Budget Update 10/2/17: The Pennsylvania House adjourned on Monday, October 2nd with several members indicating that there indeed is a problem getting the 102 votes for a tax package that includes commercial storage, which is projected to bring in over $175 million in new and sustainable revenue. The Senate did convene for session but all eyes are on the House to “close the deal” on a tax package to close the $2.2 billion deficit.
Stay Tuned … Rocco Pugliese
Yes, your eye sight is not deceiving you but at the same time, I would not take the above statement to the bank – not just yet!!
There is a “tentative deal” with the Administration as well as the Senate and House leadership on a budget framework that is fluid in nature and may, at any time, implode. However, at this current minute on Friday afternoon, September 29, 2017, the deal entails the following:
Tobacco settlement cash advance of over $1.2 billion; expanded gaming- such as internet gaming, sports betting and possibly VGT’s in a very limited manner along with iLottery; fund transfers; several sales tax items – commercial storage and fireworks; tinkering on net operating loss carryover due to a court case; and, several other items to help close the budget deficit in order to fund the $32 billion budget and level funding for state-relateds.
The Senate was called back from legislative recess by the President ProTem Joe Scarnati for Monday, October 2, 3 and 4th.
So, stay tuned and check our blog from time to time next week.
Thanks – Rocco Pugliese