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Comptrollers office warns federal cuts, state tax changes could squeeze Howard County revenues
Summary
A comptrollers office official told the Howard County Council that reductions in federal employment and contracting, together with state tax proposals and possible cost shifts, could slow local revenues. Officials said they are monitoring data and will provide follow-up information to the council.
Michael Beard, director of intergovernmental affairs for Comptroller Brook Thurman, told the Howard County Council on Wednesday that recent federal and state developments could reduce revenue available to the county.
Beard said Howard County accounts for nearly 9.7% of Marylands gross income from federal wages for tax year 2023 and that the average federal civilian salary in the county was about $129,580. "Further reductions in federal employment and spending will have a slowdown on Maryland's economy. That's just a fact," Beard said, citing a March Board of Revenue Estimates meeting.
The comptrollers office briefed the council on several risk factors: a decline in federal employment and federal contracts, a lowered state withholding forecast and a state budget proposal that would change how itemized deductions are treated for state income tax purposes.
Why it matters: Howard County has a high share of residents with federal wages and substantial exposure to federal procurement and contracts. Changes at the federal level or in state tax policy can reduce…
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