Pa. To Pay $800M Tax Anticipation Loan In May And June

The $800 million Pennsylvania borrowed via tax anticipation notes (TAN) authorized Dec. 7 is due June 30.

Along with $6.5 million in interest.

The law gives these notes  the first right of revenue. Revenue from state business taxes arrive in March followed by personal taxes in April.

The debt is scheduled to be paid off with $300 million in May and $500 million in June.

This year’s Pennsylvania budget is about $27 billion not including $1.2 billion in federal American Recover and Reinvestment Act (ARRA) money. It is expected to rise between $1 billion and $1.2 billion.

This was the state’s first TAN offering since 1997.

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