LD 1651 LR 1495(05)
An Act To Support Working Families through Outreach and Education about Tax Credits for Persons of Low Income
Fiscal Note for Bill as Engrossed with:
C "A" (S-299)
S "A" (S-364)
Committee: Taxation
Fiscal Note
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund $75,000 $75,000 $74,500 $74,500
General Fund $36,500 $36,500 $36,500 $36,500
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
The bill provides General Fund appropriations of $36,500 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 also expands eligibility for the earned income tax credit to taxpayers who file their return using a federal individual taxpayer identification number and will reduce General Fund revenue by an estimated $38,500 in fiscal years 2021-22 and 2022-23 and reduce Local Government Fund revenue by an estimated $1,500 in fiscal years 2021-22 and 2022-23.