Maryland’s economy is facing potential turbulence due to federal job reductions and spending cuts, according to a recent Moody’s Ratings report. Senate President Bill Ferguson (D-Baltimore) cautioned that the state must prepare for what he termed a “Maryland recession,” given its heavy reliance on federal employment and funding. “This will be acutely felt by the [...]
Maryland legislators are considering a proposed bill to expand the state’s sales tax to certain business-to-business services, a measure that could generate approximately $1 billion in revenue, according to House bill sponsor Delegate David Moon (D). The proposed 2.5% tax, also cross-filed in the Senate by Senator Shelly Hettleman (D-Baltimore County), would apply to services [...]
The Administration’s bill to constrain funding associated with the Blueprint for Maryland’s Future, HB 504 – Excellence in Maryland Public Schools Act, was debated on the House floor this week after the House Appropriations and Ways and Means Committees voted to reject many of Governor Wes Moore’s proposed changes. Both committees restored funding allocated to [...]
Governor Wes Moore presented his proposed Fiscal Year 2026 state budget for the Moore-Miller Administration this week. With a clear goal to encourage economic growth and manage the state’s $2.7 billion deficit, Gov. Moore’s proposal includes a plan to generate economic growth in Maryland and tax code reforms. These tax code reforms will increase individual [...]
The Board of Revenue Estimates, which includes Comptroller Brooke Lierman, Treasurer Dereck Davis, and Budget Secretary Helene Grady, met recently to review December revenue projections for the current and upcoming fiscal year. While projections show a slight revenue increase, the budget gap is expected to grow to approximately $6 billion by fiscal 2030. Maryland is [...]
Gov. Moore addressed the Maryland Association of Counties in a solemn speech heavily acknowledging the financial position of the State of Maryland. Amidst noting the $2.7 billion dollar budget deficit, Governor Moore spoke to the strain on state government financial resources in part due to the current complex education reform plan, the Blueprint for Maryland’s [...]
As the General Assembly session moves into its final two weeks, the House and Senate must hash out the differences in their spending plans. The Senate, who approved its $63.1 billion version of the budget two weeks ago, used larger than expected capital gains taxes to offset the recent revenue write down, covered a $236 [...]
Executive and legislative leadership broached the hard subjects of potential tax increases, budget cuts, cost shifts, and other tough decisions that will need to be made as the state faces a structural budget shortfall at the 2024 MACo Winter Conference last week. An article in Maryland Matters offers key insights and quotes from the presentation. [...]
A recent report released by the Department of Legislative Services indicates a looming budget deficit largely created by legislation passed during the most recent 90-day legislative session. The deficit projected in the report for fiscal 2028 exceeds $1 billion. From a Maryland Matters article, It is now projected that the fiscal 2025 budget will start [...]
The Department of Legislative Services recently released the 2023 Joint Chairmen's Report summarizing final budget actions taken on the State's operating and capital budget by the Senate Budget and Taxation Committee and the House Appropriations Committee. House Bill 200 is the State operating budget, making appropriations for support of the State government, for aid to [...]
