125th MAINE LEGISLATURE
LD 1826 LR 2763(01)
An Act To Review and Repeal Income Tax Return Checkoffs
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Rep. Knight of Livermore Falls
Committee: Taxation
Fiscal Note Required: Yes
             
Preliminary Fiscal Impact Statement
FY 2011-12 FY 2012-13 Projections  FY 2013-14 Projections  FY 2014-15
Net Cost (Savings)
General Fund $0 $0 ($28,874) ($28,874)
Appropriations/Allocations
General Fund $0 $0 ($50,800) ($50,800)
Revenue
General Fund $0 $0 ($21,926) ($21,926)
Other Special Revenue Funds $0 $0 ($1,154) ($1,154)
Fiscal Detail and Notes
Maine Revenue Services estimates that the elimination of income tax checkoffs would reduce their annual operating expenses by $50,800, beginning with FY 2013-14. The retention of a small proportion of the revenue from the checkoff funds has historically served to partially offset the costs of administering the funds by generating estimated annual General Fund revenues of $21,926 and $1,154 in annual revenue sharing funds; these amounts will not be available after the tax checkoffs are eliminated. The combined effect on the General Fund would be an annual savings of $28,874 beginning with FY 2013-14. Contributions collected via the income tax checkoff mechanism totalled $141,876 in FY 2010-11.