State Budget and Taxes

KRC/PBPC Insider News for the Week Ending Oct. 23, 2015

Posted by Anonymous on October 26, 2015 12:19 pm

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State House Majority Leader Dave Reed told Patriot-News/Pennlive.com Editorial Page Editor John Micek last week that the next few weeks will be critical in the ongoing state budget negotiations. Leader Reed said there is bipartisan support for more funding for education and a lot of interest in property tax relief. But there isn’t agreement yet on how these should be achieved. "We want to fix the structural deficit.

Why the Budget Matters: Way No. 4 -- Pre-Kindergarten Funding

Posted by Anonymous on October 22, 2015 4:23 pm

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Pre-K Expansion Would Enhance Educational Opportunity and Economic Growth and Pay for Itself Many Times Over

14,000 more children statewide would gain entrance into pre-kindergarten

KRC/PBPC Insider News for the Week Ending Sept. 4, 2015

Posted by Anonymous on September 8, 2015 11:05 am

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The Associated Press reported that Gov. Wolf is trying a new strategy as the state budget impasse extended into its ninth week – negotiating in private meetings with top Republican leaders instead of in brief but large gatherings with dozens of legislators and their staff. On Sept. 1, Gov. Wolf met at his official residence with Senate Majority Leader Jake Corman and House Majority Leader Dave Reed.

IFO Forecasts Lower Property Tax Revenue in Future

Posted by Anonymous on February 6, 2015 5:12 pm

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Act 1 may not be perfect, but it has slowed the growth of school property taxes. Since the passage of Act 1 in 2006, and its revision in 2011, the growth of school property taxes has moderated in Pennsylvania. A newly revised forecast from the Pennsylvania Independent Fiscal Office (IFO) shows more modest growth in coming years.

Shortsighted Policies Led to Pa.'s Money Woes

Posted by Anonymous on September 16, 2014 4:48 pm

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State Budget and Taxes

Pennsylvania is already short of money and borrowing to pay bills less than three months into a new budget year. And that's after transferring $225 million from other state funds in July.

State officials can't blame a natural disaster, unfortunate accident or month of unexpectedly low tax collections. Instead, the culprit is a built-in imbalance between revenues and expenditures triggered, in large part, by policymaker choices.

Tax revenues continue to nosedive in May. Now $174 million less than last year due to corporate tax cuts. 2014-15 shortfall continues to grow.

Posted by Anonymous on June 5, 2014 11:18 am

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State Budget and Taxes

For the sixth straight month, General Fund revenues fell short of estimate in May, missing the target by $108 million, or 5.5% for the month. The year-to-date revenue deficit grows to $613 million, or 2.3% below estimate (excluding the early transfer of liquor store profits in March). The deficit is now larger than the $581 million the Independent Fiscal Office had forecasted for the fiscal year just one month ago, as tax collections in nearly every category fell short of estimate in May.

1314 Revenue Tracker by Month May 2014

May 2014 Revenues to Estimate

May 2014 Revenues to Prior Year

Natural Gas Producers in PA Don't Pay Their Fair Share

Posted by Stephen Herzenberg on October 18, 2017 1:30 pm

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In recent months -- and weeks -- Pennsylvania’s legislature has shown renewed interest in enacting a severance tax on natural gas extraction as part of the state’s overdue revenue package to fund the state budget. In response, the natural gas industry has maintained a steady drumbeat of communications claiming that Pennsylvania already has a tax on gas extraction because of its per well impact fee which does not rise with the volume or value of gas drilled.

STATEMENT: On State House Revenue Plan

Posted by Marc Stier on October 18, 2017 10:03 am

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State Budget and Taxes

Update noon, October 18: There is talk around the capitol that a shale tax will come out of the House Finance Committee today and coming to a vote on the House floor later this week. This legislation must be part of the budget this year. It is the difference between a budget that takes a step forward to address our long term budget problems and one that makes those problems worse.

STATEMENT: On the Governor's Plan to Securitize PLCB Profits

Posted by Marc Stier on October 4, 2017 5:25 pm

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State Budget and Taxes

Marc Stier, Director of the PA Budget and Policy Center, made the following statement after the release of the Governor's plan to securitize PLCB profits.

No time for giving up

Posted by Marc Stier on October 3, 2017 6:21 pm

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State Budget and Taxes

It appears that members of the General Assembly are moving towards a final plan for funding the budget they passed in June. We share the sense of relief that is gradually emanating from the Capitol—we, too, are tired of talking about the budget. But we also know that the urge to get something done can sometimes overcome the urge to get it done right. So now is the time for members to demand that this budget not just be finished but be finished right. That means two things.

Third and State