Maine Revenue Panel Issues Cautious Forecast
AUGUSTA, Maine - The non-partisan commission set up to forecast state revenues has increased its estimates for the rest of the two-year budget by just $5 million, out of a budget of more than $6 billion.
Mike Allen, the state associate commissioner for tax policy, chairs the group. He says even though there are a lot of good signs of growth, the commission is being cautious.
"There is a lot of incoming information that is very positive," Allen says, "but we can't really explain it well. And that is true in other states as well."
Estimated income tax filings are up 20 percent so far this tax year, and income tax withholdings are up over 4 percent.
Among other taxes, some are a little down and some are a little up. Allen says while there are signs of strength in revenue growth in Maine, the panel wants to see if they continue through the holiday season before re-projecting revenues to reflect that strong growth.