ANNAPOLIS — Maryland Gov. Larry Hogan on Thursday laid out a plan to invest the state’s $2.5 billion budget surplus in tax relief, underserved residents and the state’s rainy day fund.
Hogan said the extra money from the previous fiscal year budget was the largest surplus in state history.
He said it marked the first time since fiscal 1999 that state officials project the state will take in more money than it spent.
“The entire vision of my administration is to leave our state in a stronger, fiscal position than when we found it,” he said during a press conference at the State House in Annapolis. “That is exactly what we have done.”
The additional money for Maryland came in mostly thanks to federal dollars in coronavirus pandemic aid such as stimulus checks, housing assistance and tax relief for small businesses.
On Thursday, the governor laid out the surplus framework that includes:
• Investing 7.5%, or $1.67 billion in the Rainy Day Fund in preparation for emergency situations and future crises.
• Tax cuts for retirees because some relocate to neighboring states where income taxes are cheaper.
• Tax relief for eligible working families, based on legislation passed by the
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