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.
Read MoreThe number of Marylanders filing million-dollar tax returns went down again in 2009, according to figures from the comptroller’s office.
In calendar year 2009, there were 4,134 returns showing net taxable income of $1 million or more, 798 or 16% fewer than there were in 2008, according to David Roose, director of the Bureau of Revenue Estimates. Roose produced the numbers at the request of MarylandReporter.com.
Read MoreThe final revenue prediction for the fiscal 2012 budget left the numbers largely unchanged. That’s a good thing, said Bureau of Revenue Estimates Director David Roose, because revenues are stable, but a bad thing because the economy is continuing its sluggish rebound from the recession.
The crawling revenue growth, board members said, will likely mean more hard times for the state’s budget. During the recession, revenues have been rather stagnant. And in fiscal year 2012, with most federal stimulus funds gone, the state will be struggling to make ends meet.
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