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Senators Explore Repeal Of 1997 Tax Cut

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MONEY GENERIC

ANNAPOLIS, Md. (AP) — Senate President Thomas V. Mike Miller says senators are exploring a bill that proposes to repeal a Maryland tax cut approved in 1997 to help balance the budget.

Miller, D-Calvert, told reporters on Thursday that a bill sponsored by Sen. Roger Manno, D-Montgomery, is under consideration to help address the state’s $1.1 billion budget deficit. The bill would increase state income taxes by .25 percent.

However, Miller says senators have not settled on what the number would be. He says that’s because the ultimate outcome in tackling the budget deficit will be a combination of cuts as well as revenues.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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