128th MAINE LEGISLATURE
LD 133 LR 620(03)
An Act To Support Lower Property Taxes by Restoring State-Municipal Revenue Sharing
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
             
Fiscal Note
FY 2017-18 FY 2018-19 Projections  FY 2019-20 Projections  FY 2020-21
Net Cost (Savings)
General Fund $9,895 $4,165,566 ($88,766,093) ($92,215,930)
Revenue
General Fund ($9,895) ($4,165,566) $88,766,093 $92,215,930
Other Special Revenue Funds $9,895 $4,165,566 ($88,766,093) ($92,215,930)
Fiscal Detail and Notes
This bill increases the revenue sharing percentage from 2% to 2.125% in fiscal year 2017-18 and to 2.25% in fiscal year 2018-19.  General Fund revenue would be reduced by $9,895 in fiscal year 2017-18 and by $4,165,566 in fiscal year 2018-19 and Local Government Fund revenue would be increased by a corresponding amount.  It also reduces the revenue sharing percentage from 5% to 2.375% in fiscal year 2019-20 and to 2.5% in fiscal year 2020-21 and subsequent years, thus increasing General Fund revenues and reducing Local Government Fund revenue.