The Senate voted 29 to 21 to send a Tax Code bill-- House Bill 542 (Thomas-D- Philadelphia)-- to the Governor’s desk, the last major piece of the budget-related bill package to support for the $31.9 billion FY 2017-18 budget, except gaming.
The House has to do the bills funding state-related universities and concur in any Senate-passed gaming bill.
The House has to do the bills funding state-related universities and concur in any Senate-passed gaming bill.
The bill authorizes the Commonwealth Financing Authority to borrow $1.5 billion by securitizing or “liquidating” the Tobacco Settlement and possibly some other General Fund 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).
Also included are provisions related to the Net Operating Loss in the event of an adverse PA Supreme Court decision, changes to the timing and withholding of individual and lease taxes, a deduction for manufacturing innovation and reinvestment was added along with establishing two film production tax credit districts and an entertainment economic enhancement program tax credit for rehearsal areas.
There are no commercial storage, hotel or natural gas severance taxes.
Click Here for a House Fiscal Note and summary.
