Maryland HB594 allocates a portion of sales and use tax revenues to the City of Baltimore and the Future Fund.

Maryland HB594 modifies the distribution of sales and use tax revenues. It allocates a specific percentage of these revenues to Maryland’s Future Fund, increasing incrementally from 9.2% in fiscal year 2023 to 12.1% in fiscal year 2027 and beyond. Additionally, the bill mandates that the Comptroller pay one-third of the sales and use tax revenues from retail sales within the City of Baltimore to the city itself. This bill takes effect July 1, 2026.

Maryland HB594 allocates a portion of sales and use tax revenues to the City of Baltimore and the Future Fund.

Maryland HB594 modifies the distribution of sales and use tax revenues. It allocates a specific percentage of these revenues to Maryland’s Future Fund, increasing incrementally from 9.2% in fiscal year 2023 to 12.1% in fiscal year 2027 and beyond. Additionally, the bill mandates that the Comptroller pay one-third of the sales and use tax revenues from retail sales within the City of Baltimore to the city itself. This bill takes effect July 1, 2026.