Jul. 08, 2022
– Rep. Jack Rader (R-Monroe) joined a bipartisan majority of his House colleagues in passing the 2022-23 state budget bill. The $42.8 billion spending plan increases education funding to an all-time high while making a sizable deposit into Pennsylvania’s Rainy Day Fund that will help offset the impact of future economic downturns.
“This budget is a spending plan for both today and tomorrow,” said Rader. “We are using state revenue and federal relief dollars to provide tax cuts to job creators, while adequately funding the core services of state government. The proposal also puts the Commonwealth on more solid financial ground by paying down debt and saving for the future.”
The budget bill deposits $2.1 billion into the Rainy Day Fund, bringing the total to an historic level of $5 billion. It reduces the state’s Corporate Net Income Tax (CNIT), which at 9.99% currently stands as the second highest in the nation, stifling economic growth. The CNIT would drop to 8.99%. The spending proposal also pays back over $2 billion worth of prior budget borrowing.
“Our budget helps small businesses as they continue their recovery from the pandemic by expanding expense deductions that encourage equipment purchases and growth in Pennsylvania. They can also defer tax liabilities on gains from similar property exchanges, as allowed in every other state,” noted Rader.
Additionally, Rader said the budget blueprint provides relief to low-income seniors with a one-time enhancement of 70% to the Property Tax/Rent Rebate Program as well as more funding for the LIHEAP program, which assists low-income residents with their heating bills.
Rader is pleased that Pennsylvania’s public, charter and private schools will share a largest-ever allocation of $15 billion for PreK-12 education. This investment should help school districts balance their current budgets.
School districts within the 176th Legislative District will receive the following amounts of basic education funding:
Pleasant Valley – $23.8 million, a funding increase of $745,778.
Pocono Mountain – $31.7 million, a funding increase of $1.98 million.
Finally, the proposal includes $100 million in a one-time federal relief funds allocation for a collaborative care mental health initiative to be developed in consultation with experts in the coming months. This integrated program to improve mental health care in the Commonwealth is expected to deliver timely psychiatric care in the primary care setting.
The spending plan (Senate Bill 1100) was sent to the governor’s desk for his signature after passage in the House and Senate this week.
Additional information about the 2022-23 state budget is available at pahousegop.com/statebudget
Representative Jack Rader
176th Legislative District
Pennsylvania House of Representatives
Media Contact: Andy Briggs
RepRader.com / Facebook.com/RepJackRader