Last month, the Board of Revenue Estimates released the revised General Fund revenue estimates for fiscal year 2012, as well as the first official estimates for fiscal year 2013.  In light of the most recent economic data and developments, as well as revenue collections for fiscal year 2011, the board released a revised estimate of more than $14.1 billion for fiscal year 2012 and an estimate of nearly $14.5 billion for fiscal year 2013.

The fiscal year 2012 estimate represents an increase of $195 million over the March estimate, upon which the fiscal year 2012 budget was based.  Officials revised the individual income tax upward, reflecting the unexpectedly strong performance in fiscal year 2011.  Additionally, the board revised the sales tax, corporate income tax, and interest downward.  General fund revenues are forecasted to increase 4.1% in fiscal year 2012, although adjusted for statutory changes, growth is 3.6%.

This article is from Revenews, a quarterly publication of the Comptroller of Maryland.