Pennsylvania's Property Tax Independence Act
Pennsylvania Representative Jim Cox, via a kind reader's email:
Details of the latest plan to eliminate and replace school property taxes have been finalized and the legislation will be introduced shortly in the Pennsylvania House and Senate.
House Bill 1776, The Property Tax Independence Act, looks in part to the former School Property Tax Elimination Act (SPTEA) for its basic structure. While The Property Tax Independence Act mirrors some of the provisions of the former SPTEA, the plan has been comprehensively rewritten to account for lawmakers' concerns and preferences in order to eliminate objections common to the previous legislation.
- The Property Tax Independence Act will eliminate school property and local school nuisance taxes across the Commonwealth and will replace those taxes with funding from a single state source.
- The Property Tax Independence Act introduces a modernized school funding method that is based on 21st century economic realities.
- The Property Tax Independence Act will ABOLISH the school property tax as well as eliminate the local school earned income tax and nuisance taxes such as the per capita and privilege-to-work taxes imposed by school districts.
- The Property Tax Independence Act uses in great measure our current sales tax mechanism to fund schools, restoring the original intent of the tax.
- The sales tax provides a predictable and stable funding source that is tied to economic growth. This is in clear contrast to the school property tax which is not based on economic growth and is subject to much variation.
- Current school spending regularly exceeds tax revenue and The Property Tax Independence Act addresses this problem head on by limiting school budget increases to the rate of inflation.
Wisconsin's property taxes have increased significantly over the years. How long will this continue?
Much
more, here.
Posted by Jim Zellmer at January 25, 2012 4:45 AM
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