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131st MAINE LEGISLATURE |
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LD 2258 |
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LR 2856(03) |
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An Act to Create
an Income Tax Credit for Investments in a Team's Qualified Minor League
Baseball Facility to Keep the Team in the State |
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Fiscal Note for
Bill as Engrossed with:
C "A" (S-704) |
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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 |
$0 |
$159,350 |
$126,350 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$0 |
$33,000 |
$0 |
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| Revenue |
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General Fund |
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$0 |
$0 |
($126,350) |
($126,350) |
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Other Special Revenue Funds |
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$0 |
$0 |
($6,650) |
($6,650) |
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| Fiscal Detail
and Notes |
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Providing an
income tax credit for qualified investment in a qualified professional
baseball facility in the State beginning in tax year 2025 will decrease
General Fund revenue by $126,350 and decrease Local Government Fund revenue
by $6,650 beginning in fiscal year 2025-26. The Department of Administrative
and Financial Services, Bureau of Revenue Services will require a one-time
General Fund appropriation of $33,000 in fiscal year 2025-26 for computer
programming costs associated with the new credit. |
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Additional costs
to the Department of Economic and Community Development associated with the
certification of qualified applicants can be absorbed within existing
budgeted resources. |
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