125th MAINE LEGISLATURE
		LD 338		LR 1438(01)
	An Act To Provide an Income Tax Credit for Logging Companies That Hire Maine Residents
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Sen. Jackson of Aroostook
	Committee: Taxation
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Current biennium cost increase - General Fund Current biennium revenue decrease - General Fund Current biennium revenue decrease - Other Special Revenue Funds
Fiscal Detail and Notes
	Creating an income tax credit for logging companies that hire Maine residents will reduce state income tax liability for such companies and reduce revenues to the General Fund and revenue sharing.  The extent of the revenue loss is not quantified at this time because of uncertainty whether the credit created may overlap with the Employment Tax Increment Financing Program and because the definitions of full-time employee and eligible employer need further clarification.  The Bureau of Revenue Services will require an appropriation of $22,000 for programming and related costs to add a credit line to form 1040ME, Schedule A and form 1120ME.