Maine’s Revenue Sharing Increase Cuts Taxes For Working Families.
As the cost of living rises in Maine and across the country, we’re thankful that our state lawmakers have been fighting to help working families support themselves.
Our leaders in Augusta have expanded the Earned Income Tax Credit (EITC) for low and moderate-income families; closed the dark store assessment loophole so big box stores pay their fair share of taxes; and they have expanded revenue-sharing to improve essential municipal services like public education and public safety while bringing down property taxes across the state.
For the first time in 13 years, Maine municipalities are expected to receive more than $233 million for fiscal year 2023 as part of the state’s revenue sharing program. That amount represents a 5% share of state revenues collected from sales, personal and corporate income taxes, which will go back to Maine cities and towns. Municipal budgets are largely funded through property taxes, so any additional funding from the state reduces the amount of property taxes our cities and towns need to collect.
The funding demonstrates a steady uptick since 2020, when revenue sharing stood at just 2%. As Governor Mills recently said:
“This is not only basic good governance, but it is an important source of funding for cities and towns that helps deliver all manner of municipal services, like EMS or education, and holds down property tax increases that can hurt older people on fixed incomes.”
Mainers For Working Families welcomes this news from our leaders in Augusta. We applaud Governor Mills and our legislators for increasing Maine’s revenue sharing and continuing to build a fairer tax system for Maine’s working families.