(a)(1) In this section the following words have the meanings indicated.
(2) “Group” means the Consensus Revenue Monitoring and Forecasting Group established under this section.
(3)(i) “State share of nonwithholding income tax revenues” means the State share of income tax quarterly estimated and final payments with returns made by individuals, as defined in § 10-101 of the Tax--General Article.
(ii) “State share of nonwithholding income tax revenues” does not include:
1. the county share of income tax quarterly estimated and final payments with returns made by individuals;
2. income tax payments made by corporations;
3. income tax refunds paid to individuals or corporations; or
4. income tax withholding.
In general
(b) There is a Consensus Revenue Monitoring and Forecasting Group.
Composition
(c) The Group consists of:
(1) the Chief and staff of the Bureau as designated by the Chief;
(2) the Deputy Comptroller with responsibility for tax administration and staff as designated by the Deputy Comptroller with responsibility for tax administration;
(3) staff of the Office of the Treasurer as designated by the Treasurer;
(4) staff of the Department of Budget and Management as designated by the Secretary of Budget and Management;
(5) staff of the Department of Transportation as designated by the Secretary of Transportation; and
(6) staff of the Office of Policy Analysis of the Department of Legislative Services as designated by the Director of the Office.
Chief as chair of Group
(d) The Chief shall chair the Group.
Review, analysis of revenues
(e) The Group and its constituent units shall:
(1) review and analyze attainment of revenues on a monthly basis;
(2) advise and collaborate with the Bureau:
(i) in the development of revenue forecasts and any necessary revisions to those forecasts; and
(ii) in the performance of any pertinent studies or analyses as requested by the Chief or as directed by the Board;
(3) develop and recommend to the Bureau a methodology for determining the State share of nonwithholding income tax revenues for each fiscal year; and
(4) before a new Chief is appointed, review and evaluate candidates for the position.
Data provided by Comptroller, Bureau
(f) To assist the Group in performing its function, the Comptroller and the Bureau shall:
(1) within 7 calendar days after the end of each month, provide to members of the Group detailed data on revenue collections;
(2) before any document relating to the work of the Bureau is published, provide a draft of the document to the members of the Group for review and comment; and
(3) at the request of the Group, provide research and analysis of particular issues identified by the Group in the course of its duties.
Credits
Added by Acts 2007, 1st Sp. Sess., c. 2, § 8, eff. Jan. 1, 2008. Amended by Acts 2017, c. 4, § 1, eff. July 1, 2017; Acts 2017, c. 550, § 1, eff. July 1, 2017; Acts 2021, c. 654, § 1, eff. Oct. 1, 2021; Acts 2021, c. 655, § 1, eff. Oct. 1, 2021.
MD Code, State Finance and Procurement, § 6-105, MD STATE FIN & PROC § 6-105
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
