ANNAPOLIS, Md. (AP) — Comptroller Peter Franchot says Maryland is on track to bring in $195 million more in general fund revenues this year than expected.
Franchot credited an unexpected increase in individual income tax collections for the boost on Wednesday, noting that the increase was in the first half of the fiscal year.
But Franchot says the Board of Revenue Estimates, which he leads, is lowering sales tax and corporate income tax estimates to assume much slower growth than previously expected in 2012 and 2013. The board now expects $14.1 billion in revenue this fiscal year and growth of 2.8 percent in fiscal 2013 to $14.5 billion.
Franchot urges state leaders to be cautious as they prepare the upcoming budget in light of current economic volatility.
(Copyright 2011 by The Associated Press. All Rights Reserved.)