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Senate committee to discuss balancing state budget

ANNAPOLIS — A Senate panel that helps guide state spending will be discussing a big budget-balancing measure.

The Senate Budget and Taxation Committee is scheduled to hold a hearing on the state’s budget reconciliation and financing measure on Wednesday.

The bill helps balance the state budget by transferring money, increasing taxes and fees and eliminating several tax credits and exemptions. Lawmakers are mulling over changes to the governor’s budget plan.

One of the more contentious items would cap income tax deductions at 90 percent for taxpayers with incomes above $100,000 and 80 percent for taxpayers who make more than $200,000. Another would split teacher pension costs with Maryland counties to save about $239 million.