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Pennsylvania State Senate
12/04/2024 01:25 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20150&cosponId=15724
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Senate of Pennsylvania
Session of 2015 - 2016 Regular Session

MEMORANDUM

Posted: December 9, 2014 03:44 PM
From: Senator Mike Folmer
To: All Senate members
Subject: Reintroduction of the Taxpayer Protection Act
 
I plan to reintroduce my “Taxpayer Protection Act” as reported from the Senate Finance Committee, which was previously Senate Bill 7, cosponsored by: Folmer, Vogel, Argall, Mensch, Scarnati, Boscola, Rafferty Alloway, Vulakovich, Hutchinson, White, Gordner, Waugh, Ward, Brewster, Eichelberger and Browne.

As reported from the Senate Finance Committee, this legislation would limit – not reduce – the growth of state 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 National Conference of State Legislatures, 30 states operate under a tax or expenditure limitation. Pennsylvania is in the minority of states having no controls.

Thank you.


Introduced as SB7


Memo Updated: December 9, 2014 03:45 PM