Income tax lends to strong economic forecast
The state's revenue is projected to increase by $45.5 million for the current fiscal year as a result of improved revenues from individual and corporate income taxes.
Those and other findings were included in the latest economic forecast submitted on Monday by the Maine Revenue Forecasting Committee.
The forecast projected a revenue increase of $67.5 million for fiscal years 2016-2017, also as a result of improved revenues from income taxes.
The forecast said individual and corporate taxes account for $19 million in additional revenue for the current fiscal year and over $40 million for the next two fiscal years.
The General Fund revenue forecast posted on the Department of Administrative and Financial Services website projected total revenue of $2.9 billion in Fiscal Year 2014 and $3.0 billion in FY 2015.
Richard Rosen, acting commissioner of the Department of Administrative and Financial Services, said in a prepared statement that the state’s “conservative approach to revenue forecasting has helped ensure that the state is in a sound financial position.”
Gov. Paul LePage said in a prepared statement that “reducing the tax burden on Mainers was a good, meaningful policy decision in 2011, and the state is seeing an uptick in income tax revenue as a result.”
"Policies that reduce state spending, remove red tape and allow businesses to invest and create jobs are what we need to move Maine's economy forward," he continued. “Maine is open for business, and I am committed to improving the economy with strong growth in both the number of jobs created and the wages they pay."
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