– Rep. Tracy Pennycuick (R-Montgomery) today offered the following statement after the General Assembly approved a state budget for the 2022-23 fiscal year:
“The environment, families, businesses, schools and seniors are just some of the benefactors of this year’s budget.
“I was pleased to vote in favor of a budget that dedicates a record amount of funding for our environment, including more funding for the state’s conservation districts to improve nutrient management, flood control, permitting and other conservation-related projects. Additional funding is also invested in the Small Water and Sewer Program that benefits municipalities across the state.
“In order to bring more job creators to Pennsylvania, we are reducing the Corporate Net Income Tax on businesses, which is currently the second highest in the nation. We also expanded some deductions and deferred certain tax liabilities on capital gains to help those in the small business sector who are still recovering from the pandemic and now dealing with record inflation.
“Schools are also receiving record increases across the board for basic education, special education, Head Start, career and technical education, mental health, and safety and security. In total, we are looking at approximately $15 billion in Prek-12 education funding. This funding will go a long way locally to make sure our students are receiving the best education possible.
“Low-income seniors will benefit from a one-time 70% enhancement of the Property Tax Rent Rebate program. And additional money will also be put into the state’s Low Income Home Energy Assistance Program, known as LIHEAP, for income-eligible seniors and families.
“This budget also helps working families with the creation of a child care tax credit that is equal to 30% of the federal credit.
“What I especially like about this budget is what we have done with revenue that came into the state over initial estimates. Instead of spending it, we are setting more than $3.5 billion to help with next year’s budget and putting approximately $2.5 million more into the state’s Rainy Day Fund to save for the future. We also paid down a significant amount of debt. All of this helps put Pennsylvania on more stable financial footing and safeguards against future tax increases.”
For more information on the 2022-23 state budget, go to PAHouseGOP.com/statebudget