House Ways and Means Chair Delegate Vanessa Atterbeary. File photo by Bryan P. Sears.
Anticipating a significant challenge, the chair of the House Ways and Means Committee revealed plans to craft a revenue package aimed at addressing the state’s mounting deficits and securing funding for an ongoing education reform initiative.
Despite the Senate’s dismissal of such proposals this year, the House panel is forging ahead with its efforts just days before a crucial deadline in the 2024 legislative session.
“We should have a clearer picture by the week’s end regarding the proposals we intend to push forward,” stated Vanessa Atterbeary, House Ways and Means Chair from Howard County.
Budget books detailing Governor Wes Moore’s fiscal 2025 budget proposal. Photo by Bryan P. Sears.
The Maryland Senate is set to deliberate on its version of the budget, with final approval expected imminently.
According to Senate Budget and Taxation Chair Guy Guzzone, this year’s budget deliberations will chart the state’s financial course for the near future, maintaining a budget equilibrium of $63 billion from start to finish despite addressing unexpected challenges along the way.
Projections indicate a budget shortfall of $3 billion in the coming years, primarily driven by the costly implementation of the Blueprint for Maryland’s Future K-12 education reforms. Notably, the operating budget estimate does not encompass a substantial infusion of funds over five years into the Transportation Trust Fund.
Senate Budget and Taxation Committee Chair Guy Guzzone from Howard County. Photo by Bryan P. Sears.
While acknowledging looming challenges on the horizon, Guzzone emphasized that the timing for action is not immediate.
In the past two years, lawmakers have diligently bolstered the state’s financial reserves and allocated $1 billion annually to the Blueprint for Maryland’s Future education reform plan.
Atterbeary’s committee is poised to present a diverse array of tax proposals, ranging from new levies to the modernization of existing taxation frameworks to address the state’s fiscal concerns.
House Majority Leader David Moon from Montgomery County advocates for his bill to expand sales tax revenue by $3 billion as a starting point for discussions on the state’s fiscal priorities. Photo by Bryan P. Sears.
Moon’s proposal aims to stimulate dialogue on revenue options, contrasting the approach of consolidating disparate revenue sources to meet financial targets with a more comprehensive solution.
Despite facing opposition from various service industry stakeholders, Moon views his bill as a necessary step in evaluating all available options promptly.
The proposed sales tax expansion, which includes a reduction in the overall tax rate, seeks to generate substantial revenue once fully implemented.
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