image description

Maryland Board of Revenue Estimates lowered revenue forecasts to $478 million

March 13th, 2023 by WCBC Radio

The Maryland Board of Revenue Estimates has  lowered revenue forecasts for the rest of 2023 and next year by a combined $478 million. The projected revenue growth is at 2.3% for the budget year ending on June 30. A 1% growth is expected for the budget year starting July 1. The decline in revenue estimates was due to a sharp drop in both sales tax and income taxes in the fourth quarter of 2022. State authorities said the slower growth is a reflection of the lingering effects of national inflation. The comptroller blamed inflation, sluggish consumer spending and under-performing employment numbers. Treasurer Dereck Davis…