PA Taxes

Issue Spotlight: 2014-15 Budget

Governor Tom Corbett signed a $29.0 billion 2014-15 budget proposal on July 10. Here is the latest.

Budget Analysis: Approved 2014-15 Plan Relies on Uncertain Savings and One-Time Revenues

Mid-Year Review and the Road Ahead: Fiscal Issues Facing Pennsylvania

Commentary: IFO Report Shows Long Term Fiscal Problems

Revenue Update: 2014-15 Revenues Through December Higher than Estimate,Tax Cuts Loom

Browse Tax Publications Below

(HARRISBURG, PA) June 30, 2015 -- Dr. Mark Price, an economist and interim research director of the Pennsylvania Budget and Policy Center, issued the following statement in response to the Pennsylvania Senate’s passage today of HB 1192, which now goes to Gov. Wolf for his consideration:

“We are disappointed that House and Senate Republicans approved a 2015-16 state budget plan that will prolong the failed, cuts-only approach to governing pursued under the previous administration. Apparently, no lessons have been learned from Pennsylvania’s poor economic performance over the past four years. Nor does this budget reflect the will of the majority of Pennsylvanians to fully restore state funding recently cut from education, provide property tax relief and enact a severance tax on gas drillers profiting from our natural resources.

Therefore, we urge Gov. Wolf to veto this ill-advised, hastily conceived and unilaterally developed budget.

 

(HARRISBURG, Pa.) – June 28, 2015 -- The 2015-16 proposed budget passed in a party-line vote by the Pennsylvania House yesterday, and under consideration by the Pennsylvania Senate tonight, continues to rely on the kind of one-time revenue sources and budget fixes that have patched together the state’s last four budgets and that have led to repeated downgrades of the state’s bond rating.

(HARRISBURG, PA) June 27, 2015 – Mark Price, research director of the Pennsylvania Budget and Policy Center,* issued the following statement in response to House Bill 1192, the General Appropriations bill, which the Pennsylvania House of Representatives is debating today:

“This budget is essentially Gov. Corbett’s fifth budget. It resurrects a failed, cuts-only approach to the budget that has been discredited by Pennsylvania’s experience over the last four years, in the vain hope that by doing the same thing again we will produce a different outcome. Pennsylvania’s recent poor economic performance can be directly attributed to this failed approach.

Instead, I encourage members of the General Assembly to look at the latest polls to see what’s important to Pennsylvania voters. Voters want to see restoration of education funding, property tax relief and a tax on drilling.

Gov. Wolf has proposed a severance tax on the extraction of natural gas in Pennsylvania to provide funding for public schools. Lawmakers in both parties have introduced severance tax bills every year since 2009, and every year the gas drillers have successfully fought the tax, spending $46.8 million on lobbying since 2007.  Much of the industry’s lobbying money has gone into manufacturing a narrative, built on a foundation of myths, about the economic benefits of drilling and the fragility of the industry.

One critical value that should guide tax policy in our view is “revenue adequacy” – having enough revenue to invest in essential public goods, starting with education, and in services critical to quality of life for middle‐ and low‐income families.

General Fund revenue collections exceeded official revenue targets by just under $50 million in May. This pushes the fiscal-year-to-date revenue surplus to $619 million, or 2.3% above estimate. While revenues exceeding estimate are a good signal that the economy is doing better than expected, the 2014-15 surplus is unlikely to have the positive impact on the 2015-16 budget that one would normally expect.

 

(HARRISBURG, Pa.) June 10, 2015 – A diverse array of 41 major organizations, which serve or represent millions of Pennsylvanians, today called on state lawmakers to enact a fair and reasonable tax on the extraction of natural gas and use the revenue to reinvest in Pennsylvania’s public schools, promote economic development and clean energy, and strengthen oversight of the natural gas industry.

Monthly archive