Annapolis is abuzz with special session speculation. Here’s a quick update.
Governor Martin O’Malley met with House Speaker Michael Busch and Senate President Thomas V. Mike Miller in Annapolis this morning. No date has been set, but we’re told that they are looking at the week of May 14 for a one or two day session to address budget and tax issues. The Washington Post are reporting that they are also considering a second special session in August to deal with the expansion of gaming.
The budget and tax package to be considered in May is expected to be very similar to the one that was moving through the legislature on the final day of the session (SB 152 and SB 523). The plan would have transferred funds from IWIF, shared teacher pension costs with county school boards, raised taxes, and taken other cost containment measures.
The main tax increase that is expected to be part of the plan is an increase in individual income tax rates for individuals with incomes over $100,000, though the Senate is expected to push a plan to increase the rate for individuals earning more than $75,000.
Issues like the gas tax increase and expansion of sales tax to services are not expected to be part of the special session. We’ll provide further updates as details become available.