132nd MAINE LEGISLATURE
LD 1734 LR 2190(02)
An Act to Exempt Over-the-counter Medicines from the Sales and Use Tax
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 $11,094,000 $26,598,000 $27,118,000 $27,792,000
Revenue
General Fund ($11,094,000) ($26,598,000) ($27,118,000) ($27,792,000)
Other Special Revenue Funds ($462,000) ($1,399,000) ($1,425,000) ($1,460,000)
Fiscal Detail and Notes
This bill includes a revenue decrease to the General Fund of $11,094,000 in fiscal year 2025-26 and $26,598,000 in fiscal year 2026-27 by exempting sales of over-the-counter medicines and drugs from sales and use tax effective January 1, 2026. The bill also includes a revenue decrease to the Local Government Fund of $462,000 in fiscal year 2025-26 and $1,399,000 in fiscal year 2026-27.