State writes-up revenue projections for the current and upcoming fiscal years by a combined $1.6 billion.
The Maryland Board of Revenue Estimates voted today to increase the revenue projections for fiscal 2022 to $22.5 billion, representing an $867 million increase from the December estimates. Additionally, the Board, which consists of Comptroller Peter Franchot, Treasurer Dereck Davis, and Budget Secretary David Brinkley, adjusted the official revenue forecast for fiscal 2023 upwards by an additional $737 million to $23.6 billion.
The increase is largely attributable to individual and corporate income tax collections and higher sales tax receipts.
Today’s revision follows the Board’s actions last September and December when revenue projections for fiscal 2022 and 2023 climbed sharply. Combined with a $2.5 billion general fund balance from Fiscal Year 2021, the state has approximately $7.5 billion in excess revenue.
According to a press release from the Maryland Comptroller:
“Those numbers include the long-term effects of federal stimulus money in Maryland’s economy, which has created growth in both our individual and corporate tax revenue,” said Maryland Comptroller Peter Franchot. “These are tremendous numbers and demonstrate how aid from the federal level continues to have long-lasting ripple effects and continues to help this state’s overall economy.”
Stay tuned to Conduit Street for more information.
Useful Links
Bureau of Revenue Estimates: Revenue Estimates and Economic Outlook (March 10, 2022)
Previous Conduit Street Coverage: Board of Revenue Estimates Approves Another $1 Billion Write-Up
