Gov. Rendell has proposed a one-half percent increase in the Personal Income Tax and a suspension of the phase out of the Capital Stock and Franchise Tax over the next three years to raise $1.8 billion to help close a $3.2 billion budget shortfall.
The Governor Wednesday also proposed an additional $500 million in budget cuts across all state agencies. (click here for complete list.)
This latest round of cuts involves $16 million in cuts to the Departments of Agriculture ($5 million), Environmental Protection ($7 Million) and Conservation and Natural Resources ($4 million).
These cuts come on top of $18.2 million in cuts to these same agencies late last year-- Agriculture ($3.4 million), Environmental Protection ($9.7 million) and Conservation and Natural Resources ($5.1 million).
In addition, the Governor transfered $174 million in revenue from leasing Marcellus Shale natural gas drilling rights in State Forests from DCNR to the General Fund to help balance the current year's budget.
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