125th MAINE LEGISLATURE
		LD 1336		LR 1566(02)
	An Act To Provide an Internship Employment Tax Credit
	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		$42,500	$16,150	$16,150	$16,150
Appropriations/Allocations
	General Fund		$33,000	$0	$0	$0
Revenue
	General Fund		($9,500)	($16,150)	($16,150)	($16,150)
	Other Special Revenue Funds		($500)	($850)	($850)	($850)
Fiscal Detail and Notes
	Providing an income tax credit for employment of qualified student interns applied to compensation paid during the taxable year will reduce General Fund revenue and will reduce revenue sharing starting in fiscal year 2011-12.  This bill includes a one-time appropriation of $33,000 in fiscal year 2011-12 for Maine Revenue Services to add a credit line to the individual, fiduciary and corporate income tax returns to accommodate the new credit.  The bill also schedules the income tax credit to sunset on December 31, 2015.