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07/04/2022 07:59 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20210&cosponId=36733
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Senate of Pennsylvania
Session of 2021 - 2022 Regular Session

MEMORANDUM

Posted: January 19, 2022 01:37 PM
From: Senator Doug Mastriano and Sen. Mario M. Scavello
To: All Senate members
Subject: Enhancing the Property Tax/Rent Rebate Program
 
In the near future, we plan to introduce legislation to generate millions in new revenue for the Property Tax/Rent Rebate program.

Our bill will place a 2% fee on international remittances conducted by a money transfer licensee or agent.

An international remittance is a sum of money that is electronically sent out of the Pennsylvania economy and into the economies of international destinations. They are primarily utilized by illegal immigrants, foreign workers, and non-US citizens to send earnings back to a foreign country. Over $70 billion dollars is transferred from the United States to the economies of recipient countries on an annual basis.

Oklahoma enacted a 1% fee on remittances in 2014. The most recent tax report shows that the fee generated over $13 million in annual revenue for the state.

Because Pennsylvania’s estimated foreign workforce is significantly higher than Oklahoma (590,000 vs. 150,000) and the fact that our fee will be 2%, we can assume that revenue generated from a remittance fee here in PA would result in at least four times as much annual revenue.

The infusion of this annual revenue will be directed to the Property Tax/Rent Rebate program for the purpose of offering additional relief and enhancing the program for future expansion. 

Please consider co-sponsoring this important legislation.
 



Introduced as SB1158