LD 1612 LR 1329(06)
An Act Regarding the Presumption of Abandonment of Gift Obligations
Fiscal Note for House Amendment " " to Original Bill
Sponsor: Rep. Bailey of Saco
Fiscal Note Required: Yes
Fiscal Note
Delay of Revenue Reduction - General Fund
Fiscal Detail and Notes
The original bill completely removed the 60% presumption of abandonment for gift obligation cards. Subsequent amendments imposed incremental reductions to the amounts of unclaimed gift obligations. This amendment delays the incremental reductions by one year and changes the impact of the previously engrossed bill by eliminating the $1,700,000 revenue loss in fiscal year 2021-22, reducing the revenue loss in fiscal 2022-23 from $3,500,000 to $1,700,000 and reducing the revenue loss in fiscal year 2023-24 from $5,000,00 to $3,500,000. The annual revenue loss in years after fiscal year 2023-24 would continue to be $5,000,000.