130th MAINE LEGISLATURE
		LD 1227		LR 1268(02)
	An Act To Provide Equity in the State Income Tax Deduction for Certain Public Employees Retirement System Pensions
	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		$7,084,000	$13,763,750	$19,665,000	$25,650,000
Revenue
	General Fund		($7,084,000)	($13,763,750)	($19,665,000)	($25,650,000)
	Other Special Revenue Funds		($276,000)	($536,250)	($1,035,000)	($1,350,000)
Fiscal Detail and Notes
	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.