Wednesday, October 25, 2017

Senate Sends Tax Code Bill With NO Environmental Riders To Governor

The Senate Wednesday voted 29 to 21 to send a Tax Code bill-- House Bill 542 (Thomas-D- Philadelphia)-- to the Governor’s desk with NO environmental riders.
The bill authorizes the Commonwealth Financing Authority to borrow $1.5 billion by securitizing or “liquidating” the Tobacco Settlement and possibly some other General Fund monies, would apply the Sales Tax to online marketplaces ($43.5 million) and impose a new 12 percent assessment on fireworks purchases ($31.7 million).
Also included are provisions related to the Net Operating Loss in the event of an adverse PA Supreme Court decision, changes to the timing and withholding of individual and lease taxes, a deduction for manufacturing innovation and reinvestment was added along with establishing two film production tax credit districts and an entertainment economic enhancement program tax credit for rehearsal areas.
There are no commercial storage, hotel or natural gas severance taxes.
There are no environmental riders or a natural gas severance tax, but does include extending the Wild Resource Conservation Tax Checkoff indefinitely.
Click Here for a House Fiscal Note and summary.
The Senate has the gaming bill to do yet tonight and House has funding for state-related universities to go yet as well as concur in any Senate-passed gaming bill.
Status Of Other Budget-Related Bills
-- Fiscal Code bill-- House Bill 674 (sponsor withdrew) WITH $300 million in fund transfers, environmental riders is on the Governor’s desk.  Click Here for House Fiscal Note and summary.
-- Administrative Code bill-- House Bill 118 (Kaufer-R-Luzerne)-- is on the Governor’s desk WITH environmental riders.  Click Here for Senate Fiscal Note and summary.
Severance Tax
NOT part of the FY 2017-18 budget package, the natural gas production severance tax bill-- House Bill 1401 (DiGirolamo-R- Bucks)-- was removed from the Table and is now on the House Calendar for action.

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