132nd MAINE LEGISLATURE
		LD 1574		LR 1169(02)
	An Act to Amend the Credit for Educational Opportunity and Student Loan Repayment 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	$0	$5,414,780	$7,989,500
Appropriations/Allocations
	General Fund		$0	$0	$94,780	$0
Revenue
	General Fund		$0	$0	($5,320,000)	($7,989,500)
	Other Special Revenue Funds		$0	$0	($280,000)	($420,500)
Fiscal Detail and Notes
	This bill would result in an ongoing revenue decrease to the General Fund of $5,320,000 in fiscal year 2027-28, and increasing thereafter, in future biennias by allowing taxpayers to carry forward payments made in excess of the $2,500 Student Loan Repayment Tax Credit limit beginning with tax years on or after January 1, 2026. The bill would also result in an ongoing revenue decrease to the Local Government Fund of $280,000 in fiscal year 2027-28, and increasing thereafter, in future biennias. The Bureau of Revenue Services within the Department of Administrative and Financial Services has estimated a one-time General Fund appropriation of $94,780 in fiscal year 2027-28 would be necessary to fund computer programming costs associated with the provisions of this bill.