127th MAINE LEGISLATURE
LD 1142 LR 1063(02)
An Act Regarding the Taxation of Out-of-state Pensions
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 $1,866,750 $1,812,980 $1,751,466 $1,682,604
Revenue
General Fund ($1,866,750) ($1,812,980) ($1,751,466) ($1,682,604)
Other Special Revenue Funds ($98,250) ($95,420) ($92,182) ($88,558)
Fiscal Detail and Notes
This legislation provides an income tax exemption for certain income from out of state pensions to the extent not otherwise included in federal adjusted gross income and would result in a reduction in General Fund revenue of $1,866,750 in fiscal year 2015-16 and $1,812,980 in fiscal year 2016-17 and a reduction in Local Government Fund revenue of $98,250 in fiscal year 2015-16 and $95,420 in fiscal year 2016-17.