An Act amending the act of December 31, 1965 (P.L.1257, No.511), known as The Local Tax Enabling Act, expanding the scope of the act; in local taxes, further providing for vacation of tax ordinances and resolutions by State tax measures; in consolidated collection of local income taxes, further providing for definitions and for tax collection committees; and providing for optional property tax reduction and for School Property Tax Millage Rate Reduction Fund.