HARRISBURG — A House bill to eliminate all school property taxes would fall $1.5 billion short of generating enough money to replace the revenue existing property taxes raise, according to a report from Pennsylvania‘s Independent Fiscal Office.
“The IFO has confirmed the views I held in June,” when the bill was tabled, said Rep. Tim Briggs, D-Montgomery, who released the report over the weekend. “House Bill 1776 simply does not raise the revenue it claims to provide.”
Sponsors of the bill estimated it would raise about $10 billion a year by increasing the state’s income tax rate to 4 percent from 3.04 percent and the state sales tax rate to 7 percent from 6 percent.
Allegheny County‘s rate, already at 7 percent, would jump to 8 percent.
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