Wolf plan seeks higher income, drilling taxes

The Associated Press

Gov. Tom Wolf is pursuing a half-point increase in the state's personal income tax and a new extraction tax on natural gas drilling in an effort to solve the state's 3-month-old budget impasse.

HARRISBURG, Pa. (AP) — Gov. Tom Wolf is pursuing a half-point increase in the state's personal income tax and a new extraction tax on natural gas drilling in an effort to solve the state's 3-month-old budget impasse.

Basic details of the proposal Wolf will formally submit later Tuesday also include cuts for seniors and disabled people in property taxes used to fund schools, according to an administration document obtained by The Associated Press.

Wolf says the new money will close the deficit and add about $400 million for basic education.

Republican leaders have offered to hold a vote as a way to show the governor's proposal for higher taxes lacks sufficient support in the Legislature.

The state income tax rate would increase from 3.07 percent to 3.57 percent.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs