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2w ago

Maryland Finalizes $67 Billion Budget to Address $3.3 Billion Deficit

The legislative session concludes with tax reforms, spending cuts, and major policy measures on energy, education, and healthcare.

FILE - The Maryland State House is shown, May 11, 2023, in Annapolis, Md. (AP Photo/Brian Witte, File)
Folders containing bills and state senate documents pass hands during the final day of the 2025 legislative session at the Maryland State House. (Karl Merton Ferron/Staff)
Del. Brian Chisholm, R-Anne Arundel County holds the bill from Schoolhouse Rock! during the last Saturday House session of the Maryland General Assembly before Sine Die at midnight on Monday. (Kim Hairston/Staff)
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Overview

  • Maryland lawmakers closed a $3.3 billion budget deficit through $2 billion in spending cuts and $1.6 billion in new tax revenues.
  • The $67 billion budget includes a 3% tax on IT services, new tax brackets for high-income earners, and a 2% capital gains tax for those earning over $350,000 annually.
  • Key social policies include $25 million for abortion grants, permanent health insurance subsidies for young adults, and expanded criminal record expungement provisions.
  • The Next Generation Energy Act was passed to promote renewable energy sources and phase out older coal and oil plants.
  • Partisan debates highlighted Republican opposition to tax increases and regulatory measures, while Democrats defended them as necessary for fiscal stability.