Pennsylvania Republican lawmakers voiced optimism last week that the commonwealth’s onerous Corporate Net Income Tax (CNIT) might finally soon get reduced, given a recent overwhelming state House vote to do so.
At 9.99 percent, the Keystone State’s CNIT is the second highest in the U.S. A bill by Rep. Joshua Kail (R-Monaca) would reduce the rate to 8.99 percent. His legislation passed the House of Representatives 195-8.
Pennsylvania’s House Appropriations Committee ended hearings on next fiscal year’s budget on Thursday, with the governor’s budget chief defending a plan that many lawmakers fear significantly overspends.
Governor Tom Wolf (D) has asked the Republican-controlled General Assembly to consider a Fiscal Year 2022-23 budget that spends $43.7 billion, an increase of 16.6 percent over current expenditures. His proposal assumes the state will enjoy a revenue intake that surpasses that predicted by the nonpartisan Independent Fiscal Office (IFO) by $762 million.
Pennsylvania State Representative Stan Saylor (R-Red Lion) announced Monday he’ll introduce a resolution exhorting New Jersey and New York’s respective governors to allow construction of natural-gas conduits.
In 2014, Democratic New York Governor Kathy Hochul’s predecessor Andrew Cuomo (D) banned hydraulic fracturing (or “fracking”) for natural-gas extraction and thenceforth barred the creation of new natural-gas pipelines. Last month, Hochul endorsed a statewide prohibition of gas power for new buildings, the first such state-level interdiction in the U.S.
On Tuesday, at the first legislative hearing on Pennsylvania’s next budget, the Wolf administration and the Independent Fiscal Office (IFO) offered divergent near-term revenue projections.
Governor Tom Wolf (D) proposed a Fiscal Year 2022-23 budget last week that would total $43.7 billion, 16.6 percent greater than the current fiscal year’s spending allotment. The plan’s feasibility (without a tax increase) will partly depend on whether the general-fund revenues anticipated by the governor’s Revenue Secretary, C. Daniel Hassell, come to fruition.