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Business and Economy

Maine Officials Hike Revenue Projections

AUGUSTA, Maine - The State Revenue Forecasting Committee says Maine will get an extra $73 million this budget year, mostly driven by personal income tax receipts that are higher than first projected.

Associate Commissioner for Tax Policy Mike Allen, the chair of the panel, says the committee tends to be conservative in its approach to projecting revenue.

"Now we have enough information to determine that 2015 was a very, very good year, and that April 15 will probably be fairly strong as well," Allen says.

April 15 is the deadline by which most Mainers file their taxes.

There was also good news for the state highway fund. The panel says the state will get $6 million more than expected this budget year, which ends June 30.  Allen says that is from increased car and truck registrations, as Mainers are buying more - and costlier - new vehicles.

Allen 2 [CLIP]"We feel that where we are right at the moment is where we should be until we get more information and we have a number of tax changes that went into effect on January first, particularly on the individual income tax."

Allen 3[CLIP]"It was mostly car registrations, I think that was the big line and auto sales continue to outperform our projections, been very strong."