LD 1146 LR 338(02)
An Act To Increase Investment in Maine
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 $4,545,500 $4,256,000 $4,384,250 $4,547,650
General Fund $33,000 $0 $0 $0
General Fund ($4,512,500) ($4,256,000) ($4,384,250) ($4,547,650)
Other Special Revenue Funds ($237,500) ($224,000) ($230,750) ($239,350)
Fiscal Detail and Notes
This legislation creates an income tax credit for certain capital gains and would result in a reduction in revenue of $4,512,500 in fiscal year 2015-16 and $4,256,000 in fiscal year 2016-17 and a reduction in Local Government Fund revenue of $237,500 in fiscal year 2015-16 and $224,000 in 2016-17.  The bill includes a one-time General Fund appropriation to the Department of Administrative and Financial Services for computer programming costs to add an income tax credit line to the individual, corporate and fiduciary income tax forms.