130th MAINE LEGISLATURE
		LD 136		LR 705(02)
	An Act To Increase the Maximum Pension Deduction for State Income Tax
	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		$10,972,500	$22,782,375	$35,283,000	$49,732,500
Revenue
	General Fund		($10,972,500)	($22,782,375)	($35,283,000)	($49,732,500)
	Other Special Revenue Funds		($427,500)	($887,625)	($1,857,000)	($2,617,500)
Fiscal Detail and Notes
	The bill increases the pension deduction by $5,000 per year beginning in 2021 until reaching $35,000 and would result in a reduction in General Fund revenue of $10,972,500 in fiscal year 2021-22 and $22,782,375 in fiscal year 2022-23.  It would also result in a reduction in Local Government Fund revenue of $427,500 in fiscal year 2021-22 and $887,625 in fiscal year 2022-23.