|
|
|
|
|
|
|
|
131st MAINE LEGISLATURE |
|
|
LD 1671 |
|
LR 952(02) |
|
|
|
An Act to Reduce
the Income Tax to 4.5 Percent on the Lowest Tax Bracket and Remove Low-income
Families from Taxation |
|
Fiscal Note for
Bill as Amended by Committee Amendment " " |
|
Committee: Taxation |
|
Fiscal Note Required: Yes |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Note |
|
|
|
|
|
|
|
|
|
|
FY 2023-24 |
FY 2024-25 |
Projections FY 2025-26 |
Projections FY 2026-27 |
| Net Cost
(Savings) |
|
|
|
|
|
|
General Fund |
|
$251,931,500 |
$189,287,500 |
$209,522,500 |
$235,362,500 |
|
|
|
|
|
|
|
| Appropriations/Allocations |
|
|
|
|
|
|
General Fund |
|
$134,000 |
$0 |
$0 |
$0 |
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
General Fund |
|
($251,797,500) |
($189,287,500) |
($209,522,500) |
($235,362,500) |
|
Other Special Revenue Funds |
|
($13,252,500) |
($9,962,500) |
($11,027,500) |
($12,387,500) |
|
|
|
|
|
|
|
| Fiscal Detail
and Notes |
|
|
|
|
|
|
This bill reduces
the individual income tax rate imposed on the lowest bracket of individual
income from 5.8% to 4.5% for tax years beginning on or after January 1, 2023.
It will reduce General Fund revenue by $251,797,500 in fiscal year 2023-24
and $189,287,500 in fiscal year 2024-25.
The bill includes a one-time General Fund appropriation to the Department
of Administrative and Financial Services, Bureau of Revenue Services for
administrative costs to implement the changes to the individual income
tax. |
|
|
|
|
|
|
|