Watch: New Video From Governor Shapiro Highlights Administration's Work to Cut Taxes and Lower Costs for Pennsylvania Families, Seniors, and Businesses

From: Pennsylvania Governor Josh Shapiro
December 19, 2024

“From rent to childcare to helping seniors stay in their homes, we have reduced costs...These tax credits make a huge difference, and that is money that goes directly back into the pockets of families all across Pennsylvania. The Commonwealth of Pennsylvania can get stuff done.”

Governor Josh Shapiro has taken action over the last two years to reduce costs and lower taxes more than four times - easing the burden on families, seniors, and businesses.

Harrisburg, PA - This year, Governor Shapiro delivered on his promise to put more money back in Pennsylvanians pockets. Through key tax cuts and reforms included in the 2024-25 bipartisan budget(opens in a new tab), the Shapiro Administration has reduced costs for families, seniors, and businesses across the Commonwealth.

“From childcare to property taxes, Pennsylvanians are struggling to make ends meet, and my Administration has taken action to help,” said Governor Shapiro. “Whether you’re raising a family, running a small business, or retiring in Pennsylvania, we’re working every day to lower costs and deliver real relief for Pennsylvanians.”

Since taking office, Governor Shapiro has brought Republicans and Democrats together to cut taxes four times, including the creation of the Employer Child Care Contribution Tax Credit, which helps businesses support employees’ childcare expenses. This builds on the expansion of the Child and Dependent Care Enhancement Tax Credit(opens in a new tab), now matching the federal credit and increasing the maximum benefit to $2,100 for over 218,000 families.

The Governor also increased the Net Operating Loss Deduction Limit, allowing businesses to reduce taxable income by up to 80% by 2029, ensuring Pennsylvania remains competitive.

Governor Shapiro’s expansion(opens in a new tab) of the Property Tax/Rent Rebate Program(opens in a new tab) has delivered over $300 million to more than 500,000 seniors and people with disabilities, nearly doubling the rebate amounts and eligibility. This includes 105,000 first-time filers this year. This vital program helps seniors stay in their homes by offsetting rising property tax and rent costs.

Click here(opens in a new tab) to watch Governor Shapiro’s new video on how this Administration is working to ease the financial burden on Pennsylvania families, seniors, and businesses and read the transcript below.

TRANSCRIPT

“From rent to childcare to helping seniors stay in their homes, we have reduced costs. A new law here in Pennsylvania has tripled the childcare tax refundable state credit from $630 - when I took office - to $2,100 today. These tax credits make a huge difference, and that is money that goes directly back into the pockets of families all across Pennsylvania.

We not only cut taxes for families to help them afford childcare, but we also cut taxes for the businesses that are helping invest in childcare opportunities for their employees.

We delivered - after two decades - significant tax relief for seniors all across Pennsylvania. We nearly doubled the rebate that they get back on their property taxes or their rent, and we nearly doubled the number of seniors that now qualify for this rebate.

To date, we have received and processed more than 500,000 tax rebates for seniors across Pennsylvania, giving them $300 million back in their pockets - that’s significant relief for our seniors and it includes 105,000 first time seniors getting that relief.

The Commonwealth of Pennsylvania can get stuff done.”

 

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