Md. board notes drop in in­come tax rev­enue

The Washington Times Daily - - Metro -

Mary­land’s Board of Rev­enue Es­ti­mates has re­vised state rev­enue pro­jec­tions down­ward by about $80 mil­lion for the cur­rent fis­cal year and $50 mil­lion for the next one.

The board re­leased the new es­ti­mates Wed­nes­day.

The re­vi­sions are largely due to low­erthan-ex­pected in­di­vid­ual in­come tax col­lec­tions, which are down about $101 mil­lion this fis­cal year. Cor­po­rate in­come taxes, how­ever, are up about $21 mil­lion.

Comptroller Peter V.R. Fran­chot, one of three board mem­bers, says the num­bers show Mary­land’s econ­omy re­mains frag­ile. At best, he says only mod­est eco­nomic growth can be ex­pected for the fore­see­able fu­ture.

T. Eloise Foster, Gov. Martin O’mal­ley’s bud­get sec­re­tary and a board mem­ber, says the re­vi­sion is rel­a­tively mod­est and man­age­able. She says the bud­get con­tains enough bal­ance to ab­sorb the re­duc­tion with­out af­fect­ing cur­rent state ser­vices.

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