127th MAINE LEGISLATURE
		LD 1657		LR 2724(09)
	An Act To Simplify and Expand the Educational Opportunity Tax Credit
	Fiscal Note for Bill as Engrossed with: C "A" (S-438) S "A" (S-509) S "A" (S-533) to S "A" (S-509)
	Committee: Taxation
Fiscal Note
			FY 2015-16	FY 2016-17	Projections  FY 2017-18	Projections  FY 2018-19
Net Cost (Savings)
	General Fund		($395,000)	$395,200	$1,009,700	$1,723,200
Appropriations/Allocations
	General Fund		($419,500)	$0	$0	$0
Revenue
	General Fund		($24,500)	($395,200)	($1,009,700)	($1,723,200)
	Other Special Revenue Funds		($500)	($8,000)	($21,000)	($35,000)
Fiscal Detail and Notes
	It is estimated that expanding the educational opportunity tax credit would reduce General Fund and Local Government Fund revenue by $395,200 and 8,000, respectively, in fiscal year 2016-17.
	This bill also adds the provisions of the committee amendment to LD 1505 into the bill.  PL 2015, c. 267, Pt. QQQ expanded the educational opportunity tax credit to include consolidated loans for tax years beginning on or after January 1, 2016. The bill now provides that consolidated loans are eligible in tax year 2015 provided that the consolidated loans only include educational loans. This will reduce General Fund revenue by $24,500 in fiscal year 2015-16 and reduce Local Government Fund revenue by $500 in fiscal year 2015-16.
	This bill also includes a General Fund deappropriation of $219,500 to the Office of Treasurer of State, Debt Service account, in fiscal year 2015-16 and a General Fund deappropriation of $200,000 to the Historic Preservation Commission in fiscal year 2015-16.