BALTIMORE (WJZ) – Governor Larry Hogan on Wednesday presented his eighth and final budget as executive, pledging $4.6 billion in tax cuts and $8.15 billion for K-education 12 while also leaving $3.6 billion in the Rainy Days Fund, a reserve that the governor said will help the state with its next emergency.
Hogan also touted the spending initiatives he announced in the days leading up to this budget presentation, including $75 million allocated to local health departments still dealing with the pandemic, increase SNAP benefits for children and seniors, increase support with electricity bill, and Program “refinancing the police” provide $500 million to law enforcement over the next three years.
The governor said his Fiscal Year 2023 budget aligns with several of the themes that prompted him to take office as an inept Republican: providing tax breaks for Marylanders, creating an environment State-friendly business school and fiscal responsibility.
“We’ve been through a lot together, especially over the past two years, as we tirelessly battled the global pandemic,” he said. “But today I can’t think of a better way to start the year than by presenting a budget that continues to keep the promises we’ve made and that builds on progress. of the bipartisanship we have achieved to change Maryland for the better.”
The governor proposed eliminating taxes on seniors’ income within the next six years, and immediately removing 70,000 seniors from the tax list.
“This is not only good for our economy but also good for our quality of life,” Hogan said. “Our seniors deserve the peace of mind knowing they can afford to stay right here in Maryland, where they have spent their lives working and raising families, and where they continue to contribute a lot.”
The budget, he said, would also permanently expand the Enhanced Income Tax Credit, helping 295,000 families as they grapple with inflation and high costs.
Hogan said that spending on education will exceed the legal requirement by $151 million, and the budget allots $144.1 million to expand preschool for 3- and 4-year-olds, by 1 billion dollars to fund school construction and 601 million dollars for higher education projects.
The governor also proposed spending $1.4 billion on roads and bridges and $1.3 billion on improving public transportation.
State law required the governor to present a balanced budget, and the Maryland General Assembly could only cut off his proposals, not add or reallocate funds.
But the legislative branch will have greater power over the budgeting process starting next year. inside Election 2020, voter approved Question 1, which grants the Maryland General Assembly the power to “increase, reduce, or add items” to the budget beginning in fiscal year 2024.
Law makers back to Annapolis earlier this month for a 90-day legislative session with a budget surplus of $4.6 billion.
In response to the governor’s proposal, Speaker Adrienne Jones said, “Our responsible fiscal policies and the federal bailout created the opportunity for the Governor to present a budget that funds many of our priorities. we like childcare, higher education, victim support and infrastructure upgrades.”
Speaker Jones, who expressed concern about whether the proposal would go far enough to support the state’s education and staffing shortages, also said, “We look forward to working with the Governor and The Senate and will continue to ask, will this help the families” that have been left behind after recovering from the pandemic? ‘”
Democratic lawmakers control the state, and they are the ones who ultimately decide what parts of the governor’s proposal become law.
https://baltimore.cbslocal.com/2022/01/19/maryland-governor-larry-hogan-2023-budget-proposal/ Governor Larry Hogan Presents Budget, Pledge to Reduce Taxes, and Spend on Education – CBS Baltimore