ANNAPOLIS, Md. (AP) — Maryland’s revenue forecast jumped an additional $1.6 billion for the current fiscal year and next, state officials said Thursday, prompting a halt to the tax on the state on gasoline amid rising prices as the country cuts Russian oil. imports.

The increase in revenue projections is the continued result of huge federal aid to fight the coronavirus pandemic. The revenue comes on top of several billion dollars in budget surplus that state lawmakers have considered managing as they shape the state budget for the next fiscal year.

The incremental revenue estimates, which include $867 million for the current fiscal year and $737 million for the next, are largely due to growth in personal and corporate tax revenues.

Comptroller Peter Franchot, a Democrat, and Governor Larry Hogan, a Republican, are calling for the gas tax to be suspended.

Franchot, a member of the Board of Revenue Estimates and a state tax collector, called for a three-month gas tax holiday, as well as a second round of economic stimulus to help low-wage earners. , small businesses and childcare providers who continue to fight the pandemic.

“We are in a strong financial position to help the people of Maryland and our small businesses, and if passed, this gas tax exemption provides immediate financial relief to all Marylanders,” said Franchot, whose office also regulates fuel, at a board meeting to revise revenue projections, adding, “It would affect everyone.”

Hogan released a statement after the board meeting to also support a gas tax suspension — and to push for his proposal to provide tax relief to state retirees.

“This report further proves that we have a unique opportunity to advance substantial tax relief for our families, small businesses and retirees,” Hogan said. from gas to groceries – the people of Maryland, especially our retirees, deserve and need this relief.

The General Assembly, controlled by Democrats, is considering a series of tax relief measures. For example, the House of Delegates has already passed a set of laws to help working-class and middle-class families, including reducing the state sales tax on items such as diapers, baby seats, and more. and diabetic care products.

“With this revenue assessment, I believe the state has an opportunity to make prudent investments to help Marylanders who need it most,” said Treasurer Dereck Davis, a Democrat on the Board of Revenue Estimates. of State.

The governor also expressed support for legislation that would end the state’s automatic annual gasoline tax increases, based on inflation as measured by the Consumer Price Index.

“We shouldn’t get out of here and let an automatic gas tax increase, not with what people are currently paying at the pump. It was a terrible idea in the first place and now with inflation and gas at record highs, we have to stop it,” Sen. Michael Hough, a Frederick County Republican who sponsors the project, told reporters on Wednesday. of law.

Combined with a general fund balance of $2.5 billion as of fiscal 2021, Maryland has about $7.5 billion in excess revenue over a two-year period, the comptroller’s office said.