127th MAINE LEGISLATURE
		LD 644		LR 786(02)
	An Act To Exempt Annuity Considerations from Tax
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Taxation
	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		$795,150	$1,901,300	$2,852,850	$3,755,350
Appropriations/Allocations
	General Fund		$0	$33,600	$0	$0
Revenue
	General Fund		($795,150)	($1,867,700)	($2,852,850)	($3,755,350)
	Other Special Revenue Funds		($41,850)	($98,300)	($150,150)	($197,650)
Fiscal Detail and Notes
	This bill reduces the income tax on annuities by .5% each year until it becomes zero in 2019.  It would reduce General Fund revenue by $795,150 in fiscal year 2015-16 and $1,867,700 in fiscal year 2016-17 and Local Government Fund revenue by $41,850 in fiscal year 2015-16 and $98,300 in fiscal year 2016-17.  The bill includes a one-time General Fund appropriation of $33,600 to the Department of Administrative and Financial Services for computer programming charges.