Maryland State Budget

Local News
7:43 am
Fri March 21, 2014

Break For Estate Taxes Gets MD Senate Approval

Credit Don Rush

ANNAPOLIS, Md. (AP) - The Maryland Senate has approved raising the exemption on the estate tax.

The Senate voted 36-10 on Thursday for a measure already approved by the House of Delegates. That sends the bill to Gov. Martin O'Malley.

The measure would recouple Maryland's estate tax to the federal one in several years. Now, Maryland estates worth more than $1 million are taxed at a rate of up to 16 percent.

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Local News
8:15 am
Wed January 15, 2014

Governor Martin O'Malley To Release Budget

Governor Martin O'Malley
Credit official photo

ANNAPOLIS, Md. (AP) - Gov. Martin O'Malley is scheduled to release the state budget for the next fiscal year.

O'Malley has scheduled a news conference on Wednesday to talk about how the budget closes a budget shortfall.

The governor's office says the budget plan does not include new taxes or fee increases.

Maryland's general fund budget is about $16 billion for fiscal year 2015.

Maryland lawmakers will spend much of the legislative session working on the governor's budget proposal.

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11:13 am
Fri March 16, 2012

Work on Maryland Budget Moves to House of Delegates


      ANNAPOLIS, Md. (AP) - Work on the Maryland budget is shifting to the House of Delegates.

     A House committee is scheduled to consider what delegates think should be done to balance the books for the next fiscal year and cut an ongoing $1.1 billion deficit in half.

     The Senate passed a package of budget legislation on Thursday. It raises the state income tax for most taxpayers. It also would phase in a split of teacher pension costs over four years.

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12:23 pm
Thu March 15, 2012

Maryland Senate Passes Budget and Income Tax Hike


     ANNAPOLIS, Md. (AP) - The Maryland Senate has passed budget legislation, including an income tax increase.

     The Democrat-controlled Senate voted 37-9 for the state's budget Thursday. The Senate voted 33-13 for another bill with cuts and taxes on tobacco and online sales.

     A separate measure to raise income taxes has also been approved on a 26-20 vote. The bill has been criticized by Republicans and some Democrats who say the measure will make it harder to attract businesses to the state.