Governor Tom Wolf signed a $32.7 billion budget, passed by the Pennsylvania General Assembly on June 22, 2018, a full week before the new fiscal year began on July 1.
While the budget contains no broad-based tax increases, the spending plan is a 1.7 percent increase over the last fiscal year’s budget.Those increased expenditures will go to education funding, including a line item for basic education fund increases of $100 million and a 3 percent increase for Pennsylvania’s State System of Higher Education. An additional $30 million was earmarked for career and technical education. Social services, pensions and prison spending increased by 2 percent.
Thanks to adequate revenue from existing sources, there was no pressure to eliminate the vehicle trade-in exemption proposed in the last three budget sessions. PRVCA will continue to monitor legislative activity during this session to ensure members are aware of any proposals that impact the industry.