ANNAPOLIS — Maryland business leaders are speaking out in support of new revenues for transportation projects.

Several will be expressing their support in Annapolis Friday, the same day lawmakers will hold a hearing on a bill backed by Gov. Martin O’Malley.

Don Fry, president of the Greater Baltimore Committee, is scheduled to attend. Jim Dinegar, president of the Greater Washington Board of Trade, is scheduled to speak.

The plan would apply a new 2 percent sales tax on gasoline starting in July. It would increase to 4 percent in July 2014.

It would reduce the current excise tax on a gallon of gas by 5 cents, from 23.5 cents to 18.5 cents. The excise tax would be linked to the Consumer Price Index, so it would rise to keep up with inflation.