State revenue $28M ahead of projections
The state’s revenue forecast is $28 million ahead of a spring projection, though the state’s top finance official says sales tax figures from November and December will indicate whether increasing consumer confidence will hold through the new year.
The Maine Public Broadcasting Network reported Finance Commissioner Sawin Millett said sales tax revenue for October grew over last year, despite concerns that enactment of a higher tax rate would chill sales in that month. In the categories of automobile and building supplies, Millett said spending was up 7.9% and 9.7%, respectively, for October.
Millett said that he expects final payment totals from individual and corporate tax filers in December and January will be key indicators of the prospects of a recovery and that the state will issue a new revenue forecast as early as the end of March.
Listen to the MPBN interview:
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