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126th MAINE LEGISLATURE |
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LD 743 |
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LR 1377(01) |
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An Act To Extend
and Improve the Maine Seed Capital Tax Credit Program |
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Preliminary Fiscal
Impact Statement for Original Bill |
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Sponsor: Sen. Valentino of York |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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Preliminary
Fiscal Impact Statement |
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Current biennium revenue decrease - General Fund |
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Fiscal Detail
and Notes |
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Amending the Maine
Seed Capital Tax Credit Program as proposed in this legislation would reduce
General Fund revenue by approximately $455,000 in FY 2013-14, $1,300,000 in
FY 2014-15 and $2,200,000 in FY 2015-16.
Municipal Revenue Sharing would experience a slight reduction as
well. Additional administrative costs
incurred by Maine Revenue Services can be absorbed withtin existing budgeted
resources. |
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Given the current
provisions under the Maine Seed Capital Tax Credit Program in both statute
and rule that allow the Authority to charge certain fees, additional General
Fund appropriations to the Finance Authority of Maine to implement the
requirements of this legislation will not be required. |
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