H0657B2725A03736 AJB:EJH 03/22/24 #90 A03736
AMENDMENTS TO HOUSE BILL NO. 657
Sponsor: REPRESENTATIVE BENNINGHOFF
Printer's No. 2725
Amend Bill, page 1, line 3, by inserting after "AGREEMENTS;"
providing for transfer of amounts collected from realty
transfer tax for property tax reduction;
Amend Bill, page 1, lines 8 and 9, by striking out
"Transparency in"
Amend Bill, page 1, line 9, by inserting after "Agreements"
and Realty Transfer Tax Reform
Amend Bill, page 6, by inserting between lines 8 and 9
Section 7. Transfer of amounts collected from realty transfer
tax for property tax reduction.
(a) Transfer.--Beginning July 31, 2024, and each July 31
thereafter, the State Treasurer shall transfer money from the
General Fund to the Property Tax Relief Fund for distribution
under subsection (b), which shall be equal to the difference
between:
(1) the total amount of the tax imposed under section
1102-C of the act of March 4, 1971 (P.L.6, No.2), known as
the Tax Reform Code of 1971, and collected by the
Commonwealth for the prior fiscal year; and
(2) the total amount transferred under section 1102-
C.6(a) of the Tax Reform Code of 1971.
(b) Distribution.--The amount transferred under subsection
(a) shall only be available for distribution to school districts
under section 505 of the act of June 27, 2006 (1st Sp.Sess.,
P.L.1873, No.1), known as the Taxpayer Relief Act.
Amend Bill, page 6, line 9, by striking out "7" and inserting
8
Amend Bill, page 6, line 23, by striking out "8" and
inserting
9
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See A03736 in
the context
of HB0657