New Pennsylvania Budget Leads to Increased Tech Education & Development

On Thursday, July 7th of 2022, Pennsylvania signed a new budget plan allocating funds from a $45.2 billion spending plan. Not only are they investing in the development of their communities, the new budget plan invests in the advancement of education in technology and new innovation along with a boost to the economy with $5M dedicated to biotechnology projects statewide.

What Does the Pennsylvania New State Budget Include?

The new state budget includes a 2.9% increase in state spending compared to the previous year’s budget. Education saw an increase with $525 million more dedicated to K-12 schools, $225 million to some of the state’s lowest-income districts, and $100 million each for special education, school safety, and mental health services. 

The budget also includes a tax credit for individuals and businesses who donate to parochial and private schools was increased by $125 million – 45% more than last year. 

Long-term plans funded with this year’s state budget plan include the gradual decrease in corporate net income tax from 9.99% to 4.99% by 2031. Other changes include the $2.1 billion deposit into the state’s rainy day fund. (Source: PA Senate)

Investments in Technology, Education, and Development

The 2022-2023 Pennsylavania state budget includes significant state funding for investments in economic and workforce development initiatives by increasing funding for businesses and education focusing on new developments in technology. Two programs of interest include the Ben Franklin Technology Development Authority and Invent Penn State.

The Ben Franklin Technology Development Authority Fund, established to promote an entrepreneurial business environment, advance technology innovation, and create a technology-ready workforce, is receiving an additional $18 million for its effort to support technology, innovation and business startups.

In an effort to increase the efforts of the Invent Penn State program, a Commonwealth-wide initiative to spur economic development, job creation and student career success, it has received $2.35 million in state funding support entrepreneurs and fostering cross-sector collaborations.

New Funding to Support the Existing Workforce

In addition to investing in the future workforce and community of Pennsylvania, additional funding is being invested in the development and improvement of current programs for the workforce. This includes a $30 million fund under the Department of General services to provide access to high-quality, low-cose childcare. Childcare is offered through both sponsored facilities and the option of a progressive subsidy to be used toward care at a facility of choice.

The new budget also includes an increase to the Department of Labor & Industry’s Gerneral Government Operations of $3.2 million for a new statewide data system to link data sets across the education, childcare, and workforce continuum. This will aim to better understand outcomes and inform decision making.

Learn more about state funding and programs by reading What does SBI Mean for Arizona Small Businesses?