130th MAINE LEGISLATURE
		LD 798		LR 334(02)
	An Act To Improve the Educational Opportunity Tax Credit
	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	$75,000	$46,136,786	$48,188,145
Appropriations/Allocations
	General Fund		$0	$75,000	$242,286	$241,645
Revenue
	General Fund		$0	$0	($45,894,500)	($47,946,500)
	Other Special Revenue Funds		$0	$0	($2,415,500)	($2,523,500)
Fiscal Detail and Notes
	This bill includes ongoing General Fund appropriations of $75,000 per year beginning in fiscal year 2022-23 to the Educational Opportunity Tax Credit program within the Finance Authority of Maine to market the program throughout the State.
	The bill creates a new income tax credit for student loan repayment beginning on or after January 1, 2023 and will result in a reduction in General Fund revenue of $45,894,500 in fiscal year 2023-24 and $47,946,500 in fiscal year 2024-25.  It will also result in a reduction in Local Government Fund revenue of $2,415,500 in fiscal year 2023-24 and $2,523,500 in fiscal year 2024-25.
	The Department of Administrative and Financial Services will require future General Fund appropriations of $167,286 beginning in fiscal year 2023-24 for 2 Tax Examiner positions and related costs to perform desk audits and provide taxpayer assistance.