Maryland lawmakers have approved a budget that includes $1.6 billion in tax and fee increases. The budget was passed by state legislators and signed by Governor Larry Hogan. The tax and fee increases are part of an effort to address a budget shortfall and fund various state programs and initiatives.
The largest tax increase in the budget is a 33% increase in the tax on cigarettes, which will bring in an estimated $117 million in revenue. Other tax increases include higher taxes on electronic cigarettes, tobacco products, and housing sales over $1 million. Fees for birth and death certificates, vehicle registrations, and other services will also see an increase.
The budget also includes funding for various state programs, including education, healthcare, and transportation. The additional revenue generated from the tax and fee increases will help fund these programs and prevent cuts to essential services.
Governor Hogan has expressed concerns about the tax and fee increases, stating that they will hurt Maryland residents and businesses. However, he ultimately signed the budget, acknowledging the need to address the state’s budget shortfall.
Overall, the $1.6 billion in tax and fee increases in the Maryland budget represent a significant effort to address the state’s fiscal challenges and ensure funding for important programs and services. The budget reflects a balancing act between the need for additional revenue and the potential impact on residents and businesses.
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