132nd MAINE LEGISLATURE
		LD 714		LR 1239(02)
	An Act to Amend the Tax Laws
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			FY 2025-26	FY 2026-27	Projections  FY 2027-28	Projections  FY 2028-29
Net Cost (Savings)
	General Fund		$0	$584,230	$213,750	$223,250
Appropriations/Allocations
	General Fund		$0	$56,980	$0	$0
Revenue
	General Fund		$0	($527,250)	($213,750)	($223,250)
	Other Special Revenue Funds		$0	($27,750)	($11,250)	($11,750)
Fiscal Detail and Notes
	The bill would result in a revenue decrease to the General Fund of $527,250 in fiscal year 2026-27, $213,750 in fiscal year 2026-27 and $223,250 in fiscal year 2028-29 from creating a state income tax deduction for losses attributable to certain financial scams. The bill would also result in a revenue decrease to the Local Government Fund of $27,750 in fiscal year 2026-27, $11,250 in fiscal year 2027-28 and $11,750 in fiscal year 2028-29. The bill includes a one-time General Fund appropriation to the Department of Administrative and Financial Services, Bureau of Revenue Services of $56,980 in fiscal year 2026-27 administrative expenses to implement this change.