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Do Pa. Residents Understand Vote on Property Tax Reduction?

PICPA Provides Key Resource Ahead of May 15 Primary

PHILADELPHIA – In just two weeks, Pennsylvania residents will have the opportunity to approve or reject property tax reduction. But do residents know how this reduction would work?

All school districts in the state (except Philadelphia, Pittsburgh, and Scranton) are required to include Pennsylvania’s Act One referendum on the May 15 primary ballot. The referendum is part of Gov. Ed Rendell’s “Pennsylvania Taxpayer Relief Act,” and if passed, it would create a property tax reduction through either personal income or earned income taxes.

Voters need to know the difference between personal income tax and earned income tax if they are to understand the implications of this referendum. In addition, what does Act One mean for the many Pennsylvania residents who rent? These and other issues are explained in a fact sheet developed by Pennsylvania Institute of Certified Public Accountants (PICPA). To obtain a copy of the fact sheet and to listen to a free podcast on the Act One referendum, visit www.picpa.org.

Founded in 1897, the Pennsylvania Institute of Certified Public Accountants is a professional association of more than 19,000 CPAs who work in public accounting, industry, government, and education. PICPA is the second-oldest state CPA organization in the United States. To find a member CPA in your area, visit our Web site at www.picpa.org and click on CPA Locator. Students and educators can visit PICPA's specially designed site www.CPAzone.org to get the latest information about careers in accounting and the CPA profession.