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Prudent fiscal management, Federal pandemic relief, and rising prices are expected to increase receipts to the State’s General Fund even in the face of flat tax rates Following its meeting today, Maine’s nonpartisan Revenue Forecasting Committee (RFC) is expected to upgrade the State’s General Fund revenue forecast by approximately $822 million for Fiscal Years 2022 and 2023, representing approximately a 9.7 percent increase over previous projections for the current fiscal year and next.

“Right now, Maine people are focused on what’s most important: trying to keep themselves healthy, trying to provide for themselves and their families, and trying to get through this pandemic,” Mills said. “In this package, my Administration is maximizing tax relief wherever and whenever possible, providing as much stability and predictability to Maine businesses as we can, and providing whatever help we can to get Maine people through these trying times.” The change package is specific to the upcoming State tax filing season and comes as individual filers, corporations, and CPAs acr...

AUGUSTA — The Mills Administration submitted Monday a proposed change package to the supplemental budget in order to accommodate recent adjustments to the federal tax code contained in the more than 6,400 pages of pandemic relief bills enacted by Congress over the past several months, including the most recent at the end of last month, according to a news release.  With this proposal, the Mills Administration hopes to maintain a degree of stability and predictability for individual and corporate taxpayers in Maine, to conform to the federal changes as much as possible, and to provide tax ...