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House Co-Sponsorship Memoranda
House of Representatives
Session of 2015 - 2016
Regular Session
MEMORANDUM
| Posted: | June 9, 2015 01:08 PM |
|---|---|
| From: | Representative W. Curtis Thomas |
| To: | All House members |
| Subject: | Reducing the scope of the 10 year real estate abatement to fund Philadelphia Public Schools |
| In the near future, I plan on introducing legislation which would dedicate a portion of the ten year tax abatement to education in Philadelphia County. To date, 55% of the real estate taxes collected go directly to fund schools in Philadelphia. When an abatement is approved the schools lose this revenue. In 2014, the 10 year tax abatement deprived the Philadelphia Public Schools of nearly 50 million dollars. This legislation would also create a School Revitalization Fund (S.R.F) in the State Treasury. The funds created by this legislation would be deposited directly into the S.R,F. The funds would then be distributed proportionally to each public school in Philadelphia. This would create a consistent funding mechanism for public schools without raising real estate taxes on homeowners of Philadelphia. Please join me in sponsoring this legislation. |
Introduced as HB1333