132nd MAINE LEGISLATURE
		LD 1275		LR 1864(02)
	An Act to Promote the Production of Natural Resources Bioproducts by Amending the Renewable Chemicals Tax Credit
	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	$38,000	$57,000	$76,000
Revenue
	General Fund		$0	($38,000)	($57,000)	($76,000)
	Other Special Revenue Funds		$0	($2,000)	($3,000)	($4,000)
Fiscal Detail and Notes
	This bill includes a revenue decrease to the General Fund of $38,000 in fiscal year 2026-27 by removing the eligibility requirement for the renewable chemicals tax credit that taxpayers must demonstrate to the Department of Economic and Community Development that at least 75% of the employees of the contractors hired or retained to harvest renewable biomass used in the production of renewable chemicals meet the eligibility conditions specified in the Employment Security Law effective January 1, 2026. The bill also includes a revenue decrease to the Local Government Fund of $2,000 in fiscal year 2026-27.