Approved: 03/07/24
LD 2028 LR 2807(03)
FY 2023-24 FY 2024-25
Projections
FY 2025-26
Projections
FY 2026-27
Net Cost (Savings)
General Fund $0 ($976,000) ($2,555,000) ($2,714,000)
Revenue
General Fund $0 $976,000 $2,555,000 $2,714,000
Other Special Revenue Funds $0 $1,000 $3,000 $4,000
Fiscal Detail and Notes
Amending the products subject to the tobacco products tax to include products containing synthetic nicotine will
increase tobacco products tax revenue by $951,000 in fiscal year 2024-25 and increase sales tax revenue by $26,000 in
fiscal year 2024-25. The increase in sales tax revenue results from an estimated increase in retail prices in response to
the excise tax on products containing synthetic nicotine. Local Government Fund revenue will increase by $1,000 in
fiscal year 2024-25.
This bill also requires that transfers from the General Fund to several Other Special Revenue Fund accounts be
calculated after the reduction of General Fund revenue for transfers of revenue attributable to tax collected on sales
occurring on tribal lands. This will ensure that not more than 100% of revenue attributable to tax collected on sales
occuring on tribal lands is transferred out of the General Fund and will result in minor decreases in revenue in the
affected Other Special Revenue Funds accounts.
Fiscal Note
131st MAINE LEGISLATURE
An Act to Amend Certain State Tax Laws
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
LR2807(03) - Fiscal Note - Page 1 of 1