Maine State Revenues Come In Above Estimates
There is some good economic news for Maine. State revenues are coming in above estimates, and Maine's wage growth is the highest in New England.
State Finance Commissioner Alec Porteous says sales and income taxes are strong with a significant year over year increase.
“9.3 percent, we are about $50 million ahead of where we were at this time last year,” says Porteous. “You know, I think it really speaks to the underlying growth in the economy right now.”
Porteous says Maine is also starting to see the benefits from its move to conform state tax laws with the federal code. And a federal report says Mainers are experiencing the best personal income growth in New England for the second quarter of the year.
“We matched our tax laws with the federal government again will also flow to the state of Maine,” Porteous says. “We are projecting $31 million overall, $22 million should flow in this year.”