LD 1062 LR 486(01)
An Act To Phase Out the Insurance Premium Tax on Annuities
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Rep. Cloutier of Lewiston
Committee: Taxation
Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund $303,000 $800,000 $1,380,000 $1,970,000
General Fund $33,000 $0 $0 $0
General Fund ($270,000) ($800,000) ($1,380,000) ($1,970,000)
Fiscal Detail and Notes
The bill phases out the insurance premium tax on annuities over 10 years and would result in a reduction in General Fund revenue of $270,000 in fiscal year 2021-22 and $800,000 in fiscal year 2022-23.  The Department of Administrative and Financial Services would require a one-time General Fund appropriation of $33,000 in fiscal year 2021-22 for computer programming costs for phasing out the insurance premium tax on annuities.