slots revenue

slots revenue

PostBy: acesover On: Fri Jan 22, 2010 7:52 am

Seems I don't remember any thing about Philly wage tax and slots. From ... slotsoccur

In addition, slots revenues are used to fund general school property tax relief. Annually on April 15, the Secretary of the Budget certifies the amount of revenue available for distribution to school districts during the following fiscal year to fund general school property tax relief and Philadelphia wage tax relief. On April 15, 2008 the Secretary certified that $595 million will be available for statewide property tax relief in FY 08-09. An additional $17.9 million will be used to provide eligible school districts with Sterling Act Reimbursements. Together, this relief will reduce school district property taxes by 10 percent statewide, averaging $190 per household across the state. Philadelphia’s share of funding for broad-based tax relief - $86.6 million – will be used to reduce the city’s wage taxes instead of property taxes. Philadelphia’s resident wage tax is projected to decrease from 4.169 percent to 3.93 percent in 2009 as a result of gaming revenues. The non-resident wage tax rate is projected to decrease from 3.685 percent to 3.50 percent. School tax bills sent out during the summer of 2008 will itemize the homestead and farmstead exclusions funded by slots.

Altogether, $786 million in property and wage tax relief will be funded by slot machine gaming in FY 08-09.
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