Changes to federal tax laws and Maryland’s booming economy caused the Board of Revenue Estimates to raise its projections for the state’s coffers over the next two years by $732 million.
The board, comprised of Comptroller Peter Franchot, Treasurer Nancy Kopp and budget chief David R. Brinkley, increased the revenue projection for the current fiscal year, which began July 1, by $325 million to $18.3 billion.
For fiscal 2020, the board unveiled a projection of $18.7 billion, up 3.3 percent from the current fiscal year and $407 million more than the prior planning numbers. The board’s decision comes just weeks after the books closed on fiscal year 2018 with $503 million more than originally projected.
The bulk of the board’s higher estimates comes from the federal tax cuts enacted by Congress last year and a Supreme Court ruling allowing states to collect sales tax from online retailers.