Revenue sharing bill heads to governor
A bill to retain $40 million in state aid to cities and towns will head to Gov. Paul LePage’s desk after receiving final approval in the Legislature on Thursday.
The Associated Press reported the bill cleared the House in a 120-17 vote and passed in the Senate without a vote. The bill would take $21 million from the state’s rainy day fund, dropping it to around $38 million, along with $4 million from an income tax reduction fund and around $35 million in new revenue the state expects to receive. In December, lawmakers failed to cut $40 million in tax exemptions from the state budget and, as a result, faced cutting $40 million from the state’s revenue sharing program with municipalities.
The Portland Press Herald reported that LePage may not veto the bill, despite his opposition to the way it is funded. He said earlier he would not approve any new bonds if lawmakers tap the state’s rainy day fund because he said reducing the rainy day fund will damage the state’s credit rating.
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