Gov. O'Malley's 2013 State Budget
Here are some initial highlights from Governor O’Malley’s FY 2013 Budget. As more information comes up we will keep you updated.
Teachers pensions are shifted to the Counties by 50%.
Cap Income Tax Deductions for Higher Earners – Capped at 90% for incomes above $100k Capped at 80% for incomes above $200k
Phase-out Exemptions for Higher Earners Exemptions reduced from $2,400 to $1,200 per person for singles $100-$125k and couples $150-175k Exemptions eliminated for singles above $125k and couples above $175k
Increasing the “Flush Tax.” Possibly by tying the increase to consumption.
Governor’s Budget Highlights
Increasing Tobacco Prices
Possible Internet Sales Tax