Governor Wolf gave his state budget address this morning, and it includes increases and changes to many programs. Here are some highlights, and below you can find a chart detailing some line items we found interesting/important. Tell us if there are other line items you want to see in the comments, or find them here.
- Pre-K, public schools, public universities, community colleges, and the state system of higher education will all receive increased funding.
- According to the Governor's budget address, the state share of public funding will be 50%.
- Governor Wolf also called on all institutions of higher education to freeze tuition
- A new severance tax will be tied to education funding. It is projected to bring in $1B in revenue each year.
- The personal income tax will go up to 3.7%, and the sales tax will go up to 6.6% and will include "include services that currently are not taxed because special interest groups have lobbied for special exemptions."
- The budget also cuts the corporate net income tax rate by 40 percent in the first year and 50 percent by 2018.
- As of January 2016, Capital Stock and Franchise Tax will be phased out.
- A new line item will transfer $2.1 B to property tax relief.
- Governor Wolf is calling for a minimum wage increase to $10.10/hour.
- As expected, Governor Wolf proposes that Pennsylvania become a Medicaid Expansion state, which would give the state access to funding under the Affordable Care Act.