Legislative Budget Gas Leasing, Tax Credit Assumptions Released

Senate Republicans today released details on how they came up with revenue estimates for the 3 Caucus legislative budget proposal along with how they plan to cut tax credit programs.
-- the Resource Enhancement and Protection (REAP) farm conservation tax credit would be cut by $1.5 million with $8.5 million available for FY 09-10;
-- the budget anticipates $100 million of additional revenue from leasing State Forest land for Marcellus Shale natural gas drilling. They estimate about 91,000 acres of forest land would have to be leased in FY 09-10 to yield that revenue ($1,100 per acre leased). The document points out Acting DCNR Secretary John Quigley has said the agency plans to lease 75,000-80,000 acres in FY 09-10.
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Both the Senate and House convened and adjourned after only a few minutes today without taking any action.