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130th MAINE LEGISLATURE |
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LD 730 |
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LR 900(02) |
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An Act To Protect
Economic Competitiveness in Maine by Extending the End Date for Pine Tree
Development Zone Benefits |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Innovation, Development, Economic
Advancement and Business |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2021-22 |
FY 2022-23 |
Projections FY 2023-24 |
Projections FY 2024-25 |
| Net Cost
(Savings) |
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General Fund |
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$85,340 |
$358,342 |
$780,512 |
$1,094,031 |
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| Appropriations/Allocations |
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General Fund |
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$70,903 |
$93,655 |
$96,512 |
$99,461 |
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| Revenue |
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General Fund |
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($14,437) |
($264,687) |
($684,000) |
($994,570) |
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Other Special Revenue Funds |
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($563) |
($10,313) |
($36,000) |
($52,330) |
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| Fiscal Detail
and Notes |
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The bill extends
the Pine Tree Development Zone benefits through 2033 and will reduce General
Fund revenue by $14,437 in fiscal year 2021-22 and $264,687 in fiscal year
2022-23. It will also reduce Local
Government Fund revenue by $563 in fiscal year 2021-22 and $10,313 in fiscal
year 2022-23. The bill includes a
General Fund appropriation of $70,903 in fiscal year 2021-22 and $93,655 in
fiscal year 2022-23 to the Department of Administrative and Financial
Services for one Tax Examiner position and related costs to process Pine Tree
Development Zone exemptions and refund claims. |
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Additional costs
to the Department of Economic and Community Development associated with the
provisions of this bill can be absorbed within existing budgeted resources. |
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