Corman: Revenues to Continue to Fall
Below Projections as End of FY Nears
State Senator Jake Corman says the state budget deficit for this fiscal year continues to grow and is more than $1.2 billion.
That’s up by $125 million over numbers at the end of April, because of continuing declines in major state revenues including sales taxes, personal income taxes and corporate taxes.
Corman, who is chairman of the Senate Appropriations Committee, noted that the continued weak revenue collections already far exceed Governor Ed Rendell's anticipated year-end shortfall estimate by well over half a billion dollars.
House Democrats and Rendell want to enact a severance tax on natural gas extracted from Marcellus shale areas; impose a new tax on smokeless tobacco and raise the cigarette tax by 30 cents a pack.
"The well of tax revenues is too dry to fill buckets of new spending," said Corman. "I think state residents recognize those realities and are willing to deal with short-term pain in return for a better economic outlook in the long term."
This is the last month of Pennsylvania’s current fiscal year, and some state officials expect the final deficit to be as much as $1.5 billion.
http://senaterepublicannews.com/news/2010/0610/corman-060110.htm
That’s up by $125 million over numbers at the end of April, because of continuing declines in major state revenues including sales taxes, personal income taxes and corporate taxes.
Corman, who is chairman of the Senate Appropriations Committee, noted that the continued weak revenue collections already far exceed Governor Ed Rendell's anticipated year-end shortfall estimate by well over half a billion dollars.
House Democrats and Rendell want to enact a severance tax on natural gas extracted from Marcellus shale areas; impose a new tax on smokeless tobacco and raise the cigarette tax by 30 cents a pack.
"The well of tax revenues is too dry to fill buckets of new spending," said Corman. "I think state residents recognize those realities and are willing to deal with short-term pain in return for a better economic outlook in the long term."
This is the last month of Pennsylvania’s current fiscal year, and some state officials expect the final deficit to be as much as $1.5 billion.
http://senaterepublicannews.com/news/2010/0610/corman-060110.htm
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