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12/17/2017 08:42 PM
Pennsylvania State Senate
http://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20170&cosponId=21046
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Senate of Pennsylvania
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: December 5, 2016 12:29 PM
From: Senator Mike Folmer
To: All Senate members
Subject: Reintroduction of Taxpayer Protection Act
 
I plan to reintroduce my Senate Bill 7, the “Taxpayer Protection Act”, as reported from the Senate Finance Committee last Session.

SB 7 was previously cosponsored by: Vogel, Eichelberger, Ward, Hutchinson, Vulakovich, Bartolotta, Browne, Gordner, Alloway, Aument, Stefano, White, Scarnati, Rafferty, and Argall. This legislation would limit – not reduce – the growth in state government spending through the lower of the following thresholds:
  • Limit state government spending to the average change in personal income for the three preceding calendar years, OR;
  • Limit state government spending to the average inflation rate plus the average percentage change in state population over the three preceding years (with exceptions for certain extraordinary circumstances).
The “Taxpayer Protection Act” would also require:
  • 25% of any moneys in excess of these limits be returned to the taxpayers
  • 25% be allocated to the Rainy Day Fund to help balance state budgets during trying economic times
  • 50% to help pay down the unfunded liabilities of the Public School Employees’ Retirement System (PSERS) and the State Employees’ Retirement System (SERS)
According to the Tax Policy Center, in 2015, 26 states imposed limits on their spending.


Introduced as SB7