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Forecasts Suggest Maine Revenues Will Beat Projections Again
Governing: Mainers are making more, and spending more, generating tax revenues that will help the state’s financial house remain on solid ground, according to the latest forecast on state revenues.
The Revenue Forecasting Committee estimates that Maine will take in $75 million more than anticipated for the two-year state budget that ends in June 2021. Sales and use taxes are likely to exceed budgeted amounts by $40 million, and individual income taxes will generate another $27 million beyond budgeted amounts, according to estimates the committee discussed at a meeting Monday in Augusta.
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