Maryland forecasters warn President Donald Trump’s signature tax and policy law will mean $189 million less in general fund revenue over the next two years, according to an analysis released Friday by the comptroller’s office.

The report looks at what changes in federal tax code will mean for the state and helps forecasters predict Maryland’s future tax revenue.

Federal corporate and personal income tax changes the Republican president signed into law in July — often called the One Big Beautiful Bill —will trickle down to Maryland, stripping an extra $117.9 million from this year’s state income and $71.4 million in budget year beginning in July, the office said.

Much of the decline is due to falling corporate income tax collections. Personal income tax collections are projected to dip slightly this year, before rising next.

The sprawling federal bill included tax cuts for some of the wealthiest earners and will eventually cut health care benefits for low earners, disabled people and children.

Republicans in Congress have said the measure will save the country money. Democrats argue the cuts will hurt American families. The Congressional Budget Office projects the bill will increase the federal budget deficit by $3.3 trillion over the next decade.

Maryland’s Board of Revenue Estimates Director Robert Rehrman called the federal changes a “significant modification of the U.S. tax system.”

Gov. Wes Moore, a Democrat, said in a statement the estimated losses serve as “another example of how Trump’s cruel and heartless policies are hurting our state.”

Global financial services company Moody’s reported in March that Maryland was most at risk from federal cuts and job losses.

Since the Trump administration started slashing the federal workforce, the state has lost more than 12,000 federal jobs. And approved federal cuts to government benefits could mean hundreds of thousands of Marylanders face the risk of losing health care and food benefits.

House Speaker Adrienne A. Jones and Senate President Bill Ferguson did not immediately respond to requests for comment.

Rehrman’s report, required by state law, comes months after Maryland lawmakers slashed the state’s budget and raised taxes on higher earners to close a yawning $3.3 billion budget gap.

The state will present its general fund revenue forecasts on Sept. 25.