Pennsylvania may finally sell its state liquor stores
The current system dates to Prohibition, but today's shaky finances could prompt a privatization effort that has stalled previously.
Voting along party lines, the House Liquor Control Committee agreed to back Republican Gov. Tom Corbett's plan to sell the locations. The proposal, opposed by Democrats and unions representing state store workers, now heads to the full House where it's scheduled for a vote on Thursday. If passed, it would then go to the full Senate.
The Philadelphia Inquirer quotes a statement from Corbett as describing the committee vote as a "momentous first step to bring Pennsylvania into the 21st century and provide Pennsylvanians with the convenience and choice that Americans in 48 other states enjoy."
One issue yet to be worked out is what will happen to the money from the sale, estimated at between $800 million and $1 billion.
The idea of selling the state store system, which dates back to the Prohibition era, has been discussed for decades but is being pushed again by Corbett as a way for Pennsylvania to address its fiscal woes. About 60% of Pennsylvanians back the plan.
"I think the odds are good that liquor privatization will happen -- there is real momentum behind the effort this year," says Nathan Benefield of the conservative Commonwealth Foundation think tank in an email to MSN Money. "The House committee just advanced legislation that includes real privatization today, that is the first time that has ever happened."
Follow Jonathan Berr on Twitter @jdberr.
Every few years the drums beat in favor of privatization, but the Democrats and their union puppet masters have managed to cling to the powerful single seller system - Der Staat!
Their stores are run by the Liquor Control Board and control they did.
Once the legislation passes the Liquor Control Board will be able to to their jobs and actually enforce liquor laws instead of their old corrupt monopoly.
Nice now I can buy shots of 151 for the young gals at the Sproul Rd. Wawa
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] Equity indices continue drifting near their best levels of the day, but the energy sector (-0.4%) has recently tumbled to a fresh low amid a decline in the price of crude. The energy component is now lower by 1.2% at $93.32/bbl after trading little changed at the start of the session.
Outside of energy, the utilities sector (-0.7%) is the only other decliner. Elsewhere among countercyclical groups, the consumer staples sector underperforms, but has been able to stay out ... More
More Market News
Despite its size, the IPO will create just two new members of the 10-figure club from its executive ranks. A few others could net hundreds of millions.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'