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131st MAINE LEGISLATURE |
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LD 2028 |
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LR 2807(05) |
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An Act to Amend
Certain State Tax Laws |
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Fiscal Note for
Bill as Engrossed with:
C "B" (S-596) |
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Committee: Taxation |
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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 |
($976,000) |
($2,555,000) |
($2,714,000) |
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| Revenue |
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General Fund |
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$0 |
$976,000 |
$2,555,000 |
$2,714,000 |
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Other Special Revenue Funds |
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$0 |
$1,000 |
$3,000 |
$4,000 |
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| Fiscal Detail
and Notes |
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Amending the
products subject to the tobacco products tax to include products containing
synthetic nicotine will increase tobacco products tax revenue by $951,000 in
fiscal year 2024-25 and increase sales tax revenue by $26,000 in fiscal year
2024-25. The increase in sales tax revenue results from an estimated increase
in retail prices in response to the excise tax on products containing
synthetic nicotine. Local Government Fund revenue will increase by $1,000 in
fiscal year 2024-25. |
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This bill also
requires that transfers from the General Fund to several Other Special
Revenue Fund accounts be calculated after the reduction of General Fund
revenue for transfers of revenue attributable to tax collected on sales
occurring on tribal lands. This will ensure that not more than 100% of
revenue attributable to tax collected on sales occuring on tribal lands is
transferred out of the General Fund and will result in minor decreases in
revenue in the affected Other Special Revenue Funds accounts. |
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