Put $2.5B Budget Surplus Into Tax Relief, Rainy Day Fund – NBC4 Washin…

Maryland’s governor wants to put away much of the state’s record $2.5 billion surplus and use the rest on tax relief and helping Marylanders in need.

Gov. Larry Hogan announced Thursday that he wants to raise the Rainy Day Fund to at the minimum 7.5%, or $1.67 billion. Hogan also hypothesizedv tax relief for retirees and other Marylanders, and providing more relief for people “struggling to make ends meet.”

As the state prepares for fall negotiations for collective bargaining for public employees, Hogan said he has directed the Department of Budget and Management to analyze how to best use some funds to assistance state employees.

The surplus announced by Comptroller Peter Franchot last week was credited to larger-than-expected revenue growth from federal stimulus funding and better-than-expected results for tax year 2020.

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