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Pennsylvania, U.S.A. — Governor Tom Corbett signed on June 30th the 2012-13 budget, strengthening the state’s economy and education system, while continuing his commitment not to increase taxes for the citizens of Pennsylvania.
The $27.66 billion budget was signed on time for the second consecutive year.
“Our taxpayers deserve government that works for them,” Corbett said. “Today we re-affirm our commitment to job growth, to education, to the needy and to the taxpayers.”
“While times are still difficult and we wish we had more to spend, our revenues have improved, allowing us to increase funding to some important areas of our final budget.”
Along with the budget, the legislature agreed to adopt several of Corbett’s major initiatives such as improvements to the criminal justice system, an education reform package, and eliminating the agriculture inheritance tax.
This budget also continues the phase-out of the Capital Stock and Franchise tax and guarantees critical tax credit incentives for companies committed to bringing business and jobs to Pennsylvania.
Corbett was able to increase spending from his originally proposed budget because state revenues have increased in recent months, a result of following the course of reform, restraint and responsibility.
This year’s state budget positions Pennsylvania for a structurally sound financial future. However, Corbett urged caution because even with progress, there is still concern for the future with impending pension cost increases, rising debt service costs and medical cost increases.
Highlights of the 2012-13 budget include:
Image Courtesy of Tom Corbett