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130th MAINE LEGISLATURE |
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LD 1227 |
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LR 1268(01) |
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An Act To Provide
Equity in the State Income Tax Deduction for Certain Public Employees
Retirement System Pensions |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Dodge of Belfast |
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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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$7,084,000 |
$13,763,750 |
$19,665,000 |
$25,650,000 |
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Revenue |
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General Fund |
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($7,084,000) |
($13,763,750) |
($19,665,000) |
($25,650,000) |
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Other Special Revenue Funds |
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($276,000) |
($536,250) |
($1,035,000) |
($1,350,000) |
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Fiscal Detail
and Notes |
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The bill provides
an income tax exemption for taxpayers who receive civil service retirement
plan benefits and would result in a reduction in General Fund revenue of
$7,084,000 in fiscal year 2021-22 and $13,763,750 in fiscal year 2022-23. It would also result in a reduction in
Local Government Fund revenue of $276,000 in fiscal year 2021-22 and $536,250
in fiscal year 2022-23. |
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