129th MAINE LEGISLATURE LD 193 LR 328(01)
An Act To Fully Fund and Restore State-Municipal Revenue Sharing
Preliminary Fiscal Impact Statement for Original Bill Sponsor: Rep. Harnett of Gardiner Committee: Taxation Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Projections Projections FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 Net Cost (Savings) General Fund $49,941,123 $0 $0 $0 $0
Revenue General Fund ($49,941,123) $0 $0 $0 $0 Other Special Revenue Funds $49,941,123 $0 $0 $0 $0
Fiscal Detail and Notes The bill increases the revenue sharing rate from 2% to 5% in fiscal year 2018-19 retroactive to January 1, 2019. It would result in a reduction in General Fund revenue of $49,941,123 in fiscal year 2018-19 and a corresponding increase in Local Government Fund revenue of $49,941,123 in fiscal year 2018-19. This analysis is based on the December 2018 revenue forecast. There would be no fiscal impact in the following years since current law already has revenue sharing returning to 5%.
LR0328(01) - Fiscal Note - Page 1 of 1