State revenues are more than $31 million above estimates for the first three months of the budget year.
Maine income and sales taxes continue to generate more income for the state than projected last spring. Overall, revenues were projected to grow about 3 percent, but in the first quarter of the budget year, growth was about twice that.
Mike Allen, who is associate commissioner for tax policy at Maine Revenue Services, says the growth in the budget year that ended in July was over 7 percent, the strongest revenue growth in decades. He says it looks like revenue growth won’t be quite as strong this budget year, but will be greater than first projected.
