Gov. Larry Hogan released three years of tax returns Friday, showing he’s made about $2.4 million while governor of Maryland.
Hogan was paid $175,000 last year as governor, but most of his household income came from his private real estate business. After becoming governor in 2015, Hogan entered into a trust agreement in which three trustees manage his dozens of real estate holdings, but the trustees can provide the governor details of financial performance. The trust agreement was approved by the State Ethics Commission.
The returns are for the governor and his wife, Yumi, an artist who earned about $7,000 a year working for the Maryland Institute College of Art, the Hogan campaign said. The couple paid a federal tax rate of 24 percent in 2015, 13 percent in 2016 and 28 percent in 2017.
The Hogans’ returns show that, in 2016, they made a $160,000 charitable donation that caused them to pay a lower tax rate. The donation was a historic property in Frederick County given to a “non-denominational Christian church in need of a home,” said Doug Mayer, a Hogan campaign spokesman.
In total, the couple donated about $218,000 to charity over the past three years, the returns show.
About $735,000 of their income last year came from the governor’s real estate business and other investments. In 2017, a rental property generated $49,000 in income, but that was offset by $69,000 in expenses.