Yesterday, the House Finance committee took several hours of testimony on HB 2186, the bill to authorize new revenue sources to fund McCleary, K 12, and other priorities in the House’s recently approved budget. It would authorize an additional $2.8 billion of new revenue sources in the 2017-19 budget which would grow to $4.8 billion in the 2019-21 budget. The majority of these increases in 2017-19 would come from three sources: B&O tax ($1.2 billion), capital gains ($715 million), and, real estate excise tax (REET) $435 million. Here is a complete listing at this table.
Not surprising, there were many more supporters than opponents testifying at the hearing. The committee approved the bill on party line vote this morning sending it to an uncertain future on the House floor.