Friday, September 18, 2009

Daily Briefing, 9/18/2009

Good morning everyone! Here is today's daily briefing.

In Lehigh County, at the Cunningham adminsitration said they do not plan to tap an emergency rainy-day fund to balance the budget, although they will tap a tax-relief fund. Meanwhile, across the river in New Jersey, the Phillipsburg Urban Enterprise Zone has received a 16 year extension from the state. The program cuts the state tax rate in half and Phillipsburg and allows for the UEZ zone to collect the tax revenue.

In state budget news, Governor Rendell has said that he is "cautiously optimistic" that he and the legislature can come to an agreement within the next few days about the state budget. The Governor met with Senate Republicans yesterday to discuss the budget.
And there was good news for Philadelphia, as a measure passed by the legislature yesterday will allow the city to raise its sales tax and defer pension payments, thus allowing to to essentially remain open for business.

In national news, in response to the still high level of unemployment, Congress is set to extend unemployment benefits by an additional 13 weeks. There is good news in the real estate front, as it appears that 1.4 million Americans have, so far, taken advantage of the $8,000 tax credit for first time home buyers.

We have one Chamber event today: a ribbon cutting at https://www.lehighvalleychamber.org/calendarsearch.aspx?Class=Event&SystemID=825782&PhoenixID=122203.

And that's it! Have a great weekend and we will catch you later!

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