AUGUSTA – Maine state revenues are forecast to dip below previous projections this year, but jump in coming years.
The state revenue forecasting committee’s May report comes as lawmakers continue work on Republican Gov. Paul LePage’s two-year, $6.8 billion budget proposal.
The committee had expected revenues to jump because of the 3 percent surtax on portions of individual income above $200,000 passed by voters last November.
The committee said it’s unclear whether impacted taxpayers are shifting income or if the surtax is masking a big drop in estimated income.
The latest forecast estimates revenues will reach $3.4 billion in fiscal year 2017, which is about $16.8 million less than the committee thought would come in.
The committee estimates the state will see an additional $6 million in each of the following two fiscal years.
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