June Stimulus Payment: The minority leader of the Pennsylvania Senate is advocating a “one-time lump sum payment” to residents.
WHTM’s This Week in Pennsylvania reported on June 30 that Pennsylvania will have a surplus exceeding $800 million in the fiscal year 2024/25. Costa believes Pennsylvania has a strong financial future.
“We have a month before the June 30 deadline arrives,” Costa said.
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In Pennsylvania, we’re well positioned resource-wise, with better than a $14 billion budget surplus. However, we’re also seeing that this year we’re likely to have $800 million excess surplus just for this fiscal year, now that we’re going into June.
“We are well-positioned to make investments, but we will be thoughtful and find ways to return some of that money to Pennsylvania taxpayers.”
Proposal from the Republicans
The state’s personal income tax would be lowered from 3.07 percent to 2.8 percent using the $14 billion surplus.
Costa acknowledged this as an option, but suggested that direct payments to residents might be more impactful. Any approach should be accompanied by investments in education and employment to generate future tax revenue and sustain the program, he said.
As a result of Act 7 of 2023, Governor Josh Shapiro also promised increased financial support for older residents in 2024.
As a result of this law, the maximum rebate for the Property Tax/Rent Rebate (PTRR) program has been increased from $650 to $1,000.
Pennsylvania’s business tax cap, in particular, should be strengthened to make the state more tax-friendly.
In addition to tax cuts, he argued that strategic investments would provide long-term revenue and benefits.
Republican legislators, such as State Representative Tim O’Neal, oppose further spending increases. O’Neal criticized Shapiro’s budget proposal for promoting “outrageous spending increases” that could result in tax increases.
Also Read: California’s $6000 Stimulus Payment: Eligibility Criteria for Monthly Payments
