Legislators circulate proposals altering coming vape, e-cigarette tax

Legislators circulate proposals altering coming vape, e-cigarette tax

While it doesn’t become effective until October 1, legislators in the General Assembly are already working to change a crucial funding component of the FY 2016-2017 budget: a tax on vaping and e-cigarettes.

 

As part of the funding package that was passed for the budget, lawmakers are counting on over $13 million from the new tax, which is to be levied on vaping and e-cigarette product retailers who are to pay a 40 percent tax on all vaping and e-cigarette products—including devices and equipment—that extends to current on-shelf inventory.

 

Realizing this might cause a problem for shop owners, legislators in both chambers are circulating co-sponsorship memos for proposals which would help vape and e-cigarette retailers deal with how to pay the tax in order to limit its effect on their ability to stay financially viable.

Thursday, September 8, 2016/Author: Jason Gottesman
Categories: News and Views
General Fund revenue lags behind estimates

General Fund revenue lags behind estimates

The Department of Revenue last week announced that lower than anticipated August 2016 revenue collections have kept the Commonwealth on a lower-than-anticipated fiscal year to date trend in terms of General Fund revenue collections.

Tuesday, September 6, 2016/Author: Jason Gottesman
Categories: News and Views
IFO revises revenue estimate to account for budget revenue package

IFO revises revenue estimate to account for budget revenue package

The Independent Fiscal Office released its quarterly revenue estimate Wednesday with adjustments that include increases in total General Fund revenues provided by the FY 2016-2017 budget revenue package from the mid-June estimate.

Wednesday, August 24, 2016/Author: Jason Gottesman
Categories: News and Views
Treasury extends credit line to avoid negative balance in General Fund

Treasury extends credit line to avoid negative balance in General Fund

Treasurer Timothy Reese announced Tuesday afternoon that the state treasury has extended Pennsylvania’s General Fund a loan of $2.5 billion to ensure that the Commonwealth’s main checkbook does not go into a negative balance.

 

According to a news release announcing the loan, $400 million was taken out immediately in order to ensure no negative balance for August.

Tuesday, August 16, 2016/Author: Jason Gottesman
Categories: News and Views
Moody’s: PA bond rating outlook upgraded from negative to stable

Moody’s: PA bond rating outlook upgraded from negative to stable

Noting the Commonwealth’s financial issues are “sure to persist,” Moody’s Investors Service, in a report last week, upgraded Pennsylvania’s bond rating outlook from negative to stable since those issues are “unlikely to lead to sharp liquidity deterioration, major budget imbalances, or other pressures consistent with lower ratings for US states.” 

Tuesday, August 9, 2016/Author: Jason Gottesman
Categories: News and Views
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