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131st MAINE LEGISLATURE |
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LD 88 |
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LR 488(02) |
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An Act to Provide
Qualifying Municipalities a Percentage of Adult Use Cannabis Sales and Excise
Tax Revenues |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2023-24 |
FY 2024-25 |
Projections FY 2025-26 |
Projections FY 2026-27 |
| Net Cost
(Savings) |
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General Fund |
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$2,376,400 |
$5,633,000 |
$6,444,000 |
$7,131,000 |
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| Appropriations/Allocations |
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General Fund |
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$198,400 |
$0 |
$0 |
$0 |
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Other Special Revenue Funds |
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$2,178,000 |
$5,633,000 |
$6,444,000 |
$7,131,000 |
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| Revenue |
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General Fund |
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($2,178,000) |
($5,633,000) |
($6,444,000) |
($7,131,000) |
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Other Special Revenue Funds |
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$2,178,000 |
$5,633,000 |
$6,444,000 |
$7,131,000 |
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| Fiscal Detail
and Notes |
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This bill
establishes the Local Government Cannabis Revenue Fund (LGCR) in the Office
of Cannabis Policy within the Department of Administrative and Financial
Services. The bill also directs the transfer of 12% of the sales tax revenue
from adult-use cannabis and cannabis products and 12% of the revenue from the
cannabis excise tax into the fund. The bill decreases the existing transfer
of these revenues to the Adult Use Cannabis Public Health and Safety and
Municipal Opt-in Fund (PHSMO) from 12% of the revenue from cannabis sales and excise
taxes to 12% of the difference between the the total revenue from cannabis
sales and excise taxes and the new transfer to the LGCR fund.
The bill reduces General Fund revenue by $2,178,000 in fiscal year 2023-24
and $5,633,000 in fiscal year 2024-25. It provides revenue to the LGCR of
$2,475,000 in fiscal year 2023-24 and $6,401,000 in fiscal year 2024-25. It
decreases revenue to the PHSMO by $297,000 in fiscal year 2023-24 and by $768,000 in
fiscal year 2024-25. |
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The bill includes
Other Special Revenue Funds allocations to the LGCR of $2,475,000 in fiscal
year 2023-24 and $6,401,000 in fiscal year 2024-25. It includes deallocations
to the PHSMO of $297,000 in fiscal year 2023-24 and $768,000 in fiscal year
2024-25. |
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Finally, the bill
includes a one-time General Fund appropriation to the Department of
Administrative and Financial Services of $198,400 in fiscal year 2023-24 for
the programming costs to track certain sales tax data by location. |
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