Governor Hogan Announces No Tax Increases In FY2019 Budget
Governor Hogan previewed his FY2019 budget today and for the fourth year in a row his plan included no tax increases and record funding for K-12 education. His plan spends $15.2 million more on schools than called for in state formulas and an unprecedented $6.5 billion total. Every single school system in the state of Maryland will see increased investment by the state.
Governor Hogan's focus on reining in state spending and rolling back tax increases has put the state in far better shape than it would have been otherwise, but the work is not done.
84% of state tax revenue is mandated and prevents from more dollars being returned to Marylanders pockets. To combat this problem, Governor Hogan has introduced the "Common Sense Spending Act of 2018."
Here are some other highlights:
- $25 million in funding for the Maryland Economic Development Assistance Authority and Fund (MEDAAF) to attract and grow businesses.
- $10 million in funding for two new tax credits established under the "More Jobs for Marylanders Act"
- No raising of special funds
- Fully funding the Chesapeake and Atlantic Coastal Bays Trust Fund
- Increased funding for the Rural Maryland Prosperity Investment Fund
- $13.7 million in additional to the nearly $160 million funding to combat the heroin and opioid epidemic.
- $365 million in school construction funding - the largest investment in school construction funding in a decade.
Since taking office, Governor Hogan has pledged to bring fiscal restraint to Annapolis and hold the line on spending. He has done this and will continue to do so as evident by his proposed fiscal year 2019 budget.