The Property Tax Independence Act, House Bill 1776, was recently introduced in the Pennsylvania House of Representatives. HB 1776 eliminates school property taxes and replaces those taxes with funding from a single state source.
HB 1776 replaces school property taxes with a 1 percent increase in the state sales tax, a broadening of the sales tax base, and a 0.93 percent increase to the personal income tax. HB 1776 is a more fair and stable method of funding our schools.
Many school districts across the state are in financial trouble due to increasing budget deficits, resulting in educational cuts and property tax increases. HB 1776 keeps educational funding at current levels with annual school budget increases limited to the rate of inflation.
It's time to stop the cycle of school budget deficits that lead to exploding property taxes and in turn contribute to our declining communities. HB 1776 breaks that cycle with fewer home foreclosures, encouraging investment in our homes, creating more personal wealth, and providing the first step in putting a stop to costly county reassessments. Please learn more at www.ptcc.us. No tax should have the power to leave you homeless.