ANNAPOLIS, Md. (AP) — Tax revenue in Maryland will go up an estimated $438 million in tax year 2018 due to the federal tax overhaul, if state lawmakers don’t make adjustments to the state’s tax code.
The Maryland Bureau of Revenue Estimates released an analysis on Thursday of how the federal law will affect Maryland.
Andrew Schaufele, the director of the bureau, says about 68 percent of Maryland taxpayers will not see a change in state and local taxes, while 4 percent will pay less and 28 percent will pay more.
The reason for the changes is that Maryland state and local tax works in concert with the federal tax code.
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Gov. Larry Hogan has scheduled a news conference to talk about the report.