126th MAINE LEGISLATURE
		LD 1113		LR 1936(02)
	An Act To Provide Tax Fairness to Maine's Middle Class and Working Families
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			FY 2013-14	FY 2014-15	Projections  FY 2015-16	Projections  FY 2016-17
Net Cost (Savings)
	General Fund		$0	$991,675	$1,089,500	($2,928,375)
Appropriations/Allocations
	General Fund		$0	$37,329,675	$49,606,500	$50,951,625
Revenue
	General Fund		$0	$36,338,000	$48,517,000	$53,880,000
	Other Special Revenue Funds		$0	$2,002,000	$2,243,000	$2,420,000
Fiscal Detail and Notes
	This bill has a net General Fund cost of $991,675 in fiscal year 2014-15 and $1,089,500 in fiscal year 2015-16.  In fiscal year 2016-17, the bill will result in net General Fund savings of $2,928,375.  Provided below is a table summarizing the net General Fund impacts of the tax and tax reimbursement program changes.
			FY 2013-14	FY 2014-15	Projections  FY 2015-16	Projections  FY 2016-17
	General Fund Appropriations
	One-time administrative costs for new tax assessment			$124,800
	Homestead Property Tax Reimbursment			$37,204,875	$49,606,500	$50,951,625
	General Fund Revenue
	Maine Residents Property Tax Program Transfer			($1,700,000)	$5,900,000	$7,900,000
	Tax equalization assessment - Income tax *			$38,038,000	$42,617,000	$45,980,000
*	Income tax increase will increase transfers to the Local Government Fund for municipal revenue sharing by $2,002,000 in fiscal year 2014-15, $2,243,000 in fiscal year 2015-16 and $2,420,000 in fiscal year 2016-17.