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131st MAINE LEGISLATURE |
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LD 713 |
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LR 1934(02) |
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RESOLUTION,
Proposing an Amendment to the Constitution of Maine to Dedicate a Portion of
Sales and Use Taxes from All Motor Vehicle Sales and Motor Vehicle-related
Sales to the Highway Fund for Road and Bridge Capital Improvements |
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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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$0 |
$105,246,700 |
$116,470,950 |
$117,384,850 |
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Highway Fund |
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$0 |
($105,246,700) |
($116,470,950) |
($117,384,850) |
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| Revenue |
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General Fund |
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$0 |
($105,246,700) |
($116,470,950) |
($117,384,850) |
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Highway Fund |
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$0 |
$105,246,700 |
$116,470,950 |
$117,384,850 |
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| Fiscal Detail
and Notes |
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This bill
requires a monthly transfer from the General Fund to the Highway Fund in the
amount of 50% of the revenue attributable to the 5.5% sales tax collected by
automobile dealers and the sales and use tax on motor vehicles collected by
the Bureau of Motor Vehicles, after transfers from the General Fund required
for other purposes. Highway Fund revenue will increase by $105,246,700 and
General Fund revenue will decrease by $105,246,700 in fiscal year
2024-25. |
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