132nd MAINE LEGISLATURE
		LD 1294		LR 1681(03)
	An Act to Expand the Dependent Exemption 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		$5,733,700	$5,467,250	$5,359,900	$4,788,000
Appropriations/Allocations
	General Fund		$31,800	$0	$0	$0
Revenue
	General Fund		($5,701,900)	($5,467,250)	($5,359,900)	($4,788,000)
	Other Special Revenue Funds		($300,100)	($287,750)	($282,100)	($252,000)
Fiscal Detail and Notes
	This bill would result in a revenue decrease to the General Fund of $5,701,900 in fiscal year 2025-26 and $5,467,250 in fiscal year 2026-27 by doubling the dependent exemption tax credit for a child or dependent who has not attained 6 years of age by the end of the tax year and phases out the refundability of the tax credit based on income; $125,000 for single filers; $150,000 for head of household filers; and $175,000 for married joint or surviving spouse filers for tax years beginning on or after January 1, 2025. The bill would also result in a revenue decrease to the Local Government Fund of $300,100 in fiscal year 2025-26 and $287,750 in fiscal year 2026-27. 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 $31,800 in fiscal year 2025-26 to fund computer programming costs associated with the provisions of this bill.