[Chance]

Senator Mike –

Week of September 21, 2009

Budget Agreement Announced – Take 2

For the second time in as many weeks, the Governor and leaders from three legislative caucuses (Senate Republicans, Senate Democrats, and House Democrats) have announced a framework for a $27.945 billion state budget. Although specifics are still being worked out, the plan includes:

Tapping into the Rainy Day Fund, Health Care Provider Retention Account, and MCARE;

· Enacting a tax amnesty program;

· Expanded leasing of state-owned land for Marcellus Shale drilling;

· Delay in the planned phase out of the Capital Stock – Franchise Tax;

· Expansion of the Net Operating Loss (NOL) provision of the Corporate Net Income Tax (CNI) and expansion of the Single Sales Factor of the CNI;

· Legalization of table games;

· A 25 cent increase in the Cigarette Tax, applying it to include "little cigars;"
· Tax amnesty program;

· Reduction in various tax credits by $39 million;

· Expanding the Sales Tax to include theaters, dances, music concerts and performing arts admissions, as well as museums, historical sites, zoos and parks.

· Decreasing the share of slot revenues going to the Race Horse Development Fund from 12 percent to 10 percent for four years, with the 2 percent difference going to the General Fund.

Mike Folmer

This post has been edited by Chance: 22 September 2009 - 08:03 AM

[solitary]

Correct me if I'm wrong, the government is trying to make cents, not sense.

Eliminating the huge waste created by the state would make sense and cents, but you wouldn't expect logic from a bureaucracy, now would you?