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132nd MAINE LEGISLATURE |
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LD 210 |
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LR 2409(13) |
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An Act Making
Unified Appropriations and Allocations from the General Fund and Other Funds
for the Expenditures of State Government and Changing Certain Provisions of
the Law Necessary to the Proper Operations of State Government for the Fiscal
Years Ending June 30, 2025, June 30, 2026 and June 30, 2027 |
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Fiscal Note for
House Amendment " " to Committee Amendment "A" |
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Sponsor: Rep. Cluchey of Bowdoinham |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2025-26 |
FY 2026-27 |
Projections FY 2027-28 |
Projections FY 2028-29 |
| Net Cost
(Savings) |
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General Fund |
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$1,499,575 |
$258,317 |
$125,637 |
$133,950 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$155,480 |
$0 |
$0 |
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Other Special Revenue Funds |
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$20,468,500 |
$64,348,250 |
$68,922,250 |
$74,301,000 |
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| Revenue |
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General Fund |
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($1,499,575) |
($102,837) |
($125,637) |
($133,950) |
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Other Special Revenue Funds |
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$20,389,575 |
$64,342,837 |
$68,915,637 |
$74,293,950 |
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| Fiscal Detail
and Notes |
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This amendment
imposes an income tax surcharge of 2% on the portion of a taxpayer's Maine
taxable income in excess of $1,000,000 if filing single; $1,500,000 if head
of household; and $2,000,000 if married filing jointly or qualifying
surviving spouse for tax years beginning on or after January 1, 2026. All
revenue collected from the income tax surcharge shall be deposited into the
Fund for Public Pre-Kindergarten to Grade 12 Education. This would result in
a revenue decrease to the General Fund of $1,499,575 in fiscal year 2025-26
and $102,837 in fiscal year 2026-27. The amendment would also result in a
revenue decrease to the Local Government Fund of $78,925 in fiscal year
2025-26 and $5,413 in fiscal year 2026-27 as well as a revenue increase to
the Fund for Public Pre-Kindergarten to Grade 12 Education of $20,468,500 in
fiscal year 2025-26 and $64,348,250 in fiscal year 2026-27. |
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Additionally, the
amendment includes a one-time General Fund appropriation to the Bureau of
Revenue Services within the Department of Administrative and Financial
Services of $155,480 in fiscal year 2026-27 to fund computer programming
costs associated with the provisions of this bill. |
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Finally, this
amendment includes ongoing Other Special Revenue Funds allocation of
$20,468,500 in fiscal year 2025-26 and $64,348,250 in fiscal year 2026-27 to
a newly established Fund for Public Pre-kindergarten to Grade 12 Education
program within the Department of Education to authorize the expenditure of
revenues received from the income tax surcharge. A balanced budget is maintained. |
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