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Maryland Board of Revenue Estimates voted to increase state revenue projections

December 28th, 2022 by WCBC Radio

In the final meeting for two of its three members, the Maryland Board of Revenue Estimates voted  to increase state revenue projections for fiscal 2023 to $23.74 billion, an uptick of $55.8 million, representing less than one-quarter of one percent of annual revenues. The modest increase for the current fiscal year indicates that revenue collections are generally performing as expected since September’s report, which took a more conservative approach. The more substantial reduction for fiscal 2024 reflects a decrease in capital gains income and unchanged projections in withholding, sales and use, and corporate income taxes, three of the state’s biggest revenue sources. Outgoing Budget Secretary David Brinkley said it is a  stark reminder that the days of counting on federal stimulus money have come and gone; an economic slowdown is here. Taking a fiscally conservative approach moving forward, he says, must be a priority…