2019-2020 Pennsylvania Budget

Governor Tom Wolf and the Pennsylvania legislature finalized the state budget before the beginning of the new fiscal year on July 1, 2019.  The budget does not include any tax increases or new taxes.

Governor Wolf had pressed for a severance tax in his February budget proposal, but was unable to secure the tax with Republicans controlling the House and Senate. Raising the state minimum wage to $12 an hour and tethering it to inflation was a proposal Wolf supported even before he took office, but this amendment was also denied and did not make it into the final bill.

The budget does include significant increases in spending for education and healthcare services.  Funding for the popular Educational Improvement Tax Credits did increase by $25 million after the Governor vetoed efforts to increase it by $100 million in June.

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The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2019 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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