Senate Bill 76 Explained
Goal: Eliminate all school property taxes across the Commonwealth and replace those taxes with a combination of funding from the Personal Income Tax and the Sales and Use Tax.
The school property tax has been a primary source for school funding since the 1830s. The legislature cannot continue to “fix” or “reform” this archaic tax – that is why we are proposing a new education funding model that would promote economic growth and completely eliminate the school district property tax once and for all.
- Increase the Sales and Use Tax by one percentage point and broaden the base of the state sales tax to include more services and products. Necessities and business-to-business transactions will continue to be exempt from the sales tax.
- Increase in the state’s personal income tax from 3.07 percent to 4.95 percent.
- Include Property Tax Relief Fund – Transfers.