Bill Text: PA HB2294 | 2011-2012 | Regular Session | Introduced

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Bill Title: In financially distressed municipal pension system recovery program, further providing for remedies applicable to various recovery program levels.

Spectrum: Strong Partisan Bill (Republican 13-1)

Status: (Introduced - Dead) 2012-04-02 - Referred to FINANCE [HB2294 Detail]

Download: Pennsylvania-2011-HB2294-Introduced.html

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PRINTER'S NO. 3328
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 2294 Session of2012
INTRODUCED BY SONNEY, CREIGHTON, FARRY, FLECK, GABLER, GINGRICH, GRELL, GROVE, HESS, HORNAMAN, MILLER, SAYLOR AND VULAKOVICH, APRIL 2, 2012
REFERRED TO COMMITTEE ON FINANCE, APRIL 2, 2012
AN ACT
Amending the act of December 18, 1984 (P.L.1005, No.205),
entitled, as amended, "An act mandating actuarial funding
standards for all municipal pension systems; establishing a
recovery program for municipal pension systems determined to
be financially distressed; providing for the distribution of
the tax on the premiums of foreign fire insurance companies;
and making repeals," in financially distressed municipal
pension system recovery program, further providing for
remedies applicable to various recovery program levels.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 607(f)(1) of the act of December 18, 1984
(P.L.1005, No.205), known as the Municipal Pension Plan Funding
Standard and Recovery Act, amended September 18, 2009 (P.L.396,
No.44), is amended to read:
Section 607. Remedies applicable to various recovery program
levels.
* * *
(f) Special municipal taxing authority.--
(1) If the tax rates set by the municipality on earned
income or on real property are at the maximum provided by
applicable law, the municipality may increase its tax on
either the earned income of residents or real property above
those maximum rates. The proceeds of this special municipal
tax increase shall be used solely to defray the additional
costs required to be paid pursuant to this act which are
directly related to the pension plans of the municipality.
The municipality utilizing this special municipal taxing
authority shall not reduce the level of municipal
contributions to the pension plans prior to the
implementation of the special municipal taxing authority.
* * *
Section 2. This act shall apply to municipalities that
impose tax on the earned income of nonresidents prior to the
effective date of this section.
Section 3. This act shall take effect January 1 of the year
that commences at least 30 days after the date of enactment.
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