Comptroller Brooke Lierman led her first meeting of the Board of Revenue Estimates and released the following statement regarding the Board of Revenue Estimates’ vote on the revenue forecast for Fiscal Years 2023 and 2024: “Earlier this afternoon, the Board of Revenue Estimates voted to decrease Maryland’s revenue projection by .3% percent for Fiscal Year 2023 and 1.6 percent in Fiscal Year 2024, for a combined reduction to the general fund of $478 million, representing a change of approximately 1% of the total revenue projection “We are projecting positive ongoing revenue growth this fiscal year and the next: 2.1% for this fiscal year and 1.0% for FY 24. This is slower growth than we experienced in the prior two fiscal years when we saw significant growth due to a one-time federal pandemic stimulus. The proposed March revisions also show decreases to the personal income tax and sales and use tax forecasts, which are offset at least partially by increases in corporate income taxes and interest income revenues. “The revenue forecasts should not be considered alarming, but they should be seen as a flashing yellow light — a warning that the economy of Maryland is seeing the lingering effects of national inflation, with a […]
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