LD 1542 LR 2542(01)
An Act To Encourage Maine Employers To Offer and Employees To Enroll in Disability Income Protection Plans in the Workplace
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Rep. Beck of Waterville
Committee: Insurance and Financial Services
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 $0 $0 $49,000 $107,800
General Fund $0 $0 ($49,000) ($107,800)
Other Special Revenue Funds $0 $0 ($1,000) ($2,200)
Fiscal Detail and Notes
The bill provides a tax credit to employers for providing certain group disability income protection plans. The initial impact would be expected in fiscal year 2017-18, with a estimated reduction in General Fund revenue of $49,000 and a reduction in Local Government Fund revenue of $1,000. With no data available on the effect of automatic enrollment on group disability insurance coverage, this fiscal note assumes a modest number of credits in the early years of the program, as there will be some "ramp up" time for policies with automatic enrollment to gain popularity.