HARRISBURG – The state Senate approved a realistic 2023-24 budget for Pennsylvania that holds the line on taxes, promotes job growth, continues historic support for schools and sets aside money to prevent future tax hikes, said Sen. Pat Stefano (R-32), who voted for the measure.
“The budget we passed also prioritizes workforce development – a key Senate Republican initiative to protect Pennsylvania jobs – by providing an additional $10.5 million. Not only will the money help to connect more people with family-sustaining jobs, it will also help to attract employers to the state by making our workforce more competitive with those of other states,” Stefano said.
The $45.55 billion budget spends approximately $300 million less than what Gov. Josh Shapiro proposed in March, ensuring the state’s projected budget balance remains positive through Fiscal Year 2025-26. The plan also increases Pennsylvania’s Rainy Day Fund by $500 million, bringing the state’s budgetary reserves up to the national average and improving our ability to respond to potential economic downturns.
Keeping Pennsylvania on a path to prosperity, the budget continues the phased reduction of the state’s Corporate Net Income Tax and adds tens of millions of new dollars for workforce development, job training and career and technical education. It also provides additional resources to support improvements to the state Department of Environmental Protection’s permitting process as well as the modernization and upgrade of Pennsylvania’s occupational licensure system.
The budget reduces the tax burden on some of our most vulnerable populations by expanding eligibility for and increasing the rebates provided by Pennsylvania’s Property Tax/Rent Rebate Program. It also permanently protects program participants from losing eligibility due to future Social Security cost-of-living adjustments.
“Our budget dedicates historic levels of state funding for education while also giving parents tools they need so their children can attend the school that best fits their needs,” Stefano said. “As we know, one size doesn’t fit all with education, and we acknowledge that by providing parents with options.”
Empowering Pennsylvania families, the budget not only provides basic education with an increase of $567.4 million, which is a nearly 8% hike, it creates a new $100 million Pennsylvania Award for Student Success Initiative and adds $150 million more for school choice through the Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs. The plan also provides $125 million for school safety grants and $100 million for student mental health.
The legislation now heads to the House of Representatives for consideration.
CONTACT: Jake Gery