Updated: AP: Wolf’s New Tax Package Scales Back Tax Increases, Includes Severance Tax; Summary Available

The Associated Press reported Tuesday Gov. Wolf has a new tax package that scales back proposed tax increases and spending proposals for the House to consider Wednesday.
A summary of amendment A03468 House Democrats plan to offer to House Bill 283 (F.Keller-R-Snyder) Wednesday is now available.

Wolf proposes an increase in the Personal Income Tax from 3.07 to 3.57 percent, but will not propose any increase in the Sales Tax or its exemptions.  He would also dropped proposals for higher business and cigarette taxes.

The revised package does include a proposed natural gas severance tax of 3.5 percent, plus 4.7 cents per thousand cubic feet, which is less than the 5 percent tax he proposed in February with the same 4.7 cent additional fee.
The new proposal includes reenactment of the current Act 13 drilling impact fee.

In addition, Wolf is proposing a property tax reduction program that would eliminate the tax for an estimated 216,000 senior citizens and 31,000 households with disabled residents.

The proposals are expected to raise $1.4 billion in FY 2015-16 to close what Wolf said is a structural deficit and provide an additional $400 million in education funding.

Click Here for a summary of the proposed amendment prepared by House Democratic Appropriations Committee staff.

NewsClip:

APNewsBreak: Wolf Plan Seeks Higher Income, Drilling Taxes
Wolf Still Seeking PIT Tax Increase, Shale Tax
Wolf Seeks 3.57% Income Tax, Shale Tax