State Revenues Fall Short of Expectations – The Daily Record

Maryland’s revenue picture for the previous year wasn’t quite as rosy as projected. The state finished the budget year ending June 30 with $16.2 billion in revenue, with $196.5 million headed to the unassigned general fund, according to figures released Tuesday afternoon by the Office of the Comptroller. But that closeout figure fell $250 million short of projections — a gap similar to underperforming revenue numbers in Virginia for the same period.

Benjamin Orr, executive director of the Maryland Center on Economic Policy, a progressive state budget policy group, said the flat economy means the state needs to do more for low-­wage and under­employed workers. He also called for lawmakers to close loopholes on corporate income taxes. In the past, the group has supported passage of combined reporting legislation for multi­state corporations.

“The lower than expected revenues mean the benefits of Maryland’s economic recovery aren’t being widely shared,” Orr said in a statement. “Although more Marylanders are working, too many people in our state still must struggle to make ends meet.

“Doing more for Maryland families will help the economy, such as requiring paid sick days, increasing the minimum wage, and expanding the Earned Income Tax Credit for low­wage workers not raising children,” he added. “Closing tax loopholes so corporations pay their fair share for the services we all benefit from is another important step toward making sure the state has revenue to invest in what helps communities thrive.

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