Projected revenue loss from the state’s general fund due to the coronavirus pandemic may not be as severe as was previously anticipated, Maryland’s top economist said Thursday.
“I scored the worst-case scenario for fiscal year twenty  at $2.8 billion. Now we are showing a likely range of between $900 million and $1.1 billion,” Andy Schaufele, director of Maryland’s Bureau of Revenue Estimates, said at a virtual nonvoting meeting on Facebook Live with Comptroller Peter Franchot and the two other members of the Board of Revenue Estimates. The current fiscal year extends through June 30.
“First, obviously the worst-case scenario was just that…we now have data that shows our income tax withholding has been far more resilient than I had expected. We actually had growth