With the June 30th deadline looming, a state budget deal seems to be formulating with several, but maybe not all, of the negotiating parties agreeing at least on an undetermined spend amount for the next fiscal year. This amount is expected to be slightly lower than what was proposed by Governor Shapiro in his budget address, though the state has approximately $13billion in reserves.
However, a deal that included a Lifeline school scholarship program has apparently been scuttled. The proposed program uses taxpayer funds for children to attend private schools. The amount of funding for public schools is also being negotiated due to a decision within the courts that found current school funding unconstitutional. Several other items could still be part of a final deal, including job recruitment initiatives, cell-phone taxes, permitting reform, voter ID, child care tax credit, lowering of the corporate net income tax, changes to net operating losses and an increase to the minimum wage.
Indeed, the House of Representatives voted to increase the minimum wage. The legislation will increase the rate to $11.00 per hour effective January 1, 2024, $13.00 per by January 1, 2025 and $15.00 per hour effective January 1, 2026, but permanently index it to inflation thereafter. It also increases tipped wages to 60% of the minimum wage. After some heated debate, the bill was passed by only 103-100 before heading to the Senate.
As the General Assembly and Administration continues to deliberate and vote on key issues, CCCBI staff have been continuing to advocate for pro-business policies such as:
• Economic Growth
• Improving Business Tax Structure
• Regulatory Reform
• Energy
• Promoting Tourism
• Modern, Safe and Reliable Infrastructure
• Responsible Development
• Research and Development
• Workforce, Employment and Education