ANNAPOLIS, MD—Governor Larry Hogan today issued the following statement after the Board of Revenue Estimates reported an increase in the state’s record budget surplus:
“Today’s incredible revenue estimates increase we already record surplus and reinforce the fact that Maryland continues to have one of the strongest recoveries in America.
“This report further proves that we have a once-in-a-generation opportunity to advance substantial tax relief for our families, small businesses, and retirees. People across the country are being squeezed by surging inflation on everything from gas to groceries?—Marylanders, especially our retirees, deserve and need this relief.
“In addition, at this time of global uncertainty due to Russian aggression, we are working with our legislative partners on an emergency suspension of the gas tax to help with the pain at the pump. We also support ongoing efforts in the legislature to suspend automatic increases in the gas tax. And I have called on the Biden administration to increase domestic energy production to help lower costs. Now more than ever, we must come together to take bold, bipartisan action.”
In a statement for Senate President Ferguson and Speaker Jones, they echoed the Governor’s statement,” Marylanders need help now, and we are standing together to provide that assistance by suspending the Maryland gas tax for 30 days. During the last month, Marylanders have seen gas prices increase exponentially, compounding existing rising costs. Increased revenue projections for this year and next year give us the flexibility to provide immediate relief to families. This swift action will help ease the financial burden on everyday Marylanders while keeping the pressure on Vladimir Putin and the Russian oligarchs who have enabled him. We look forward to working with the Governor in the coming days to relieve the pressure on Marylanders’ pocketbooks while ensuring our long-term fiscal health.”
With gas prices skyrocketing at a time when Maryland families are already struggling to afford basic necessities, I am calling on the State to enact a three-month Maryland gas tax holiday and pass the second round of economic stimulus. I also echo lawmakers around the country in calling on the federal government to halt the federal gas tax for three months.
Maryland’s historic surplus of $7.6 billion ensures that we are in a strong financial position to help our working families and small businesses weather these challenging economic times. Our residents should not shoulder the financial burden of Vladimir Putin’s criminal actions and the efforts of the Free World to stop the bloodshed he is causing in Ukraine. We need a gas tax holiday and the second round of stimulus immediately.”