State lost $20M in taxes and fees due to auto sales drop
Figures from the Maryland Motor Vehicle Administration show that sales of new vehicles in Maryland dropped about 18% in 2008 compared to 2007. Sales of used vehicles dropped about 11% for the same period.
Maryland State Comptroller Peter Franchot says that has meant a loss of about 200Million dollars in vehicle sales tax revenue for the state of Maryland. Franchot calls that a very serious decline in revenue for the Maryland Transportation Trust Fund.
Franchot says realistically, “it is probably going to get worse before it gets better.”
The Transportation Trust Fund is used to repair the state’s infrastructure including, roads and bridges. Franchot calls it the “spark plug” of Maryland.
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