Cutting or removing the earned income tax (EIT).
❌Can create a deficit for the next budget year ✅Gives tax breaks to people who own property in the borough, including nonresident landlords and commercial property owners Lowering the millage rate for all property owners.❌But more than half the town (renters) get no tax relief at all. ✅Homeowners already benefiting from the exemption would enjoy an additional $203. Boosting the existing Homestead Exemption.
Pottstown School District wants to use $740,000 in surplus funds for tax relief, but the school board is split on the questions of how to do so and who should benefit. Among the options discussed so far: Each property owner in the borough will receive an $88 reduction on their tax bill as a rebate. Update : The school board voted unanimously on June 15 to simply divide the $740,000 among all 8,431 property owners. Image: Screenshot of Easttown Twp EIT revenue study The study also examined other legally permitted local taxes - like per capita tax, business privilege tax, local services tax and amusement tax - and how they might affect the township budget if implemented. The study ranks the top employment locations for township residents - with the greatest number of residents (16.6%) working in Philadelphia, and just 3.9% working in Easttown. The revenue study (beginning on agenda ) shows that Easttown residents paid more than $2.5 million in EIT to other municipalities in 2022. of the June 14 supervisors meeting agenda has a flowchart showing how an EIT would affect Easttown residents differently depending on where they work. But the township's process provided some interesting information as a case study.
Easttown Township supervisors recently commissioned a revenue study on the potential impact of a local earned income tax (EIT).Īfter reviewing the data and hearing from residents, supervisors voted 3-2 to abandon plans for an EIT in 2024.
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