Governor Wolf Highlights Budget Priorities
Governor Wolf recently met with groups in Harrisburg to promote his priorities he’d like to see in the final version of Pennsylvania’s next budget currently being worked out in the state legislature.
Wolf said at the meeting “We have an opportunity before us to build on the work we’ve done over the past seven years and make a major new investment in our economy and in Pennsylvanians.” “That’s exactly what I want to do in this year’s budget: build on our successes in order to pave the way to a prosperous future for all Pennsylvanians. And right now, we have the money to do it.”
Some of the highlights from Wolf’s proposed budget include:
$1.25 billion in basic education funding to support students and provide relief to taxpayers.
$300 million for the Level Up initiative launched last year to support the 100 most underfunded schools in the state.
$200 million for the Nellie Bly Tuition Program so more people can earn a degree with less debt and more young people will remain in Pennsylvania.
Increase the minimum wage to $12 per hour on July 1, 2022, with annual increases of $0.50 until reaching $15 in 2028.
Reduce the corporate net income tax rate from 9.99% to 7.99% immediately, with a path to 4.99%.
$1.5 million increase for the PREP Network to help small businesses and higher education institutions partner to benefit students and entrepreneurs.
$8 million for job training through the Workforce and Economic Development Network of Pennsylvania, which has helped more than 2,000 companies train nearly 1.3 million Pennsylvanians, and an $18 million increase to support the Ben Franklin Technology Development Authority for innovation in the commonwealth.
Additionally, the Governor, who is term-limited, wants to spend the $1.7 billion of American Rescue Plan Funds allocated to Pennsylvania yet to be spent on several initiatives, including:
$500 million to create the PA Opportunity Program to give money directly to Pennsylvania families in need.
$225 million to help small businesses through the COVID Relief Statewide Small Business Assistance Program.
$204 million to increase property tax relief through the existing Property Tax/Rent Rebate Program.
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Material discussed is for informational purposes only. It is not to be interpreted as investment, tax, or legal advice. Individual situations vary, and this information should only be relied upon when coordinated with individual professional advice.