Economic Forecasters: Maine Economy Strong in 2016, 2017 a Question Mark
AUGUSTA, Maine - The state’s Economic Forecasting Commission has concluded that 2016 was a strong year for Maine’s economy, but members aren't sure whether that will continue in 2017.
The work of the Economic Forecasting Commission provides the basis for the separate Revenue Forecasting Committee to project state tax receipts next month.
Maine's associate commissioner for tax policy, Mike Allen, serves on both groups. “All the information the Labor Department presented today, all the sales tax data we presented, looks like 2016 really was just a good year for Maine, for the Maine economy. Really seems to have taken off.”
Allen says while it's clear the state will see an increase in revenues for the current year, projecting 2017 will be difficult. He says it’s not only state issues around voter-approved ballot questions that pose a challenge, it’s what Congress will do to affect state taxes.