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Local News

Maryland revenue estimates increase by $1.6 billion

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ANNAPOLIS, Md. (AP) — Maryland’s revenue estimates have jumped an additional $1.6 billion for the current and next fiscal years.

State officials announced revenue revisions on Thursday.

That prompted a push by Comptroller Peter Franchot and Gov. Larry Hogan to call for a suspension of the state’s tax on gasoline amid rising prices as the nation cuts off Russian oil imports.

The increased revenue is the ongoing result of federal aid for the pandemic response.

It comes as state lawmakers already have been working with several billion dollars in budget surplus. Franchot called for a three-month gas tax holiday and a second round of economic stimulus to help low-wage earners.