After a four-month impasse, Pennsylvania lawmakers finally passed a $50.1 billion budget this month. For businesses, it provides funds to continue to streamline the permitting and licensing process and makes investments to help small businesses and attract large companies.

The governor continues his promise to reform the permitting process by providing $15.8 million for key staff at agencies responsible for processing permits, licenses and certifications. He will continue to invest in the Streamlining Permits for Economic Expansion and Development (SPEED) program, which helps expedite permitting for three to six key construction permits. In addition, the budget funds the creation of a new public tractor and database of the permits involved in the SPEED program. The budget also included $20 million for main streets and small businesses through Main Street Matters to strengthen commercial corridors and $20 for small minority-owned businesses through the Historically Disadvantaged Business Program.

In addition, the Shapiro Administration continues to provide $500 million for site development funding secured in the 2024-25 budget to attract major companies, create jobs and grow the economy.

The budget includes a boost in tourism funds to ensure the Commonwealth is ready to host millions of visitors for the 250th anniversary of the signing of the Declaration of Independence; NCAA’s March Madness, the FIFA World Cup and the MLB All-Star Game, all to be held in Philadelphia. An additional $10 million investment will go to support the NFL Draft, which will be held in Pittsburgh. The Commonwealth expects these events to be huge tourism and economic development opportunities.

Other investments included an increase in education funding to more than $900 million; $21 million investment to increase Direct Care Workforce (DCW) wages; and an $11 million increase for food security.

The Working Pennsylvanians Tax Credit, the state’s version of the Earned Income Tax Credit (EITC), will provide $193 million in tax relief for working families. According to the governor’s office, nearly one million Pennsylvanians will qualify based on their income and number of dependents.

For more on the budget, read the press release from Governor Shapiro’s office.