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132nd MAINE LEGISLATURE |
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LD 1735 |
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LR 970(02) |
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An Act to Provide
an Income Tax Deduction for Certain Contributions to a Qualified Achieving a
Better Life Experience Program Account |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2025-26 |
FY 2026-27 |
Projections FY 2027-28 |
Projections FY 2028-29 |
| Net Cost
(Savings) |
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General Fund |
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$17,594 |
$4,750 |
$4,750 |
$4,750 |
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| Appropriations/Allocations |
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General Fund |
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$12,844 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
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($4,750) |
($4,750) |
($4,750) |
($4,750) |
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Other Special Revenue Funds |
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($250) |
($250) |
($250) |
($250) |
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| Fiscal Detail
and Notes |
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This bill includes
an ongoing revenue decrease to the General Fund of $4,750 by aligning the tax
deductibility of contributions to a qualified ABLE program account with those
made to a qualified tuition program established under Section 529 of the
United States Internal Revenue Code by allowing up to $1,000 in contributions
to be tax deductible to the extent included in federal adjusted gross income.
The bill also includes an ongoing revenue decrease to the Local Government
Fund of $250.
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 $12,844 in fiscal year 2025-26 to fund computer
programming costs associated with the provisions of this bill. |
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