As Maryander’s reel from skyrocketing gas prices, Governor Larry Hogan, House Speaker Adrienne Jones, and Senate President Bill Ferguson this week agreed to temporarily suspend Maryland’s gas tax.
In a joint statement, Speaker Jones and President Ferguson said they would work with the governor in the coming days to provide a month-long reprieve for drivers by suspending Maryland’s 36 cents per gallon tax on gasoline.
Maryland’s gas tax generates roughly $100 million a month in revenue to pay for transportation projects and maintain state and local roads. As previously reported on Conduit Street, MACo is advocating for the full restoration of critical funding for local roads and bridges, also known as Highway User Revenues.
House Majority Leader Eric Luedtke said lawmakers plan to backfill the lost gas tax revenue with a portion of Maryland’s budget surplus to avoid disruptions to transportation projects and the maintenance of state and local roads.
As previously reported on Conduit Street, the Maryland Board of Revenue Estimates this week voted to increase State revenue projections for fiscal 2022 to $22.5 billion, representing an $867 million increase from the December estimates. Additionally, the Board adjusted the official revenue forecast for fiscal 2023 upwards by an additional $737 million to $23.6 billion.
Stay tuned to Conduit Street for more information.
