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Thursday, November 14, 2024

Maine's combined tax revenues down 5.6% in Q1 compared to same quarter of the previous year

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Kirsten Figueroa Commissioner of Revenue at Maine Revenue Services | Maine Revenue Services

Kirsten Figueroa Commissioner of Revenue at Maine Revenue Services | Maine Revenue Services

Maine collected $1.2 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 5.6% decrease from the same quarter of the previous year, when combined tax revenues were $1.3 billion.

The majority of the state's tax revenue was collected through sales and gross receipts taxes ($676 million) and income taxes ($450 million).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q1 Maine Tax Collections

Type of TaxAmount (millions)
Income Taxes$450
License Taxes$89
Other Taxes$14
Property Taxes$1
Sales and Gross Receipts Taxes$676

Source: U.S. Census Bureau

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