Chapter 142: MAINE BUDGET STABILIZATION FUND HEADING: PL 2005, C. 2, PT. A, §5 (NEW)
§1531. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW).]
1. Average population growth. "Average population growth" means the average for the prior 10 calendar years, ending with the most recent calendar year for which data is available, of the percent change in population from July 1st of each year and estimated by the United States Department of Commerce, Bureau of Census as adjusted and maintained by the Executive Department, State Planning Office.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
2. Average real personal income growth. "Average real personal income growth" means the average for the prior 10 calendar years, ending with the most recent calendar year for which data is available, of the percent change in personal income in this State, as estimated by the United States Department of Commerce, Bureau of Economic Analysis, less the percent change in the Consumer Price Index for the calendar year. For purposes of this subsection, "Consumer Price Index" has the same meaning as in Title 36, section 5402, subsection 1. The average real personal income growth is determined by October 1st, annually, by the Director of the State Planning Office within the Executive Department.
[ 2005, c. 621, §1 (AMD) .]
3. Baseline General Fund revenue. "Baseline General Fund revenue" means the recommended General Fund revenue forecast reported by the Revenue Forecasting Committee in its December 1st report of even-numbered years, increased by the net reduction of General Fund revenue, if any, for all enacted changes affecting state and local tax burden since the previous December 1st report of even-numbered years of the Revenue Forecasting Committee.
[ 2005, c. 621, §2 (AMD) .]
4. Biennial base year appropriation. "Biennial base year appropriation" means:
A. For the 2006-2007 biennium, the General Fund appropriation enacted for fiscal year 2004-05 as of December 1, 2004; and [2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW).]
B. For subsequent fiscal years, the amount of the General Fund appropriation limitation for the current year as of December 1st of even-numbered years. [2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW).]
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
5. Commissioner. "Commissioner" means the Commissioner of Administrative and Financial Services.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
6. Forecasted inflation. "Forecasted inflation" means the average amount of change of the Consumer Price Index for the calendar years that are part of the ensuing biennium forecasted by the Consensus Economic Forecasting Commission in its November 1st report of even-numbered years.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
7. General Fund revenue shortfall. "General Fund revenue shortfall" means the amount by which the General Fund appropriation limitation established by section 1534 exceeds baseline General Fund revenue and other available resources in each state fiscal year.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
8. Stabilization fund. "Stabilization fund" means the Maine Budget Stabilization Fund established in this chapter.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
9. State and local tax burden. "State and local tax burden" means the total amount of state and local taxes paid by Maine residents, per $1,000 of income, as determined annually by the State Tax Assessor based on data from the United States Department of Commerce, Bureau of Census and Bureau of Economic Analysis.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
SECTION HISTORY
2005, c. 2, §A14 (AFF). 2005, c. 2, §A5 (NEW). 2005, c. 621, §§1,2 (AMD).
Chapter 142: MAINE BUDGET STABILIZATION FUND HEADING: PL 2005, C. 2, PT. A, §5 (NEW)
§1531. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW).]
1. Average population growth. "Average population growth" means the average for the prior 10 calendar years, ending with the most recent calendar year for which data is available, of the percent change in population from July 1st of each year and estimated by the United States Department of Commerce, Bureau of Census as adjusted and maintained by the Executive Department, State Planning Office.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
2. Average real personal income growth. "Average real personal income growth" means the average for the prior 10 calendar years, ending with the most recent calendar year for which data is available, of the percent change in personal income in this State, as estimated by the United States Department of Commerce, Bureau of Economic Analysis, less the percent change in the Consumer Price Index for the calendar year. For purposes of this subsection, "Consumer Price Index" has the same meaning as in Title 36, section 5402, subsection 1. The average real personal income growth is determined by October 1st, annually, by the Director of the State Planning Office within the Executive Department.
[ 2005, c. 621, §1 (AMD) .]
3. Baseline General Fund revenue. "Baseline General Fund revenue" means the recommended General Fund revenue forecast reported by the Revenue Forecasting Committee in its December 1st report of even-numbered years, increased by the net reduction of General Fund revenue, if any, for all enacted changes affecting state and local tax burden since the previous December 1st report of even-numbered years of the Revenue Forecasting Committee.
[ 2005, c. 621, §2 (AMD) .]
4. Biennial base year appropriation. "Biennial base year appropriation" means:
A. For the 2006-2007 biennium, the General Fund appropriation enacted for fiscal year 2004-05 as of December 1, 2004; and [2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW).]
B. For subsequent fiscal years, the amount of the General Fund appropriation limitation for the current year as of December 1st of even-numbered years. [2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW).]
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
5. Commissioner. "Commissioner" means the Commissioner of Administrative and Financial Services.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
6. Forecasted inflation. "Forecasted inflation" means the average amount of change of the Consumer Price Index for the calendar years that are part of the ensuing biennium forecasted by the Consensus Economic Forecasting Commission in its November 1st report of even-numbered years.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
7. General Fund revenue shortfall. "General Fund revenue shortfall" means the amount by which the General Fund appropriation limitation established by section 1534 exceeds baseline General Fund revenue and other available resources in each state fiscal year.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
8. Stabilization fund. "Stabilization fund" means the Maine Budget Stabilization Fund established in this chapter.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
9. State and local tax burden. "State and local tax burden" means the total amount of state and local taxes paid by Maine residents, per $1,000 of income, as determined annually by the State Tax Assessor based on data from the United States Department of Commerce, Bureau of Census and Bureau of Economic Analysis.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
SECTION HISTORY
2005, c. 2, §A14 (AFF). 2005, c. 2, §A5 (NEW). 2005, c. 621, §§1,2 (AMD).
Chapter 142: MAINE BUDGET STABILIZATION FUND HEADING: PL 2005, C. 2, PT. A, §5 (NEW)
§1531. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW).]
1. Average population growth. "Average population growth" means the average for the prior 10 calendar years, ending with the most recent calendar year for which data is available, of the percent change in population from July 1st of each year and estimated by the United States Department of Commerce, Bureau of Census as adjusted and maintained by the Executive Department, State Planning Office.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
2. Average real personal income growth. "Average real personal income growth" means the average for the prior 10 calendar years, ending with the most recent calendar year for which data is available, of the percent change in personal income in this State, as estimated by the United States Department of Commerce, Bureau of Economic Analysis, less the percent change in the Consumer Price Index for the calendar year. For purposes of this subsection, "Consumer Price Index" has the same meaning as in Title 36, section 5402, subsection 1. The average real personal income growth is determined by October 1st, annually, by the Director of the State Planning Office within the Executive Department.
[ 2005, c. 621, §1 (AMD) .]
3. Baseline General Fund revenue. "Baseline General Fund revenue" means the recommended General Fund revenue forecast reported by the Revenue Forecasting Committee in its December 1st report of even-numbered years, increased by the net reduction of General Fund revenue, if any, for all enacted changes affecting state and local tax burden since the previous December 1st report of even-numbered years of the Revenue Forecasting Committee.
[ 2005, c. 621, §2 (AMD) .]
4. Biennial base year appropriation. "Biennial base year appropriation" means:
A. For the 2006-2007 biennium, the General Fund appropriation enacted for fiscal year 2004-05 as of December 1, 2004; and [2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW).]
B. For subsequent fiscal years, the amount of the General Fund appropriation limitation for the current year as of December 1st of even-numbered years. [2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW).]
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
5. Commissioner. "Commissioner" means the Commissioner of Administrative and Financial Services.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
6. Forecasted inflation. "Forecasted inflation" means the average amount of change of the Consumer Price Index for the calendar years that are part of the ensuing biennium forecasted by the Consensus Economic Forecasting Commission in its November 1st report of even-numbered years.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
7. General Fund revenue shortfall. "General Fund revenue shortfall" means the amount by which the General Fund appropriation limitation established by section 1534 exceeds baseline General Fund revenue and other available resources in each state fiscal year.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
8. Stabilization fund. "Stabilization fund" means the Maine Budget Stabilization Fund established in this chapter.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
9. State and local tax burden. "State and local tax burden" means the total amount of state and local taxes paid by Maine residents, per $1,000 of income, as determined annually by the State Tax Assessor based on data from the United States Department of Commerce, Bureau of Census and Bureau of Economic Analysis.
[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]
SECTION HISTORY
2005, c. 2, §A14 (AFF). 2005, c. 2, §A5 (NEW). 2005, c. 621, §§1,2 (AMD).
