LD 1583      LR 2662(01)
An Act To Provide for Tax Conformity and Funding Methods
Fiscal Note for Original Bill
Committee: Appropriations and Financial Affairs
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 $0 $0 ($2,333,380) ($1,712,060)
General Fund ($6,113,120) $0 $0 $0
General Fund ($15,802,500) ($1,034,880) $2,333,380 $1,712,060
Other Special Revenue Funds ($322,500) ($21,120) $47,620 $34,940
General Fund $9,689,380 $1,034,880 $0 $0
Fiscal Detail and Notes
This legislation has no net General Fund cost in fiscal year 2015-16 and fiscal year 2016-17. It proposes to conform to certain federal tax laws for tax year 2015 only and would result in a loss of General Fund revenue of $15,802,500 in fiscal year 2015-16 and $1,034,880 in fiscal year 2016-17. It would also result in a reduction in transfers to the Local Government Fund of $322,500 in fiscal year 2015-16 and $21,120 in fiscal year 2016-17.
Part B of the bill transfers $9,535,933 from the Tax Relief Fund for Maine Residents to the unappropriated surplus of the General Fund in fiscal year 2015-16.
Part C deappropriates $6,113,120 from the Office of the Treasurer of State in fiscal year 2015-16 to reflect savings in debt service.
Parts D and E lapses $153,447 in fiscal year 2015-16 and $1,034,880 in fiscal year 2016-17 from Personal Services appropriations that would otherwise lapse to the Salary Plan account in the Department of Administrative and Financial Services.