Today, the Senate Budget & Taxation Committee will hear a briefing on Maryland’s transportation funding needs, followed by a hearing on SB 949, which would increase Maryland’s gas tax by 12 cents.

Maryland faces a significant structural budget deficit of more than $1 billion. At the same time, Maryland’s Transportation Trust Fund is also significantly underfunded, and an influx of new revenue is needed to meet the substantial and growing needs of Maryland’s statewide transportation system.

Given the State’s funding needs, legislation has been introduced to increase the sales tax, expand the sales tax to cover professional services, increase the gas tax, increase filing fees, alter the corporate income tax, and more. In addition, Senate President Thomas V. Mike Miller has introduced a slots bill, which the Chamber supports.

While numerous funding proposals are out there, they appear to be scattershot. The Maryland Chamber believes lawmakers should also consider the big picture and potential unintended consequences of this patchwork approach to many individual tax changes.

During today’s Budget & Taxation Committee hearing, Maryland Chamber President & CEO Kathleen Snyder, CCE, will once again urge lawmakers to conduct a comprehensive analysis of Maryland’s tax structure. She will encourage them to conduct such a study and to use private sector experts – like economists, accountants and other professionals – to ensure the General Assembly gains an accurate picture of the economic impact of proposed changes to the State’s tax structure.