|Posted:||June 5, 2017 08:01 AM|
|From:||Representative Pam Snyder|
|To:||All House members|
|Subject:||Legislation that would create a PIT surtax to be placed in a restricted fund used to fund the homestead/farmstead exclusion for school districts|
In the near future, I will introduce legislation that will enable the state to fully fund the homestead/farmstead exclusion to the current Constitutional maximum of 50% of the median assessed value. This would provide realistic, yet significant, property tax relief to homeowners across the Commonwealth.
My legislation would establish the Personal Income Tax Property Tax Reduction Fund (PITPTR) and a .83% personal income surtax. The revenue generated by the surtax, which is less than 1% of income, would be deposited directly into the new PITPTR fund, not the General Fund in Harrisburg, and would be used solely to fund the maximum homestead/farmstead exclusion. My intent is to provide the average homeowner with a modest income an overall reduction in their tax liability. For those individuals, the savings from the maximum exclusion would be greater than the additional personal income tax owed as a result of the surtax. Moreover, every homeowner would see some reduction in what is the most onerous tax facing Pennsylvanians.
Please join me in co-sponsoring this important legislation so that we can truly create a means to reduce the burden on the Commonwealth’s property owning taxpayers.
Introduced as HB2261