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131st MAINE LEGISLATURE |
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LD 792 |
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LR 630(02) |
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An Act to Provide
a Turnpike Gasoline Fairness Credit for Maine Turnpike Drivers |
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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 |
$11,000 |
$0 |
$0 |
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Highway Fund |
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$0 |
$5,750,000 |
$5,750,000 |
$5,750,000 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$11,000 |
$0 |
$0 |
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| Revenue |
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General Fund |
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$0 |
($5,750,000) |
($5,750,000) |
($5,750,000) |
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| Transfers |
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General Fund |
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$0 |
$5,750,000 |
$5,750,000 |
$5,750,000 |
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Highway Fund |
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$0 |
($5,750,000) |
($5,750,000) |
($5,750,000) |
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| Fiscal Detail
and Notes |
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Providing a
refundable income tax credit based on type of fuel used and number of miles
traveled on the Maine Turnpike will reduce General Fund revenue by $5,750,000
annually beginning in fiscal year 2024-25. The bill requires an annual
transfer from the Highway Fund to the General Fund to offset the loss of
income tax revenue in the General Fund and to reflect the revenue reduction
only in the Highway Fund. |
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The bill includes
a one-time General Fund appropriation of $11,000 in fiscal year 2024-25 to
the Department of Administrative and Financial Services, Bureau of Revenue
Services to update the individual income tax return for the turnpike motor
fuel fairness credit. |
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