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131st MAINE LEGISLATURE |
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LD 2251 |
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LR 3119(02) |
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An Act to Amend
the Mining Excise Tax Laws |
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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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Potential current biennium revenue decrease - General Fund
Potential current biennium revenue decrease - Other Special Revenue
Funds
Potential future biennium revenue increase - General Fund
Potential future biennium revenue increase - Other Trust Funds |
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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 |
$157,380 |
$0 |
$0 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$157,380 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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This bill makes
changes to the mining excise tax and distribution of mining excise tax
revenue and provides a sales tax exemption for products used in commercial
mining. The Department of Administrative and Financial Services, Bureau of
Revenue Services has indicated that the timing and magnitude of the revenue
impacts of these changes are uncertain. The changes to the mining excise tax
may increase revenue to the General Fund and the Mining Excise Tax Trust Fund
beginning in fiscal year 2025-26, depending on how long it takes to approve
new mining projects. The sales tax exemption may decrease General Fund and
Local Government Fund revenue beginning in fiscal year 2024-25. This fiscal
note does not reflect revenue changes to these funds. |
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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 in fiscal year 2024-25 for
computer programming, testing and implementation costs associated with
changes to the mining excise tax and the sales tax exemption. |
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