AUGUSTA, Maine — The state’s Revenue Forecasting Committee told lawmakers on Tuesday that Maine’s General Fund will exceed original estimates by roughly $128.5 million in the current budget cycle, which ends in July 2019.
The updated revenue forecast gives lawmakers new flexibility to meet pressing short- and long-term funding needs through appropriations not contained in the current biennial budget.
MECEP Executive Director Garrett Martin released the following statement:
“Today’s revenue forecast makes clear that we have the resources to make good on investments that will help strengthen Maine’s economy and support thriving communities. To seize that opportunity, lawmakers must choose not to squander these resources on unnecessary tax cuts or needless austerity measures.
“Gov. Paul LePage is expected to propose state-level adoption of several parts of the Trump Tax Plan when he unveils his tax conformity legislation on Thursday. This will likely include massive new tax breaks for profitable corporations and the wealthiest handful of Maine families. While tax breaks for corporations and wealthy estates are nice for shareholders and heirs to large fortunes, they divert precious public resources away from the things that help Maine’s economy and communities — things like access to health care, strong schools, robust public infrastructure and public services that help families thrive. The revenue identified in today’s forecast should be appropriated for the benefit of all Mainers, not squandered on giveaways for a few special interests.”
###
