($570,382) |
($653,444) |
($677,545) |
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| Fiscal Detail
and Notes |
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Permitting
retailers required to register under the sales and use tax law to deduct and
retain up to 1% of the sales and use taxes that they collect for tax years
beginning on or after January 1, 2012 will reduce General Fund revenue and
reduce revenue sharing. This bill
contains a one-time $10,000 General Fund appropriation in fiscal year 2011-12
for Maine Revenue Services to modify the sales tax return, change computer
programs, modify reporting systems and to monitor compliance.
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