State Revenues Up in July in Maine

Aug 15, 2014

The state collected $8 million more in revenues for the first month of the state budget year. All three of the top tax sources beat expectations in July, said state Finance Commissioner Richard Rosen.

"The personal income tax doing well, corporate income tax collections doing well," Rosen said.  “The sales tax, for the first time in the last few months, is showing a modest improvement over what was projected."

The sales tax brought in nearly $200,000 more than projected. The personal income tax was $44.4 million above estimates, and the corporate income tax brought in $1 million more than expected.

Rosen said he is pleased that overall state revenues are up nearly 16 percent from a year ago. He says it is clear the state's economy is continuing its slow, but steady, growth.

“This is evidence of, again, a strengthening of the Maine economy,” he said. “And  ( this is) proof of economic activity, both in terms of earnings for people, wages earned, more people working. That is clearly reflected in some of these figures."

Rosen said he is also pleased that the state’s highway fund is performing better than expected. He said revenues from motor fuel taxes and registration fees brought in $1.7 million more than projected. He cautioned that one month’s figures are only a snapshot of the state’s economy.