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Maryland Faces $6.3 Billion Deficit Amid Tax Fluctuations

1/11/2025

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Summary

Story summary

Maryland anticipates a $2.9 billion deficit for fiscal 2026, escalating to $6.3 billion by fiscal 2030.
Local property tax revenues are expected to increase by 5.2% each year, while income tax collections may decrease by 0.3%.
California's budget for 2025-26 is projected at $322.3 billion, affected by a $165.1 billion revenue miscalculation from previous years.

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Story summary

Maryland anticipates a $2.9 billion deficit for fiscal 2026, escalating to $6.3 billion by fiscal 2030.
Local property tax revenues are expected to increase by 5.2% each year, while income tax collections may decrease by 0.3%.
California's budget for 2025-26 is projected at $322.3 billion, affected by a $165.1 billion revenue miscalculation from previous years.