Tag: Board of Revenue Estimates

Franchot: ‘We are still $600 million or $700 million less than what we should have been pre-pandemic’

MarylandReporter.com spoke with Comptroller Peter Franchot on Friday afternoon following a Board of Revenue Estimates meeting in which the board unanimously voted to slightly increase the state’s revenue projections for FY 2021 and FY 2022. The board previously met in September and is comprised of Franchot, Treasurer Nancy Kopp and Budget Secretary David Brinkley.

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Scripted spending: Legislators propose deficit cut and 4% budget hike

In its annual scripted performance, the Spending Affordability Committee in Annapolis Thursday decided to just about eliminate the state’s structural deficit, but allow spending to rise about 4% next year, for an overall state budget of $37 billion in fiscal 2014. The Board of Revenue Estimates approved a slight uptick in revenues, but the big unknown is what will happen in Washington on the fiscal cliff.

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Alcohol industry blames flat sales in Md. on 9% tax

Representatives from the alcohol industry told the Maryland Board of Revenue Estimates Wednesday that the state’s year-old 9% sales tax on alcoholic beverages has produced stagnant growth in liquor sales in the past year, while growth in neighboring Virginia and Delaware was above the national average. Banking and real estate panelists also speaking at the board’s economic advisory forum said state and federal regulations will hinder potential private sector growth as the federal fiscal cliff approaches.

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May tax hikes help drive slight Md. revenue growth, as fiscal cliff still looms

May tax hikes are helping drive a $181 million uptick in Maryland revenues forecast this fiscal year, the Board of Revenue Estimates determined Monday. But state financial officials are still concerned that Congress has not acted to keep the national budget from falling off a fiscal cliff in 2013, with expiring tax cuts and mandatory spending reductions sending the economy into a second recession.

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