127th MAINE LEGISLATURE
		LD 297		LR 1423(02)
	An Act To Increase Allowed Investments under the Maine New Markets Capital Investment Program
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Labor, Commerce, Research and Economic Development
	Fiscal Note Required: Yes
Fiscal Note
			FY 2015-16	FY 2016-17	Projections  FY 2017-18	Projections  FY 2018-19
Net Cost (Savings)
	General Fund		$10,000	$10,000	$10,000	$10,000
Appropriations/Allocations
	General Fund		$10,000	$10,000	$10,000	$10,000
Fiscal Detail and Notes
	This bill includes General Fund appropriations of $10,000 in fiscal year 2015-16 and $10,000 in fiscal year 2016-17 to the Finance Authority of Maine for the additional costs associated with the State Tax Assessor review of sham transactions.
	This legislation requires the State Tax Assessor to recapture credits under the Maine New Markets Capital Investment Program if the credits are deemed to be the result of sham transactions.  It also eliminates the eligibility of certain refinancing and ownership transfer transactions that can qualify as investment.  These provisions could result in an increase in General Fund and Local Government Fund revenue if sham transactions are found.  No estimate of the potential revenue impact is made at this time.
	It is assumed that the Legislature's Office of Program Evaluation and Government Accountability would perform any additional work required by the bill using existing budgeted resources.