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131st MAINE LEGISLATURE |
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LD 2143 |
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LR 2894(02) |
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An Act to
Dedicate the Revenue from the Sales Tax on Electricity to Low-income
Ratepayer Assistance |
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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 |
$52,840 |
$13,458,000 |
$14,115,000 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$52,840 |
$0 |
$0 |
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Other Special Revenue Funds |
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$0 |
$0 |
$13,458,000 |
$14,115,000 |
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| Transfers |
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General Fund |
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$0 |
$0 |
($13,458,000) |
($14,115,000) |
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Other Special Revenue Funds |
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$0 |
$0 |
$13,458,000 |
$14,115,000 |
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| Fiscal Detail
and Notes |
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Requiring revenue
received by the State from the sales tax on sales and delivery of electricity
be transferred to the Low-income Home Energy Assistance Program within the
Maine State Housing Authority beginning on October 1, 2025 will reduce
General Fund revenue by $13,458,000 in fiscal year 2025-26 and $14,115,000 in
fiscal year 2026-27 and increase revenue to the Low-income Home Energy
Assistance Program by the same amounts.
The program will require Other Special Revenue Funds allocations of
$13,458,000 and $14,115,000 in fiscal years 2025-26 and 2026-27,
respectively, to authorize the expenditure of these funds to provide a credit
on eligible homeowners' and renters' electricity bills. |
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The bill includes
a one-time General Fund appropriation to the Department of Administrative and
Financial Services, Bureau of Revenue Services of $52,840 in fiscal year
2024-25 to implement changes to sales tax returns, audit papers and revenue
accounting for the transfer of sales tax revenue to the Low-Income Home
Energy Assistance Program. |
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