Maine Starts Budget Year With Revenues $20M Above Projections
Maine has started its budget year with revenues more than $20 million above projections.
State Finance Commissioner Alec Porteous says the state’s economy is booming, as reflected in July’s personal income tax revenues.
“Basically you’re seeing in the individual line 18.7 percent year over year growth in July,” says Porteous. “So, a really big number.”
Sales taxes and corporate income taxes, he says, are also above projections and Porteous says more people are working and the summer tourism season appears to be going well.