AUGUSTA, Maine (AP) — Corporate income taxes are helping to buoy Maine revenues, which are $5.9 million over budget for the first quarter of the fiscal year.
The state’s chief economic forecaster told the Legislature’s Appropriations Committee on Monday that corporate taxes are $12.5 million over budget for the three months ending in September — and $9.5 million over the figure for the same period last year. Despite the spike in corporate income, the Maine’s overall economic picture is mixed.
Michael Allen of Maine Revenue Services told lawmakers that Maine sales tax income took a hit in late August from Tropical Storm Irene and public uncertainty over the national debt ceiling. Irene kept tourists away during what’s usually a key summer weekend, but also prompted Mainers to stock up on food and household items.
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