LD 1651 LR 1495(02)
An Act To Support Working Families through Outreach and Education about Tax Credits for Persons of Low Income
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 $188,500 $188,500 $188,000 $188,000
General Fund $150,000 $150,000 $150,000 $150,000
General Fund ($38,500) ($38,500) ($38,000) ($38,000)
Other Special Revenue Funds ($1,500) ($1,500) ($2,000) ($2,000)
Fiscal Detail and Notes
This bill includes ongoing General Fund appropriations of $150,000 per year beginning in fiscal year 2021-22 to the New Ventures Maine program within the University of Maine System for a statewide collaboration of nonprofit and for-profit partners to provide free volunteer tax assistance, including the filing of state tax returns; outreach to low-income individuals and families about federal and state tax credits; financial education, connections to financial services and other resources; education for providers and volunteers; and statewide data collection.
The bill expands eligibility for the earned income tax credit to taxpayers who file their return using a federal individual taxpayer identification number and will result in a reduction in General Fund revenue of $38,500 in fiscal years 2021-22 and 2022-23.  It will also result in a reduction in Local Government Fund revenue of $1,500 in fiscal years 2021-22 and 2022-23.