SB 576 amends Pennsylvania's tax code for mutual thrift institutions, such as credit unions, by adjusting their annual tax rates on taxable net income. Starting in 2025, the tax rate will gradually decrease from 7.95% to 4.99% over seven years, with specific rates set for each year through 2031. The bill also revises the net loss carryover rule, allowing institutions to deduct losses from the previous ten years (instead of three) when calculating current tax, but the deduction cannot exceed the current year's net income. Mutual thrift institutions must report and pay taxes annually by April 15 under these updated rules.
This bill creates a new grant program and fund to encourage local governments in Pennsylvania to build large-scale workforce housing near major economic development projects. To qualify for funding, counties or municipalities must adopt specific pro-housing policies, such as reducing permit fees, allowing higher-density zoning, and eliminating parking requirements, while also approving a project with at least 50 residential units. The program is designed to help areas that might otherwise struggle to attract housing development by providing financial support to those that streamline their approval processes and infrastructure for new construction.
This Senate resolution establishes temporary rules for the Pennsylvania Senate to manage how budget amendments are handled during the 2026 legislative session. It restricts floor amendments to the state's budget bills to only the second and third readings, ensuring that any proposed spending changes do not increase the total budget unless they are fully offset by reductions elsewhere to maintain a balanced budget. Additionally, the rule requires that multi-bill amendments include a specific statement explaining how they achieve financial balance. These guidelines will remain in effect until the General Appropriation Act for the fiscal year starting July 1, 2026, is officially passed.
SB 803, the First-Time Homebuyer Savings Account Act, creates a program allowing Pennsylvania residents who have never owned a home (first-time homebuyers) to open tax-advantaged savings accounts. The Treasury Department will administer the program using existing structures (like the ABLE Program), enabling account holders to save for down payments and closing costs on single-family homes. Funds in the accounts can only be used for eligible home purchase expenses, with the program funded by account contributions and earnings - not state debt. This bill directly affects first-time homebuyers seeking to save for homeownership within Pennsylvania.
SB 998 would create a grant program to fund expansions of nursing education programs at colleges and universities. It requires the Department of Community and Economic Development to administer grants for institutions aiming to increase nursing program capacity, directly affecting nursing schools and future nursing students. Key provisions include establishing grant criteria, application processes, and reporting requirements for funded programs. The bill is currently pending in the Appropriations committee after committee review.
SB 979 would prevent property tax increases for minor home improvements (20% or less of a property’s current assessed value) on primary residences under specific conditions. The bill prohibits assessors from raising taxes if the home has been the owner’s primary residence for at least five years from the improvement date and this is the first time such minor improvements have been made during ownership. It also explicitly excludes normal repairs and painting from triggering tax reassessments. This bill directly affects homeowners in Pennsylvania making small renovations to their primary homes.
SB 124 (Pennsylvania's Tax Reform Code amendment) allows Pennsylvania taxpayers to deduct up to $10,000 in unreimbursed expenses related to donating a human organ (such as liver, kidney, or bone marrow) for transplantation. The deduction covers travel, lodging, lost wages, and medical costs incurred during the donation, but only for the tax year the transplant occurred and only once per lifetime. It does not apply to tax years before 2025 and cannot reduce taxable income below zero. This provision directly affects individuals who donate organs and seek tax relief for associated costs.
SB 100 amends Pennsylvania's Tax Reform Code concerning inheritance tax deductions. It increases the family exemption that can be deducted from the value of transferred property to a maximum of $100,000, if claimed by a family member. The bill also expands the list of deductible expenses to include bequests for religious services and funds placed in trust for the care and preservation of burial lots. These changes will apply to the value of property transferred after June 30, 2024, affecting estates subject to inheritance tax.
HB 1425 amends Pennsylvania's 1971 Tax Reform Code to update taxes on tobacco products and establish a new online directory for electronic nicotine delivery systems (e.g., e-cigarettes). It directly affects tobacco manufacturers, dealers, and e-liquid producers by changing tax rates and requiring manufacturers to submit product information to the new directory. The bill's key provisions include adjusting tax incidence and rates for traditional tobacco products while creating a mandatory, publicly accessible registry for e-liquid products. These changes aim to modernize tax collection and improve product transparency for regulatory oversight.
SB 975 requires boroughs and cities in Pennsylvania to complete, publish, and file annual financial reports by June 30 each year. It mandates that auditors publish concise financial summaries (showing assets, liabilities, revenue, and expenses) in a local newspaper at least 10 days before the annual meeting, and submit full reports to the Department of Community and Economic Development. Municipal officials who fail to meet these deadlines face fines of $5 per day, with fines going to the state. The bill tightens existing reporting rules for local government financial transparency without changing tax policies or service provisions.
