OUCH! Do PA Revenue Shortfalls Foretell PA Tax Increases?

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After April General Fund revenues painfully fell short of April 2013 revenues, and well short of the official revenue forecast, Pennsylvania’s year-to-date General Fund shortfall now exceeds $400 million and is forecast to exceed $500 million by the end of the 2013-14 fiscal year.  Looking ahead to the budget for 2014-15, which must be passed by June 30, the Commonwealth faces a very large gap between the Governor’s proposed budget and forecast revenues.  Many observers have been saying for some time that, with 2014 being an election year for Governor as well as the House and half of the Senate, no tax increases would be enacted this year.  However, one can only think that all bets are now off.  At this point we can only speculate where the revenues will come from but it is time for all Pennsylvania taxpayers to watch the legislative budget process closely and stay in touch with your state representatives and senators.

 

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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