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 Budget Updates

 
  • Governor Signs Revenue Bills Into Law
    Tuesday, October 31, 2017
    On Oct. 30, Gov. Wolf signed into law several bills comprising a revenue package to balance the FY 2017-2018 state budget, including amendments to the Tax Reform Code, Fiscal Code and gaming laws. Together, the bills authorize $1.5 billion to be derived from the state's Tobacco Settlement Fund, impose a new tax on consumer fireworks, require online vendors to remit the state sales tax, require the Budget Secretary to develop a list of $300 million in transfers from dedicated funds to the General Fund, and generate an expected $238 million in expanded gaming, among other provisions.


  • General Assembly Sends Revenue Proposal to Governor
    Thursday, October 26, 2017
    The General Assembly has sent a Tax Reform Code bill (HB 542) and a Fiscal Code bill (HB 674) to the Governor's desk, comprising a revenue package to balance the FY 2017-2018 state budget. Together, the bills authorize $1.5 billion to be derived from the state's Tobacco Settlement Fund, either by borrowing against the funding stream or selling a portion of the settlement fund over 10 years; impose a new tax on consumer fireworks; and require online vendors to remit the state sales tax, among other provisions. In addition, the Budget Secretary would be required to develop a list of $300 million in transfers from dedicated funds to the General Fund.
    More Information:
    HB 542 - Tax Reform Code


  • House Approves New Revenue Proposal
    Thursday, October 19, 2017
    On Wednesday, the House approved amendments to HB 542, reflecting that chamber's latest proposal to close the $2.2 billion budget gap, by a 102-88 vote. These amendments authorize $1.5 billion to be derived from the state's Tobacco Settlement Fund, either by borrowing against the funding stream or selling a portion of the settlement fund over 10 years; imposes a new tax on consumer fireworks; and requires online vendors to remit the state sales tax, among other provisions. Other budget-related bills are reported to include other elements to balance the FY 2017-2018 budget, including the potential transfer of revenue from dedicated funds, though amendments have yet been offered.
    More Information:
    House Bill 542