130th MAINE LEGISLATURE
		LD 1369		LR 1477(02)
	An Act To Provide Stimulus for Economic Recovery by Enacting a 5 Percent Flat Income Tax
	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		$643,748,875	$489,681,500	$505,552,000	$531,278,000
Revenue
	General Fund		($643,748,875)	($489,681,500)	($505,552,000)	($531,278,000)
	Other Special Revenue Funds		($25,081,125)	($19,078,500)	($26,608,000)	($27,962,000)
Fiscal Detail and Notes
	The bill implements a 5% flat income tax rate and would result in a reduction in General Fund revenue of $643,748,875 in fiscal year 2021-22 and $489,681,500 in fiscal year 2022-23.  It would also result in a reduction in Local Government Fund revenue of $25,081,125 in fiscal year 2021-22 and $19,078,500 in fiscal year 2022-23.