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.)

Comments (3)
  1. KottaMan says:

    More money in taxes than expected? GOOD !! Now forget about raising the gasoline tax so us common peons out here can afford to get to work. We don’t drive State cars paid for by the taxpayers.

  2. PAUL E. MICELLI says:

    How about the BAY BRIDGE rate increase????????????????????

  3. Charles says:

    Just more money they can waste. Raise tolls, taxes, fees, etc. to be used for entitlement programs and illegals.

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

More From CBS Baltimore

Track Weather On The Go With Our App!
CBS All Access

Watch & Listen LIVE