We hope you and yours had a
happy and safe Fourth of July!
Property Tax/Rent Rebates to Be Distributed Starting July 1
Starting July 1, 260,294 older homeowners, renters and people with disabilities across Pennsylvania will be issued rebates totaling roughly $121.7 million, the Department of Revenue announced. The rebates will be distributed through the Property Tax/Rent Rebate Program.
This is a program that has delivered more than $7.3 billion in property tax and rent relief since the program's inception in 1971," Revenue Secretary Dan Hassell said. "We want Pennsylvanians to know that there is still time to apply for rebates on property taxes and rent paid in 2021. If you know of a friend or family member who may be eligible, encourage them to check their eligibility status and file an application with our agency prior to the deadline on Dec. 31, 2022."
The deadline to apply for rebates on rent and property taxes paid in 2021 was recently extended until Dec. 31, 2022, as Secretary Hassell noted. The Department of Revenue strongly encourages eligible applicants to file their rebate applications online by visiting mypath.pa.gov. The department launched myPATH to make it easier for the Pennsylvanians who benefit from the program to submit their applications.
Philadelphia Announces New Income Tax Rates
The Philadelphia Department of Revenue has announced new reduced income tax rates for businesses and individuals.
Individual Tax Rates are effective July 1, 2022. The new “resident” rate for wage and earnings is 3.79%, reduced from 3.8398%. The revised “non-resident” rate will be a flat 3.44% for wage and earnings tax that was previously 3.4481%.
Business Tax Rates, effective for 2022 for “Net Profits” is 3.79% for “residents” and 3.44% for “non-residents”.
Business Income and Receipts Tax (BIRT) for 2022 will be 5.99%, previously the rate was 6.20%.