Jul. 07, 2022
Budget prioritizes education, business and most vulnerable citizens, while saving money for future needs
HARRISBURG – Rep. Valerie Gaydos (R-Allegheny) today cast her vote in favor of a $42.8 billion budget for the 2022-23 fiscal year, which is a 2.9% increase over the last year. After the vote, Gaydos made the following comments.
View Rep. Gaydos’ comments on the state budget here
“This is a historic and responsible budget which has bipartisan support. This budget includes no new taxes and puts spending in check while funding the core functions of government. It provides support for education, mental health, clean streams and small business which reflects the fiscal realities of both today and tomorrow by using general fund dollars and federal relief funds to provide taxpayers with services as well as tax cuts and credits.
“In the face of continued economic challenges, it is also imperative that money be saved for future economic uncertainty and recessionary times. This budget does just that. By depositing $2.1 billion into the Rainy Day Fund, it will total an historic $5 billion. The plan carries over more than $3.3 billion for use in future budgets.
“As a business owner, I know the importance of giving relief to our job creators especially those who suffered so much under COVID restrictions and who are now dealing with inflation as they are trying so hard to recover. This budget will expand expense deductions to help businesses buy equipment and invest/grow in Pennsylvania. Also, small businesses will be allowed to defer (or carry forward) tax liabilities on gains from similar property exchanges – as allowed in 49 other states. It also reduces the nation’s second highest Corporate Net Income (CNI) Tax from 9.99% to 8.99% this year, and by 0.5% each year after until it reaches 4.99%.
“The budget also increases our commitment to public education and school choice and sets a record high of $15 billion investment in PreK-12 education. Basic education funding would increase by $525 million to $7 billion. Early childhood education would see a $60 million increase while special education funding would see a $100 million increase, to $1.3 billion. Additionally, the budget provides better education choices and opportunities for kids through the Educational Improvement Tax Credit (EITC) to $405 million, an additional $125 million or a 45% increase.
“This budget invests heavily in Pennsylvania’s environment. Our constitution guarantees Pennsylvania “a right to clean air, pure water and to the preservation of the natural values of the environment.” With this budget funding the largest environmental program in a decade, we are continuing to meet the Constitutional demands for Pennsylvanians. The budget funds a clean streams initiative using $220 million in federal relief funds, focusing on agricultural projects.
“Overall, this budget provides historic tax cuts while targeting investment in the people of Pennsylvania.”
For more information on the 2022-23 state budget, go to pahousegop.com/statebudget
Representative Valerie Gaydos
44th Legislative District
Pennsylvania House of Representatives
Media Contact: Rick Leiner