March is always the most important month for the collection of corporate taxes because nearly half of all corporate tax dollars for the fiscal year come in at this time. While overall tax collections were on target in March 2015, a closer look shows why we need to re-think our corporate tax policies in Pennsylvania.
PBPC hosted its annual Pennsylvania Budget Summit in Harrisburg, providing an in-depth look at the state and federal budget plans and what they mean for communities and families across Pennsylvania. Check out online resources from the Summit.
HARRISBURG, PA (March 3, 2015) — Stephen Herzenberg, executive director of the Keystone Research Center (KRC) issued the following statement on behalf of KRC and the Pennsylvania Budget and Policy Center:
“Gov. Tom Wolf’s first budget would get Pennsylvania back on the right track by investing in the future to help our economy grow more rapidly and making progress towards getting the state’s fiscal house in order.
Responding to overwhelming public support for enacting a severance tax on natural gas production, Governor Wolf and several members of the General Assembly have released severance tax proposals in 2015. Actual production results from 2014 show that these plans would generate hundreds of millions of dollars in funding for schools, health care, environmental protection, and other critical needs.
HARRISBURG, Pa. (Feb. 18, 2015) – The Better Choices for Pennsylvania Coalition released today a list of 19 recommendations to make Pennsylvania’s tax system fairer. State and local taxes require low- and middle-income workers to pay more of their income in taxes than the highest-income Pennsylvanians, making it hard to raise sufficient funds for public schools, higher education, health care and other vital services.
December revenue collections were better than expected, coming in $162 million higher than the December revenue target. This pushes the 2014-15 revenue surplus to $271 million, or 2.1%.
While having more money is better than having less money when trying to balance the state budget, the current 2014-15 revenue surplus pales in comparison to the $2 billion shortfall projected for 2015-16.
HARRISBURG, PA (Dec. 9, 2014) – A severance tax on natural gas, which every other major gas-producing state already has in place, will generate significantly more revenue for Pennsylvania than the current impact fee, even at lower gas prices.