|Posted:||December 3, 2018 11:42 AM|
|From:||Representative Francis X. Ryan|
|To:||All House members|
|Subject:||LEGISLATION: PROPERTY TAX ELIMINATION|
|In the very near future, I intend to introduce a property tax elimination bill that calls for a full elimination of the school property tax within the Commonwealth within two years.
The program is unique in that it breaks the elimination into two bills:
The details of the elimination bill are as follows:
1. The property tax elimination would be a total school tax elimination.
a. The elimination would take place in the September of two years after enactment
b. A lending facility for schools would be established to provide for emergency funding for schools facing a catastrophic local event interrupting tax collections.$250 Million would be set up initially in the fund and it would be administered by the Department of Education subject to specific emergency constraint measures and as verified by the Auditor General.
2. For the replacement revenue, the bill will call for the creation of a “Commission for Replacement Taxes” The Commission must report within 12 months of bill passage the replacement tax package to replace the school property taxes.
3. The Commission will be bound by the following constraints:
a. Replacement taxes cannot exceed the school property tax replaced and must come from any or all of the following sources.