Exton Region Chamber of Commerce opposes HB/SB 76 (“The Property Tax Independence Act”)
After extensive review and analysis, the Exton Region Chamber formally opposes Pennsylvania HB/SB 76, known as “The Property Tax Independence Act.”
The bill, in its current form, will not actually eliminate property taxes.
- The bill would still allow school districts to continue to collect real estate taxes to pay off existing debt
- Two percent of school districts could completely eliminate property taxes and continue to function.
The bill will increase the rate of Pennsylvania’s income tax.
- In order to make up for the revenue shortfall, the personal income tax rate will be increased from 3.07 percent to 4.95%
The bill will dramatically expand the universe of goods and services subject to sales tax.
- 20 new categories of goods that are currently tax-exempt will be taxed, including food, certain clothing, non-prescription drugs and used prebuilt housing.
- 30 new categories of services that are currently exempt, such as movie theaters, certain legal services, veterinary services, daycare services, spectator sports and museum and zoo admissions.
To read the entire Position Paper from the ERCC Board of Directors, CLICK HERE.