Tax Relief

Hogan’s plan goals to take a position surpluses in balanced budgets, tax breaks | information

Maryland is projecting long-term balanced budgets for the first time in nearly two decades, the governor said.

In a press release, Governor Larry Hogan highlighted a five-point plan for the state to generate a $ 2.5 billion surplus.

“My administration’s entire mission was to put our state in a stronger budget position than we found it, and that is exactly what we did,” Hogan said in the press release. “With this budget framework, my message is simple – as long as I am governor, I will continue to fight for budget discipline, I will work hard every day to make it easier for families, small businesses, and retirees in Maryland to stay in our state, and I will continue to do so fight to ensure that Marylanders can keep more of their hard-earned cash in their own pockets so we can continue to change Maryland for the better. “

For the first time since 1999, the state is forecasting a long-term balanced budget, according to the announcement.

According to the press release, the governor will invest $ 1.67 billion in the state’s Rainy Day Fund to provide additional cash for potential future recessions and crises.

Hogan said he will seek major tax breaks for retirees who, according to the press release, are already facing a “crippling tax burden”.

Additional direct tax breaks built into the plan would build on the RELIEF Act of 2021, which the press release says provides for the largest tax cut in the state’s history.

Support for underserved Maryland residents is also built into the plan, which provides targeted support for families struggling to make ends meet during the COVID-19 pandemic.

According to the press release, the state has already distributed more than 420,000 direct relief checks to those in need, along with more than $ 100 million to support small businesses and nonprofits in the form of grants.

Hogan also said his plan will include benefits for civil servants in the fall, when collective bargaining for civil servants is due to begin.

Original location: Hogan’s plan aims to invest surpluses in balanced budgets and tax breaks

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