March 23rd, 2018 by WCBC Radio
The Maryland agency that forecasts tax collections predicted this month that the state will take in nearly $400 million more than previously expected this year and in 2019, giving the General Assembly and Governor Larry Hogan some flexibility as they finalize the budget. The Board of Revenue Estimates forecast that revenues for the current fiscal year, which ends on June 30, will actually fall nearly $40 million short of previous expectations. But the agency predicted that tax revenue for the budget year starting July 1 would come in more than $433 million higher, largely because of the impact of the recent revision of the federal tax code. Comptroller Peter Franchot says although he knows it will be difficult for lawmakers not to target the money elsewhere- the most prudent course of action would be to bank those dollars…
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