Md. Board Notes Drop In Income Tax Revenue

ANNAPOLIS, Md. (AP) — Maryland’s Board of Revenue Estimates has revised state revenue projections downward by about $80 million for the current fiscal year and $50 million for the next one.

The board released the new estimates Wednesday.

The revisions are largely due to lower-than-expected individual income tax collections, which are down about $101 million this fiscal year. Corporate income taxes, however, are up about $21 million.

Comptroller Peter Franchot, one of three board members, says the numbers show Maryland’s economy remains fragile. At best, he says only modest economic growth can be expected for the foreseeable future.

T. Eloise Foster, Gov. Martin O’Malley’s budget secretary and a board member, says the revision is relatively modest and manageable. She says the budget contains enough balance to absorb the reduction without affecting current state services.

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

  • bananafish6726

    Illegal aliens, who work off the books, driving taxpaying citizens out of work…

  • awsinnottingham

    O’Malley says unemployment has dropped. Franchot says individual income taxes have dropped. This shows the real picture on employment. Hiring is in the service sector like McJobs, Wall Mart stock clerks and other low pay scales. Contrary to what our windmill loving, lying Governor says, the economy still sucks. MD Board of Revenue Estimates figures back the fact up.

  • Bill losing and Delaware is gaining residents as well is Florida? Wonder why the Washington Richies live in Florida for 183 days a year?
    Now they will raise taxes on us dummies thatstay here? And do not forget the Fee’s we are going to impose this Attention sportsman and boaters?

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