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132nd MAINE LEGISLATURE |
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LD 1876 |
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LR 2191(02) |
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An Act to
Increase Use of State Tax Credits |
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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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$150,000 |
$0 |
$0 |
$0 |
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| Appropriations/Allocations |
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Other Special Revenue Funds |
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$150,000 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
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($150,000) |
$0 |
$0 |
$0 |
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Other Special Revenue Funds |
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$150,000 |
$0 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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This bill
requires the State Controller to transfer $150,000 no later than June 30,
2026 from the unappropriated surplus of the General Fund to the University of
Maine System, New Ventures Maine program, Other Special Revenue Funds account
to support a coalition of approximately 50 organizations providing free
volunteer tax assistance and other financial education services to low-income
individuals and families statewide.
This bill includes a corresponding one-time Other Special Revenue
Funds allocation in fiscal year 2025-26 to authorize the expenditure of the
funds. |
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Any additional
costs to the Department of Administrative and Financial Services to revise
the Taxpayer Advocate and Experience Officer position and to the University
of Maine System to submit the required report can be absorbed within existing
budgeted resources. |
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