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130th MAINE LEGISLATURE |
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LD 1713 |
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LR 521(04) |
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An Act To
Revitalize Maine's Paper Industry through the Establishment of an Income Tax
Credit for Paper Manufacturing |
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Fiscal Note for
Senate Amendment " " to Committee Amendment "A" |
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Sponsor: Sen. Breen of Cumberland |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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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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($33,000) |
($770,000) |
($717,000) |
$0 |
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| Appropriations/Allocations |
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General Fund |
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($33,000) |
$0 |
$33,000 |
$0 |
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| Revenue |
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General Fund |
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$0 |
$770,000 |
$750,000 |
$0 |
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Other Special Revenue Funds |
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$0 |
$30,000 |
$50,000 |
$0 |
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| Fiscal Detail
and Notes |
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This amendment
changes the effective date of the tax credit to tax years beginning on or
after January 1, 2024 and the revenue loss is eliminated in fiscal year
2022-23 and reduced in fiscal year 2023-24. The appropriation in fiscal year
2021-22 is removed and the Department of Administrative and Financial
Services will require a one-time General Fund appropriation of $33,000 in
fiscal year 2023-24 for computer programming costs to add lines to the
individual, fiduciary and corporate income tax returns. |
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