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Governor Hogan Announces Plan to Devote Record Surplus To Major Tax Relief, Rainy Day Fund

Governor Larry Hogan announced a five-point framework for how the State of Maryland will utilize the $2.5 billion surplus—the largest in state history—reported last week by the Bureau of Revenue Estimates. The framework builds on the governor’s record of fiscal discipline while prioritizing relief that advances the state’s recovery. “The entire mission of my administration has been to leave our state in a stronger fiscal position than when we found it, and that is exactly what we have done,” said Governor Hogan. “With this budget framework, my message is simple—as long as I am governor, I will continue to fight for fiscal discipline, I will continue working hard every single day to make it easier for Maryland families, small businesses, and retirees to stay in our state, and I will continue fighting to allow Marylanders to keep more of their hard-earned money in their own pockets so that we can continue changing Maryland for the better.” This is the first time since Fiscal Year 1999 (FY99) that the State of Maryland is projecting a long-term balanced budget. The governor’s five-point plan to invest Maryland’s record surplus includes: Increasing the Rainy Day Fund. The governor’s plan will bolster and increase the state’s […]

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