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Officials still struggling to see how federal tax cuts will affect Montgomery County

  • Published in Local

ROCKVILLE — When County finance officials arrived Monday to a pre-scheduled briefing with the Montgomery County Council on the effects the recently-passed federal tax cuts will have on the County, the analysis they provided to the Council was sobering: they don’t know what the effects will be. 

Monday’s briefing, which brought together legislative staff, finance officials and economists to meet with the County Council, came on the heels of the release of a report by the state comptroller on the Tax Cuts and Jobs Act passed in December. While the session was meant as a briefing to the Council on the potential impact of the tax cuts – which already have resulted in a $120 million budget shortfall for the current fiscal year – after less than three months under the overhauled tax code, it is still too early to tell what the effect will be on the County and state.

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