Saturday, May 12, 2012

Pa. seems headed for another budget standoff - Philadelphia Business Journal:

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In Delaware, lawmakers appear poised to meet late into the night to approvea budget, while in Pennsylvania Gov. Ed Rendello appear to be preparing for anotherbudget standoff. Pennsylvania hasn’t enactef a budget by its July 1 deadline sincee Rendell was electedin 2002. Rendell announcexd loan programs Tuesday morning that would help state employeesw during a possible budget impasse in the Pennsylvania banks and credit unions will offer assistancs tothe state’s 69,000 employees, whose paychecks woulf be delayed if a state budget is not passer by Wednesday.
The banks and credit unions include: Citizen’s Bank of PA State Employees Credit Union, Americhoics Federal Credit Union, Members 1st Federal Credit Union, Oil Countrhy Federal Credit Union, Fulton Lafayette Ambassador Bank, Swineford National FNB Bank, N.A. and Orrstowjn Bank. Pennsylvania faces a projected $3.2 billion budget which Rendell is seeking to closs in part through a temporary increase inthe state’s personapl income tax rate. The increase would raise the state’ws personal income tax rate from 3.07 percent to 3.57 a 16 percent increase, whicnh Republicans have vehemently opposed.
Delaware’as House of Representatives approvec a series of measures on Monday aimed at generatinvg revenue to closethe state’s budget gap, which will now move to the Senats for approval. The measurex include increasing the gross receipts tax by8 re-establishing the state’s estate tax and raising the personal income tax rate from 5.95 percent to 6.95 percent for those earning All of the measureas would expire after four years. The personapl income tax increase is 20 percent lowert than that originally proposedby Gov.
Jaco Markwell because House Republicanzs stood firm on a proposal to lower the state’s work force by 525 positionz in fiscal year 2010, House membersw said. The House also passed measuree to raise the state taxon cigarettes, eliminatde the personal income tax exemption on Delaware lottery winnings, increasse the public utility tax and make satellite television subjec to the public utility tax. A proposap to establish a state taxamnestg program, which is expected to generate $10 millionj for the state from the collection of delinquent taxes, was also passed. Rep. Dennis P. Williams, D-Wilmingtoj North, sponsored legislation for a morethan $3 billion statr budget on Monday.
New Jersey Gov. Jon S. Corzinwe signed a $29 billion fiscal year 2010 budgety into law onMonday afternoon. The state also had a Tuesdayg night deadline to enacta budget.

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