Maryland’s revenue projections have jumped an additional $1.6 billion for the current and next fiscal years, state officials said Thursday, prompting a push to suspend the state’s tax on gasoline amid rising prices as the nation cuts off Russian oil imports.
The increased revenue projections are the ongoing result of huge federal aid to address the coronavirus pandemic. The revenue is in addition to several billion dollars in budget surplus that state lawmakers have been considering how to manage as they shape the state’s budget for the next fiscal year.
The added revenue estimates, which includes $867 million for the current fiscal year and $737 million for the next one, are largely due to growth in individual and corporate tax collections.
Both Comptroller Peter Franchot, a Democrat, and Gov. Larry Hogan, a Republican, are calling to suspend the gas tax.
