Posted: | May 6, 2015 04:38 PM |
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From: | Senator Vincent J. Hughes |
To: | All Senate members |
Subject: | Governor's Budget Package Legislation Regarding Property Tax Relief |
In the near future I will be introducing legislation on behalf of the Governor that is included in the 2015-16 fiscal year budget providing for historic property tax relief. The 2015-2016 Budget enacts significant dollar-for-dollar tax relief to finally cut school property taxes by $3.8 billion—more than a 50 percent average reduction in homeowner and farmstead property taxes. This tax reduction will target greater relief to high-tax, high-poverty communities and will revitalize communities across the commonwealth—creating economic growth and transforming the fates of boroughs, villages, towns and cities. This plan also goes further than ever before to prevent future property tax hikes. In order to keep property taxes down, the Governor’s proposal will maintain Pennsylvania’s existing limits on school property tax increases and enact stricter prohibitions on the ability of school districts to raise property taxes. This $3.8 billion property tax relief package, which will be effective in the 2016-17 school year, includes:
To achieve this historic tax relief, the 2015-16 Budget enacts changes to the personal income tax and sales tax based on proposals from the General Assembly. The plan also incorporates more than $600 million in revenue from gaming that is already being dedicated to property tax reduction. I hope that you will join me by co-sponsoring this legislation. |
Introduced as SB118