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Comptroller Franchot estimates revenue loss from Irene
//August 31, 2011
ANNAPOLIS — Comptroller Peter Franchot’s office estimates Maryland lost more than $2 million in revenue due to business lost in Ocean City because of Hurricane Irene last weekend.
Franchot estimated the state lost about $1.75 million in sales tax revenue and $150,000 in withholding taxes following the evacuation of beach resort town.
Officials also estimated a $60,000 loss in gas tax revenue, because weekend trips were canceled. Officials also say about $45,000 in toll revenue also was lost.
The comptroller asked the state’s Bureau of Revenue Estimates to study the storm’s economic impact. That will allow the information to be included in the state’s next round of revenue estimates, which are scheduled to be released in mid-September.
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