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130th MAINE LEGISLATURE |
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LD 1184 |
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LR 1067(01) |
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An Act To Exempt
from Taxation Certain Out-of-state Pensions |
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Preliminary Fiscal
Impact Statement for Original Bill |
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Sponsor: Rep. Wadsworth of Hiram |
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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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$415,250 |
$404,250 |
$399,000 |
$399,000 |
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| Appropriations/Allocations |
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General Fund |
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$11,000 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
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($404,250) |
($404,250) |
($399,000) |
($399,000) |
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Other Special Revenue Funds |
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($15,750) |
($15,750) |
($21,000) |
($21,000) |
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| Fiscal Detail
and Notes |
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The bill provides
an income tax exemption for certain out-of-state pensions and will reduce
General Fund revenue by $404,250 in fiscal years 2021-22 and 2022-23. It will also reduce Local Government Fund
revenue by $15,750 in fiscal years 2021-22 and 2022-23. The Department of Administrative and
Financial Services will require a one-time General Fund appropriation of
$11,000 in fiscal year 2021-22 for computer programming costs. |
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