Governor Hogan Releases $42.3 Billion Budget

Governor Larry Hogan unveiled his budget – a $42.3 Billion proposal – on Wednesday, January 20th.  Included in the budget were a variety of tax cuts and the planned placement of more than 6 percent of the projected budget surplus into savings.  Highlights of the budget include:

• $3.1 billion in capital spending to improve transportation infrastructure and spur economic development
• $231 million in Highway User Revenue (HUR) funds, including $54 million in additional capital grants to local jurisdictions to improve local roads and transportation facilities
• Statutory Fee Rollback: The Hogan administration will propose in an omnibus bill a range of fee reductions across state government, reducing or eliminating the cost associated with a variety of permits, applications and services.  These new fee reductions will result in nearly $100 million in tax reductions to taxpayers over the next five years
• Business Filing Fee Reduction: The Hogan administration will propose a reduction in the current $300 business filing fee paid annually to the State Department of Assessments and Taxation, by $50 a year for four years

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