State revenues continue to beat expectations
State revenues are expected to continue an upward trend, as preliminary estimates for May indicate a surplus of as much as $10 million.
Finance Commissioner Ryan Low told Capitol News Service that preliminary May numbers show a $6 million surplus for individual income tax, $4 million for corporate income tax and $5 million for sales tax. Year-to-date revenues are about $40 million over estimates for the budget year ending June 30. State officials also confirmed strong revenues for the month of April. Michael Allen, director of research for Maine Revenue Services, told the Kennebec Journal that corporate income tax collections in April were $4.6 million over projections, while tobacco taxes were nearly $400,000 above estimates.
Those surpluses will offset other revenue streams that fell below projections, such as the estate tax, which came in $1 million under estimates, according to the news service. Allen also cautioned that the revenue boost could be due to early spring weather triggering consumers to shop for home improvement items and building materials, which could mean lower revenues for the next couple months, according to the Kennebec Journal.
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