132nd MAINE LEGISLATURE
		LD 1206		LR 1003(02)
	An Act to Control Property Taxes by Increasing the Percentage of the Business Equipment Tax Exemption That Municipalities May Recover
	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		$5,300	$5,209,000	$15,696,000	$22,174,000
Appropriations/Allocations
	General Fund		$5,300	$0	$0	$0
Revenue
	General Fund		$0	($5,209,000)	($15,696,000)	($22,174,000)
Fiscal Detail and Notes
	This bill includes a revenue decrease to the General Fund of $5,209,000 in fiscal year 2026-27 by increasing the percentage that municipalities may recover from tax revenue lost as the result of the Business Equipment Tax Exemption to 60% for property tax years beginning April 1, 2026, 70% beginning April 1, 2027, 75% beginning April 1, 2028, and 80% beginning on or after April 1, 2030. Additionally, the bill includes a one-time General Fund appropriation to the Bureau of Revenue Services within the Department of Administrative and Financial Services of $5,300 in fiscal year 2025-26 to fund computer programming costs associated with the provisions of this bill.