GENERAL FUND UNDEDICATED
BUDGETED REVENUE FOR FY 1997-98 AND FY 1998-99


% of
BIENNIAL
TOTAL SOURCE

1997-98(2)

1998-99

38.84% SALES & USE TAX (1) $817,969,699 $802,186,437
42.97% INDIVIDUAL INCOME TAX (1) (2) 829,758,364 962,926,561
5.75% CORPORATE INCOME TAX (1) 107,760,131 132,051,673
-4.44% TRANSFER FOR REVENUE SHARING (1) (89,529,897) (95,603,052)
2.93% CIGARETTE TAX 44,890,210 77,388,171
1.89% TRANSFER FROM LOTTERY COMMISSION 37,637,870 41,112,981
1.75% INSURANCE COMPANIES TAX 35,663,000 37,222,000
1.37% PUBLIC UTILITIES TAX 28,475,000 28,700,000
1.00% TRANSFER FROM LIQUOR COMMISSION 21,256,837 20,530,129
OTHER REVENUE:
0.80%   IF&W REVENUE

16,641,842

16,902,064

1.48%   INHERITANCE & ESTATE TAXES 31,299,520 30,403,545
0.44%   PROPERTY TAX - UNORG. TERRITORIES 8,776,866 9,695,799
0.40%   INCOME FROM INVESTMENTS 1,776,409 15,000,000
4.82%   OTHER (Jud. fines, Harness Racing, etc.) 98,300,528 102,584,640
7.94%   SUBTOTAL - OTHER REVENUE 156,795,165 174,586,048
100.00% TOTALS

 $1,990,676,379

 $2,181,100,948

$4,171,777,327

 

(1) TRANSFERS FOR REVENUE SHARING - GROSS AND NET COLLECTIONS    
         
% of        
BIENNIAL SOURCE

1997-98

 

1998-99

TOTAL        
  SALES & USE TAX - GROSS COLLECTIONS (3) 817,969,699   802,186,437
  TRANSFER FOR REVENUE SHARING (41,716,455)   (39,759,162)
36.88% SALES & USE TAX - NET COLLECTIONS 776,253,244   762,427,275
         
  INDIVIDUAL INCOME TAX - GROSS COLLECTIONS(2) 829,758,364   962,926,561
  TRANSFER FOR REVENUE SHARING (42,317,676)   (49,109,255)
40.78% INDIVIDUAL INCOME TAX - NET COLLECTIONS(2) 787,440,688   913,817,306
         
  CORPORATE INCOME TAX - GROSS COLLECTIONS 107,760,131   132,051,673
  TRANSFER FOR REVENUE SHARING (5,495,766)   (6,734,635)
5.46% CORPORATE INCOME TAX - NET COLLECTIONS 102,264,365   125,317,038

 

(2) Individual Income Tax in Fiscal Year 1997-98 includes $63,012,065 budgeted to be set aside in the Tax Relief Fund for Maine Residents  ($137,245,402 was the actual amount set aside in the Tax Relief Fund for Maine Residents in Fiscal Year 1997-98).
The Tax Relief Fund for Maine Residents was repealed effective 12/31/98.

 

(3) Sales and Use Tax  - Gross Collections amount includes $22,595,032 in fiscal year 1998-99 transferred pursuant to MRSA Title 36 1811  ($11,466,256 was transferred to the Maine Rainy Day Fund and the remainder, $11,128,776, was transferred to the Sales Tax Reserve  account).  Revenue Sharing transfers of  5.1% of these transfers were not made in Fiscal Year 1998-99.  PL 1999, c. 528 later transferred  $1,152,347 (5.1% of these Title 36 1811 transfers) from the Maine Rainy Day Fund to the Local Government Fund for Revenue Sharing distribution in Fiscal Year 1999-00.

 

Amounts may not add to 100% due to rounding.