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128th MAINE LEGISLATURE |
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LD 513 |
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LR 998(02) |
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An Act To
Eliminate the State Income Tax for Maine Public Employees Retirement System
Pensions |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2017-18 |
FY 2018-19 |
Projections FY 2019-20 |
Projections FY 2020-21 |
| Net Cost
(Savings) |
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General Fund |
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$0 |
$18,235,838 |
$18,728,204 |
$19,233,773 |
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| Revenue |
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General Fund |
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$0 |
($18,235,838) |
($18,728,204) |
($19,233,773) |
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Other Special Revenue Funds |
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$0 |
($563,488) |
($584,656) |
($594,960) |
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| Fiscal Detail
and Notes |
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This legislation
makes changes to pension deductions for individuals receiving retirement
benefits under a plan based on compensation for which contributions are not
made to social security. It would
result in a reduction in General Fund revenue of $18,235,838 in fiscal year
2018-19 and a reduction in Local Government Fund revenue of $372,423 in
fiscal year 2018-19. It would also
reduce revenue to the Fund to Advance Public Kindergarten to Grade 12
Education by $191,065 in fiscal year 2018-19. |
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