In 2015/16, of the 75.5% of the budget that was locally funded, over 80% of that was revenue from real estate tax collections. 76 would shift control over the District’s budget funding to the State. 76 would give the state control OF about 80% of the revenue for peters township school district’s budget, up from only 23.9% IN 2015/2016. 5% in Peters Township) or an earned income and net profits tax, after voter approval of a local referendum 3Ĥ s.b. WHAT IF A DISTRICT DOESN’T HAVE ENOUGH MONEY TO PAY IT’S BILLS AFTER STATE DISTRIBUTION? S.B.76 gives local School Boards the ability to raise local personal income tax (currently. HOW DOES THE STATE PAY FOR THIS? Increase state personal income tax from 3.07% to 4.34% Increase state sales tax from 6% to 7% Broaden the state sales tax to include many more goods (could be food, services, daycare, clothing +$50) COL FACTOR The COL is tied to the lesser of the: Percentage Increase in the statewide average weekly wage OR Average of % increase in sales and use, personal income and hotel occupancy tax collections. Thereafter, Districts receive same amount as prior year + COL (if factors to which the COL is tied increase).

Creates a state fund, the Education Stabilization Fund, that in the first year will pay each District: Amount District collected in prior year real estate taxes less annual debt service payments, PLUS A cost-of-living (“COL”) factor. 76 IN A NUTSHELL FUNDING FOR SCHOOL DISTRICTS SHIFTS FROM LOCAL TO STATE LEVEL Eliminates School Districts’ ability to levy real estate taxes, except to pay current debt service. 2ģ FUNDING FOR SCHOOL DISTRICTS SHIFTS FROM LOCAL TO STATE LEVEL PTSD offers 21 AP courses, has 2 National Blue Ribbon schools, and ranked 3rd in the region for Keystone Exam performance. NEGATIVE EFFECTS OF PROPERTY TAX ELIMINATION under Senate bill 76Ģ Peters township school district is a district that has achieved high academic standards at some of the lowest costs per student across the state In 2015, Peters Township spent less per student than 434 of the 500 school districts across Pennsylvania. Presentation on theme: 'Peters township school district'- Presentation transcript:

Local peters township tax