House Majority Leader David Reed (R-Indiana) told the media late Tuesday the House will run a Tax Code bill-- House Bill 542 (Thomas-D-Philadelphia)-- that contains another plan by House Republicans to deal with balancing the state budget.
Rep. Reed said the amendment to the bill will authorize the Commonwealth Financing Authority to borrow $1.5 billion by securitizing or liquidating the Tobacco Settlement monies, would apply the Sales Tax to online marketplaces ($43.5 million) and impose a new 12 percent assessment on fireworks purchases ($31.7 million).
There is no commercial storage or hotel tax.
Reed said he expects the House to vote yet today on the Tax Code bill.
Also part of the package Reed said, but yet to be scheduled for action by the House, are--
-- Fiscal Code Bill: special fund transfers $300 million (not identified yet);
-- Administrative Code Bill (House Bill 118 in House Rules): Professional Liability Joint Underwriting Association Fund transfer language (last number was $200 million); and
-- Gaming expansion (the last number was $200 million).
Rep. Reed also said it was a House Republican goal to pass funding for state-related universities.
Click Here to watch a video of Reed's remarks.
Click Here to watch a video of Reed's remarks.
House Republicans are now caucusing will plan to be back on the House Floor by 5:30.
(Based on Periscope webcast of Rep. Reed’s comments by PLS Reporter.)Note: Post will be updated as more information becomes available.
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