December 13th, 2017 by WCBC Radio
The Board of Revenue Estimates voted today to reduce by $73.2 million the revenue projection for the State of Maryland for Fiscal Year 2018 and to increase by $11 million the estimate for fiscal year 2019. That establishes a $17.6 billion revenue estimate for the next fiscal year, which begins in June 2018. The Board's actions are largely driven by continued weaker-than-anticipated sales tax revenues as consumers remain reluctant or unable to spend. Additionally, non-nexus online shopping continues to cut into tax revenues and hinders the growth of brick-and-mortar Maryland retailers. The negotiations over tax bills in Washington continue to be monitored; once final action is adopted, the impact on Maryland revenues will be added into future revenue estimates.
