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131st MAINE LEGISLATURE |
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LD 1454 |
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LR 1717(01) |
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An Act Regarding
the Distribution of Revenue from the Real Estate Transfer Tax |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Sen. Chipman of Cumberland |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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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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$24,825,274 |
$24,658,150 |
$24,671,355 |
$25,287,811 |
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| Appropriations/Allocations |
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Other Special Revenue Funds |
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$24,825,274 |
$24,658,150 |
$24,671,355 |
$25,287,811 |
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| Revenue |
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General Fund |
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($24,825,274) |
($24,658,150) |
($24,671,355) |
($25,287,811) |
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Other Special Revenue Funds |
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$24,825,274 |
$24,658,150 |
$24,671,355 |
$25,287,811 |
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| Fiscal Detail
and Notes |
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This bill changes
the distribution of the revenue received from the real estate transfer tax on
property transfers by deeds by requiring all revenue received by the State to
be deposited into the Housing Opportunities for Maine (HOME) Fund within the
Maine State Housing Authority, after certain adjustments are made, instead of
the 50% distribution the HOME Fund currently receives. Based on the December 2022 report of the
Revenue Forecasting Committee, the reduction in General Fund revenue and
corresponding increase in revenue to the HOME Fund is estimated to be
$24,825,274 in fiscal year 2023-24 and $24,658,150 in fiscal year 2024-25. |
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The Maine State
Housing Authority will require Other Special Revenue Funds allocations of
$24,825,274 in fiscal year 2023-24 and $24,658,150 in fiscal year 2024-25 to
allow expenditure of the additional revenue received. |
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