The budget includes about $6.5 billion for K-12 education, a record amount for the state.
Annapolis, Md. (DG) – Governor Larry Hogan released his Fiscal Year 2019 budget proposal Tuesday in Annapolis.
Hogan said his fiscal plan holds the line on spending without raising taxes or cutting services.
His administration will be submitting legislation to protect residents from the potential negative impacts of Federal tax reform on Maryland taxes.
“We expect to receive an analysis from Comptroller Peter Franchot in the next few weeks to determine how Maryland taxpayers will be affected,” said Hogan. “However, it is very clear that due to the loss of several long-standing federal tax deductions and exemptions, Maryland state revenue will likely increase by hundreds of millions of dollars. Our legislation will protect our taxpayers and will mitigate potential negative impacts of these changes to state taxes.”
The budget includes about $6.5 billion for K-12 education, a record amount for the state.
Hogan’s budget includes $12 million for the Biotechnology Investment Incentive Tax Credit, and $2 million for the Cybersecurity Investment Incentive Tax Credit to capitalize on Maryland’s strategic advantages in these business sectors
The budget will be officially submitted Wednesday.
-Dianah Gibson