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132nd MAINE LEGISLATURE |
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LD 2044 |
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LR 2729(02) |
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An Act to Allow
for the Transferability of the Biofuel Production and Renewable Chemicals 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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$0 |
$117,370 |
$95,000 |
$950,000 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$117,370 |
$0 |
$0 |
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| Revenue |
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General Fund |
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$0 |
$0 |
($95,000) |
($950,000) |
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Other Special Revenue Funds |
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$0 |
$0 |
($5,000) |
($50,000) |
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| Fiscal Detail
and Notes |
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This bill would
result in a revenue decrease to the General Fund of $95,000 in fiscal year
2027-28 and $950,000 in fiscal year 2028-29 by making the biofuel commercial
production and commercial use tax credit and the renewable chemicals tax
credit refundable. The bill would also result in a revenue decrease to the
Local Government Fund of $5,000 in fiscal year 2027-28 and $50,000 in fiscal
year 2028-29. The bill includes a one-time General Fund appropriation to the
Department of Administrative and Financial Services, Bureau of Revenue
Services of $117,370 in fiscal year 2026-27 for administrative costs.
Any additional costs to the Department of Economic and Community
Development are assumed to be minor and can be absorbed withing existing
budgeted resources. |
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