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10/26/2020 09:00 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20190&cosponId=26681
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Senate of Pennsylvania
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: December 4, 2018 11:57 AM
From: Senator Mike Folmer
To: All Senate members
Subject: Reintroduction of Taxpayer Protection Act
 
I plan to introduce reintroduce my Senate Bill 7, the “Taxpayer Protection Act”, as reported from the Senate Finance Committee last Session.

SB 7 was previously cosponsored by: Bartolotta, Scarnati, Eichelberger, Gordner, Argall, Hutchinson, Vulakovich, Stefano, Wagner, Langerholc, Aument, DiSanto, Rafferty, Vogel, White, Laughlin, Martin, and Regan.

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, 29 states imposed limits on their spending.



Introduced as SB7