Maine Revenue Forecasters See Slower Economic Growth Ahead
The state’s Revenue Forecasting Commission says Maine will bring in more tax revenues this budget year than had been projected, but predicts that growth over the next two years will not be as strong. Mike Allen, of Maine Revenue Services, chairs the group. “We went up only about $20 million for the upcoming biennium, so that’s over two years another $20 million. That’s almost nothing.”
Allen says state personal and corporate income taxes continue to out perform expectations, adding more than $66 million to revenue projections for the budget year that ends June 30. But the Commission believes that most of that surplus is a windfall from federal and state tax law changes.
Allen 2 “It’s good news for this fiscal year. We are projecting an additional 67 point…er 66 point seven million for the fiscal year we are in now. That’s on top of the $99 million we re-projected for this year back in November.”