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Board of Revenue Estimates notes drop in income tax revenue

ANNAPOLIS — Maryland’s Board of Revenue Estimates has revised state revenue projections downward by about $80 million for the current fiscal year and $50 million for the next one.

The board released the new estimates Wednesday.

The revisions are largely due to lower-than-expected individual income tax collections, which are down about $101 million this fiscal year. Corporate income taxes, however, are up about $21 million.

Comptroller Peter Franchot, one of three board members, said the numbers show Maryland’s economy remains fragile. At best, he said only modest economic growth can be expected for the foreseeable future.

T. Eloise Foster, Gov. Martin O’Malley’s budget secretary and a board member, said the revision is relatively modest and manageable. She said the budget contains enough balance to absorb the reduction without affecting current state services.