May 23, 2018
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Maine revenues show positive glimmer

The Associated Press

AUGUSTA, Maine — Maine’s beleaguered state revenues had a positive turn in November, but overall income for the year is still far below estimates.

Michael Allen of Maine Revenue Services on Thursday told the Legislature’s Appropriations Committee that preliminary figures show November’s revenues to be $2.3 million above estimates.

But he said total revenues through November are nearly $67 million, or 6.5 percent, under budget.

Allen said November’s positive showing was bolstered by corporate income tax revenues, which were nearly $11 million over budget. Allen said that was due to a three-month program in which taxpayers with debts to the state were allowed to pay up and get most of their penalties waived. Allen said a number of large corporations took advantage of that.

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