127th MAINE LEGISLATURE
LD 930 LR 810(01)
An Act To Attract Young Families to Maine and Keep Young Families in Maine by Expanding the Child Care Tax Credit
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Sen. Alfond of Cumberland
Committee: Taxation
Fiscal Note Required: Yes
             
Preliminary Fiscal Impact Statement
FY 2015-16 FY 2016-17 Projections  FY 2017-18 Projections  FY 2018-19
Net Cost (Savings)
General Fund $12,302,500 $12,160,000 $13,062,500 $13,537,500
Revenue
General Fund ($12,302,500) ($12,160,000) ($13,062,500) ($13,537,500)
Other Special Revenue Funds ($647,500) ($640,000) ($687,500) ($712,500)
Fiscal Detail and Notes
The bill expands the income tax credit for child care expenses by increasing it from 25% to 100% of the federal tax credit allowed and making the credit fully refundable and would result in a reduction in General Fund revenue of $12,302,500 in fiscal year 2015-16 and $12,160,000 in fiscal year 2016-17 and a reduction in Local Government Fund revenue of $647,5000 in fiscal year 2015-16 and $640,000 in fiscal year 2016-17.