AUGUSTA — Maine Senate Republicans have announced a new initiative they say will give taxpayers some of their money back.
They’re calling it the Give it Back Fund and they made the announcement through a video they created.
Senate Republican Leader Jeff Timberlake said the idea is to give back surplus money the state earns to people who live in Maine.
Timberlake said after funding the budget, any money left over will pass through the cascade.
The remaining funds will then either go to the Rainy Day Fund or the new Give it Back Fund they plan to introduce in the legislature.
According to Timberlake, an extra $1.1 billion in revenue has come into the state in the past year, leaving nearly $400 million the state doesn’t need.
“When you get overcharged and go back to the store and the store gives you your money back. This is the same thing, the state has overcharged you, we don’t need this money,” Timberlake said.
Senate Republicans will present the bill to the Legislative Council in the coming weeks.
It will then have to get through the Legislative Council and gain bipartisan support.