130th MAINE LEGISLATURE
		LD 498		LR 903(02)
	An Act To Reauthorize a 3 Percent Tax on Income over $200,000 To Lift All Maine Workers out of Poverty
	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		($72,636,202)	($41,685,707)	($52,564,445)	($67,948,370)
Appropriations/Allocations
	General Fund		$148,048	$192,668	$198,555	$204,630
Revenue
	General Fund		$72,784,250	$41,878,375	$52,763,000	$68,153,000
	Other Special Revenue Funds		$2,835,750	$1,631,625	$2,777,000	$3,587,000
Fiscal Detail and Notes
	The bill imposes a 3% surcharge on taxable income exceeding $200,000 and increases the earned income tax credit to the federal level and will increase General Fund revenue by $72,784,250 in fiscal year 2021-22 and $41,878,375 in fiscal year 2022-23.  It also increases Local Government Fund revenue by $2,835,750 in fiscal year 2021-22 and $1,631,625 in fiscal year 2022-23.
	The bill includes General Fund appropriations of $148,048 in fiscal year 2021-22 and $192,668 in fiscal year 2022-23 to the Department of Administrative and Financial Services for 2 Tax Examiner positions and related costs to review and process the additional earned income tax credits claimed.