June Extra Stimulus Payment: The minority leader in the Pennsylvania state senate, Jay Costa, is pushing for a “one-time lump sum payment” from the state’s budget surplus to be given to citizens. Costa revealed to WHTM’s This Week in Pennsylvania that the state anticipates having a surplus of over $800 million as the June 30 deadline for enacting the fiscal year 2024–2025 budget draws near. Pennsylvania, in his opinion, is in a sound financial position.
“We have a month before the June 30 deadline arrives,” Costa stated, according to Marca.
“I think resource-wise we’re well positioned in Pennsylvania with better than a $14 billion budget surplus, but also this year we’re seeing that, now that we’re moving into June, we’re probably going to have $800 million excess surplus just for this fiscal year.
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“We’re well-positioned to make investment, we’ll be thoughtful and figuring out ways in which we can return some of that money to Pennsylvania taxpayers.”
The plan from the Republicans
Republicans have suggested cutting the state’s 3.07% personal income tax to 2.8% using the $14 billion surplus.
Costa acknowledged that this was a reasonable choice, but he believed paying locals straight may have more impact. He underlined that any approach should be matched with investments in jobs and education if we are to generate future tax income and keep the program running.
Signed Act 7 of 2023 by Governor Josh Shapiro, he committed to boost senior citizen funding in 2024.
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The maximum reimbursement under the Property Tax/Rent Reimbursement (PTRR) scheme was raised from $650 to $1,000 by this law.
Costa underlined the need of reducing Pennsylvania’s taxes, focusing especially on the state’s corporate tax ceiling. He emphasized that by combining smart investments with tax cuts, long-term benefits and income could be acquired.
