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Business and Economy

Maine's Strong Summer Tourist Season Boosts Tax Revenues

AUGUSTA, Maine - After the first three months of the budget year, state revenues are more than $32 million above estimates.

State Finance Commissioner Richard Rosen says a good summer tourist season is the reason. “All in all, we are seeing good economic activity that is resulting in revenues coming into the state that are, at the end of the first quarter, running over budget.”

Overall, sales taxes are more than than 7 percent  higher than a year ago, with auto sales and meals and lodging taxes all above projections. Corporate income taxes are up as well, exceeding estimates by 20 percent so far this year, while individual income taxes are on target.