The Pennsylvania Budget passed the Senate on Friday and was signed into law by Governor Tom Wolf last night.
The budget approved by both the state House and Senate represents a 2.9% increase in spending, but it remains $500 million less than what Governor Wolf had originally proposed in February when he made his budget address. It includes a transfer of $2.1 billion to the state’s rainy day fund, and increases in spending for basic and college education. One of the big things that both sides agreed on was a reduction in the Corporate Net Income Tax rate from 9.99% to 8.99%, with a plan to reduce it in phases to 4.99% by 2031, which is designed to attract more businesses to the state.
Senator Joe Pittman voted in favor of the budget, and talked about what he saw were positives with education spending in the plan.
The budget was initially due on June 30th, but was delayed due to ongoing discussions on how to spend an unprecedented surplus of money the state received.
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