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2011-12 state budget holds the line on spending, business taxes
PA Chamber applauds governor, lawmakers for fiscal restraint Pennsylvania has its first on-time budget in eight years. Gov. Tom Corbett signed the $27.149 billion 2011-12 General Fund budget late on Thursday, June 30. The budget contains no new taxes on job creators and brings spending back to pre-recession levels. It also continues the much-delayed phase out of the Capital Stock and Franchise tax – an uncompetitive tax on businesses regardless of whether or not they make a profit. The final budget increases spending for basic K-12 education subsidies, while reducing overall state education spending by $300 million. Some consider the cut to be $900 million if counting federal stimulus dollars. However, which states were warned that stimulus money was one-time funding and should not be relied on to support new initiatives or to be considered a permanent funding source. Complete budget details will be available next week on the PA Chamber’s website. While recognizing that doing so required tough budget negotiations and difficult choices, the PA Chamber applauds the administration and lawmakers for adopting a budget that controls state government spending and holds the line on taxes at a time when job creators and families most need the Commonwealth to restrain spending. In a related matter, discussions about the implementation of a Marcellus Shale impact fee are on hold until at least this fall. ### |
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