Stimulus Payment at the End of June: Jay Costa, the Minority Leader of the Pennsylvania State Senate, is advocating for a “one-time lump sum payment” to be made to residents from the state’s budget surplus. Costa informed WHTM’s This Week in Pennsylvania that the state is anticipated to have a surplus eclipsing $800 million as the June 30 deadline for adopting the fiscal year 2024/25 budget approaches. He thinks that Pennsylvania is in a robust financial position.
“We have a month before the June 30 deadline arrives,” Costa informed reporters.
“I believe that Pennsylvania is well-positioned in terms of resources, with a budget surplus exceeding $14 billion. However, we are currently experiencing that, as we approach June, we will likely have an excess surplus of $800 million for the current fiscal year.”
“We’re well-positioned to invest; we’ll be thoughtful and figure out ways in which we can return some of that money to Pennsylvania taxpayers.”
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The Republican proposal
Republicans want to lower the state’s income tax from 3.07 percent to 2.8 percent using the $14 billion surplus.
Costa considered this a realistic option, but he suggested a direct payout to residents for better results. Any solution should include education and jobs to ensure program sustainability and tax revenue.
After enacting Act 7 of 2023, Governor Josh Shapiro pledged to boost senior financial aid in 2024.
By this legislation, the Property Tax/Rent Rebate (PTRR) program increased from $650 to $1,000.
Costa highlighted raising Pennsylvania’s company tax ceiling to make the state more tax-friendly. He believed judicious investments and tax cuts would bring long-term revenue and advantages.
However, Republicans like State Representative Tim O’Neal reject spending hikes. O’Neal called Shapiro’s budget “outrageous spending increases” that might raise taxes.
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