Maryland’s revenue picture improved by nearly $250 million over two years, buoyed largely by a factor that cannot be anticipated — people dying.
The numbers released Wednesday by the Board of Revenue Estimates show a tale of two budget years: A $355.7 million increase in taxes expected to be collected this year, offset by a $108.1 million reduction in fiscal 2027.
Those estimates include a significant reduction in what the state can expect to collect from an IT and data services tax passed last year. Analysts say that tax is likely to raise only about a quarter of the $500 million promised when it was passed last year.
“The forecast remains broadly consistent with December’s, which is a good thing,” said Comptroller Brooke Lierman. “Really it reflects stability in our forecasting.”
The forecast raised its revenue estimates for the current fiscal year by about $355.7 million from the levels predicted in December, an increase Lierman characterized as “modest.”
Click here to read the rest of the article written by Bryan Sears over at Maryland Matters
