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PA SB94
PA SB94In senior citizens property tax and rent rebate assistance, further providing for definitions.
summary
Introduced
01/22/2025
01/22/2025
In Committee
01/22/2025
01/22/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
Amending the act of June 27, 2006 (1st Sp.Sess., P.L.1873, No.1), entitled "An act providing for taxation by school districts, for the State funds formula, for tax relief in first class cities, for school district choice and voter participation, for other school district options and for a task force on school cost reduction; making an appropriation; prohibiting prior authorized taxation; providing for installment payment of taxes; restricting the power of certain school districts to levy, assess and collect taxes; and making related repeals," in senior citizens property tax and rent rebate assistance, further providing for definitions.
AI Summary
This bill modifies the definition of "income" in the Taxpayer Relief Act, specifically focusing on how certain financial transactions and benefits are counted for senior citizens' property tax and rent rebate assistance. The key change allows individuals who receive a payment from a qualified retirement plan and deposit all or part of that payment into another qualified plan within 60 days to exclude that deposited amount from their income calculation. This means that when seniors transfer retirement funds between accounts, those transferred funds will not be counted toward their total income for determining eligibility for property tax and rent rebate programs. The amendment will apply to calendar years beginning after December 31, 2026, and the bill will take effect 60 days after its passage. This change could potentially help seniors maintain their eligibility for tax and rent rebate assistance by preventing certain retirement account transfers from increasing their reported income.
Committee Categories
Budget and Finance
Sponsors (8)
Kristin Phillips-Hill (R)*,
Lisa Baker (R),
Rosemary Brown (R),
Cris Dush (R),
Doug Mastriano (R),
Tracy Pennycuick (R),
Pat Stefano (R),
Judy Ward (R),
Last Action
Referred to Finance (on 01/22/2025)
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