The Maryland Board of Revenue Estimates (BRE) today voted to write down state revenue projections for Fiscal Year 2026 (FY 26) to $26.7 billion, an increase of 3.7% over Fiscal Year 2025 (FY 25) actual revenue. The approved forecast reduces revenues by $19.1 million during FY 26 compared with the previous estimate. Overall, the forecast remains relatively unchanged from the March projections. The forecast also projected revenues of $27.1 billion during Fiscal Year 2027 (FY 27). The revised general forecast for FY 26 is 0.07% lower than the March estimate approved by the Board. The revenue changes are driven primarily by tax policy changes at the state and federal levels, including provisions created or expanded by the “One Big Beautiful Bill” passed by Congress earlier this year. Earlier this month, the 60-Day Report produced by the Bureau of Revenue Estimates identified provisions that would affect personal and corporate income tax revenues in excess of $5 million, and detailed expected revenue reductions of $117.9 million during Fiscal Year 2026 and $71.4 million during Fiscal Year 2027. Comptroller Brooke E. Lierman, who chairs the Board, noted that recent workforce and spending reductions at the federal level did not significantly impact revenues for […]
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