LD 1542 LR 2542(03)
An Act To Encourage Maine Employers To Offer and Employees To Enroll in Disability Income Protection Plans in the Workplace
Fiscal Note for Bill as Engrossed with:
C "A" (H-576)
Committee: Insurance and Financial Services
Fiscal Note
FY 2015-16 FY 2016-17 Projections  FY 2017-18 Projections  FY 2018-19
Net Cost (Savings)
General Fund $0 $0 $28,420 $62,720
General Fund $0 $0 ($28,420) ($62,720)
Other Special Revenue Funds $0 $0 ($580) ($1,280)
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 an estimated reduction in General Fund revenue of $28,420 and a reduction in Local Government Fund revenue of $580. 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.