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130th MAINE LEGISLATURE |
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LD 1062 |
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LR 486(01) |
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An Act To Phase
Out the Insurance Premium Tax on Annuities |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Cloutier of Lewiston |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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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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$303,000 |
$800,000 |
$1,380,000 |
$1,970,000 |
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| Appropriations/Allocations |
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General Fund |
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$33,000 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
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($270,000) |
($800,000) |
($1,380,000) |
($1,970,000) |
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| Fiscal Detail
and Notes |
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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. |
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