Maryland Comptroller William D. Schaefer said today that revenue from income tax withholding exceeded $1 billion in February, the largest amount ever for one month in the state.
"This achievement was made possible largely by revenue enhancement initiatives we suggested last year - and were adopted by the Legislature - to accelerate the flow of withholding taxes from employers," Schaefer said in a prepared statement.
Employer withholding payments totaled $7.4 billion in fiscal 2003, accounting for more than 80% of the $9.15 billion collected in income tax revenue, the comptroller's office said.
