130th MAINE LEGISLATURE
LD 23 LR 175(05)
An Act To Reinstate and Increase the Income Tax Deduction for Contributions to Education Savings Plans
Fiscal Note for Bill as Engrossed with:
C "A" (S-72)
S "A" (S-584) to C "A" (S-72)
Committee: Taxation
             
Fiscal Note
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund $0 $0 $1,019,500 $1,045,000
Appropriations/Allocations
General Fund $0 $0 $22,000 $0
Revenue
General Fund $0 $0 ($997,500) ($1,045,000)
Other Special Revenue Funds $0 $0 ($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 2023-24 and a reduction in Local Government Fund revenue of $52,500 in fiscal year 2023-24.  The Department of Administrative and Financial Services will require a one-time General Fund appropriation of $22,000 in fiscal year 2023-24 for computer programming to add lines to the individual income tax and fiduciary income tax returns.