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131st MAINE LEGISLATURE |
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LD 1720 |
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LR 973(01) |
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An Act to Phase
Out the Insurance Premium Tax on Annuities |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Sen. Bennett of Oxford |
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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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$515,000 |
$1,623,000 |
$2,860,000 |
$4,210,000 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$33,000 |
$0 |
$0 |
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| Revenue |
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General Fund |
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($515,000) |
($1,590,000) |
($2,860,000) |
($4,210,000) |
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| Fiscal Detail
and Notes |
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This bill reduces
the rate of tax on annuity considerations by .2 percentage points per year
beginning in 2024 until the tax is eliminated in 2033 and restricts
deductions related to annuity premiums. It will reduce General Fund revenue
by $515,000 in fiscal year 2023-24 and by $1,590,000 in fiscal year
2024-25.
The Department of Administrative and Financial Services, Bureau of Revenue
Services will require a General Fund appropriation of $33,000 in fiscal year
2024-25 for programming costs to adjust the tax rate for annuity premiums. |
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