130th MAINE LEGISLATURE
LD 23 LR 175(02)
An Act To Reinstate and Increase the Income Tax Deduction for Contributions to Education Savings Plans
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
             
Fiscal Note
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund $0 $1,019,500 $997,500 $1,045,000
Appropriations/Allocations
General Fund $0 $22,000 $0 $0
Revenue
General Fund $0 ($997,500) ($997,500) ($1,045,000)
Other Special Revenue Funds $0 ($52,500) ($52,500) ($55,000)
Fiscal Detail and Notes
The bill would result in a reduction in General Fund revenue of $997,500 in fiscal year 2022-23 and a reduction in Local Government Fund revenue of $52,500 in fiscal year 2022-23.  The bill includes a one-time General Fund appropriation of $22,000 in fiscal year 2022-23 to the Department of Administrative and Financial Services for computer programming to add lines to the individual income tax and fiduciary income tax returns.