132nd MAINE LEGISLATURE
		LD 1506		LR 2238(02)
	An Act to Amend the Personal Property Tax Exemption for Individually Owned Personal Property
	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		$162,280	$0	$3,800,000	$3,800,000
Appropriations/Allocations
	General Fund		$162,280	$0	$3,800,000	$3,800,000
Fiscal Detail and Notes
	This bill includes a General Fund appropriation of $162,280 in fiscal year 2025-26 and ongoing General Fund appropriations of $3,800,000 in future biennas to the Bureau of Revenue Services within the Department of Administrative and Financial Services for increased property tax exemption reimbursements to municipalities, and corresponding administrative costs, by fully exempting individually owned personal property from the property tax for property tax years beginning on or after April 1, 2026.