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Saturday, November 16, 2024

Maine's combined tax revenues up 1% in Q2 compared to same quarter of the previous year

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

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

Maine collected $2 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 1% increase over the same quarter of the previous year, when combined tax revenues were $1.9 billion.

The majority of the state's tax revenue was collected through income taxes ($982 million) and sales and gross receipts taxes ($841 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.

Q2 Maine Tax Collections

Type of TaxAmount (millions)
Income Taxes$982
License Taxes$96
Other Taxes$31
Property Taxes$2
Sales and Gross Receipts Taxes$841

Source: U.S. Census Bureau

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