State revenues on par for November
Last month's revenues came in on target with new state budget projections, and economists expect a recent federal tax package to spur growth.
Mike Allen, research director for Maine Revenue Services, told Capitol News Service that revenues last month met expectations, with some lines, including income taxes, exceeding projections and others falling a little short. He said the month's performance keeps the state on track to meet a reprojected fiscal year budget that adds $111 million to the state treasury by June 30. Economic forecasters upped state revenue projections for the current budget year in late November and increased expected revenue for the 2012-2013 budget by $365.5 million. Though revenues are improving, they are still below 2008 levels, according to the news service.
Charles Colgan, chairman of the state Consensus Economic Forecasting Commission and a professor at the University of Southern Maine's Muskie School of Public Service, told the news service that the recently passed federal tax package will "no doubt accelerate economic growth in the country and in Maine." The bill stabilizes tax rates over the next two years and reduces payroll taxes in 2011, which will help drive consumer spending, he said.
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