MD Board of Revenue Increases FY 2023 Budget Projections; Decreases FY 2024 Budget Projections

The Maryland Board of Revenue Estimates last week voted to increase state revenue projections for FY 2023 to $23.74-billion – an increase of $55.8-million. Comptroller Peter Franchot says this shows that revenue collections are generally performing as expected since the September report. The Board also lowered revenue projections for FY 2024 to $25.1-billion – a decrease of $166.8-million from the forecast approved in September. This reflects a decrease in capital gains income and unchanged projections in withholding, sales and use – and in corporate income taxes – the state’s three biggest revenue sources.