Senate Proposes Compromise on Act 60 Reform
(Host) A potential breakthrough has been found on the Act 60 education funding law.
Members of a Senate team negotiating compromises on the law have proposed eliminating the sharing pool that's at the heart of Act 60. Instead, the statewide property tax would be set at a certain level, but then would rise if a community decided to spend more. The increase would be in the same proportion as the increase in the local spending. The base tax rate would be set at a $1.38 per $100 of property value and would be sufficient for spending $7,000 per pupil.
Towns that wanted to spend $8,000 would have to raise 14% more. So their tax rate would rise by 14% $1.58. House negotiators say they'll get back to the senators on Monday with their reaction.