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129th MAINE LEGISLATURE |
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LD 403 |
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LR 257(02) |
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An Act To Prevent
Tax Haven Abuse |
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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 2019-20 |
FY 2020-21 |
Projections FY 2021-22 |
Projections FY 2022-23 |
| Net Cost
(Savings) |
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General Fund |
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$0 |
($8,234,875) |
($9,547,500) |
($10,497,500) |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$33,000 |
$0 |
$0 |
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| Revenue |
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General Fund |
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$0 |
$8,267,875 |
$9,547,500 |
$10,497,500 |
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Other Special Revenue Funds |
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$0 |
$322,125 |
$502,500 |
$552,500 |
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| Fiscal Detail
and Notes |
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This bill
provides for the addition of a corporate income tax addition modification for
foreign-derived intangible income which will increase General Fund revenue by
$8,267,875 in fiscal year 2020-21 and increase Local Government Fund revenue
by $322,125 in fiscal year 2020-21.
The bill includes a one-time General Fund appropriation to the
Department of Administrative and Financial Services of $33,000 in fiscal year
2020-21 for computer programming costs. |
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