News

Governor wants to boost taxpayer giveback as surplus grows

Governor wants to boost taxpayer giveback as surplus grows

Photo: 560 WGAN Newsradio


AUGUSTA, Maine (AP) Democratic Gov. Janet Mills is proposing bigger taxpayer refunds — $750 instead of $500 — to an estimated 800,000 residents thanks to a rosier-than-expected revenue forecast.

Maine’s revenue forecasting panel on Tuesday projected an additional $411.6 million in revenue through June 2023, pushing the previously projected $822 million surplus over the $1 billion mark.

While that’s good news, the governor’s administration warned that there are unsettled times ahead.

“These new revenue projections come during uncertain economic times nationally,” said Kirsten Figueroa, commissioner of the Department of Administrative and Financial Services.

She noted that oil has increased to over $100 per barrel, inflation has reached its highest point in four decades and Russia has invaded Ukraine, potentially further disrupting markets.

The forecasting panel’s projections are less rosy after the current fiscal year. It’s projecting a revenue increase in fiscal years 2024 and 2025, but it represents a $50 million drop from the current budget cycle.

Latest Headlines

2 hours ago in Local

Man Dies in Down East Maine Crash

The cause of the crash remains under investigation.

3 hours ago in Local

Maine State Worker Resigns After Charges for Comfort Dog’s Death

Brodie Hinckley was placed on administrative leave last month

4 hours ago in Local

Former Gov. LePage joins Republicans calling for investigation into funds raised for Lewiston shooting survivors

A group of Maine Republicans including former Governor Paul LePage are calling for an investigation into the use of funds raised for survivors of the Lewiston mass shooting.

4 hours ago in Local

Traffic stops lead to drug arrest in Portland

Police seized a rifle along with meth and crack cocaine during a traffic stop in Portland.

14 hours ago in Local

Right Whale, Found Off Maine Coast, Growing in Population

The whales have shown a trend of slow population growth over the past four years.