In this Update:
State Tax Reform Helps PA Job Creators, Families
It is critical for state lawmakers to enact policies that provide new income opportunities and better wages for Pennsylvanians. Sweeping tax reforms enacted by the General Assembly last month will address this critical need by creating a climate for good-paying jobs and more investments in Pennsylvania.
This action is even more important now considering the massive new spending bill enacted in Washington this week. The nonpartisan Congressional Budget Office projects working-class Americans will pay billions of dollars in new taxes as a result of the new federal spending plan.
While the federal government is raising taxes on working families and job-creators, Pennsylvania is cutting taxes to make our Commonwealth more competitive in a global economy.
Free Webinar on Sweeping Business Tax Reform
The Pennsylvania Chamber of Business and Industry is inviting small business owners, tax attorneys and other finance officers to participate in a free webinar to explore the impact of recent reforms to the state’s Tax Code.
Tax experts will be available to answer questions about what the various changes will mean for businesses of all kinds.
The webinar will take place August 25 from 10 a.m. to noon. You can find more information and register here.
Financial Assistance for Eligible Children of Veterans
As the school year approaches, the Department of Military and Veterans Affairs reminds veterans with children that financial assistance is available to those attending post-high school education or training at an approved institution in the commonwealth through its Educational Gratuity Program.
The program supports children of honorably discharged veterans who have 100% service-connected disabilities and served during a period of war or armed conflict, or children of veterans who die or died in service during a period of war or armed conflict. To be eligible, a child of a veteran must be between the ages of 16 and 23, living within the Commonwealth of Pennsylvania five years prior to application and must attend a school within the commonwealth. All applicants must have a financial need.
Payments will not exceed $500 per term or semester per qualified child to each approved educational institution over a total of eight terms or semesters. For more information about the program’s criteria, eligibility and needed documentation, go to Educational Gratuity Program.
Beat Sept. 1 College Tuition Hikes with PA 529
Families who contribute to their PA 529 Guaranteed Savings Plan (GSP) account by Aug. 31 can boost their savings by taking advantage of the fact that many college tuition credit rates are scheduled to increase Sept. 1.
The PA 529 GSP program allows families to save for a future education at today’s cost. Because the effect of tuition inflation is generally applied to PA 529 GSP accounts on Sept. 1, contributions made by Aug. 31 often receive an increase in value the very next day – and the earnings can be used as soon as the summer semester of the next calendar year. If used the following fall semester, two years of tuition inflation benefits would be available.
Before new PA 529 GSP credit rates take effect for the 2022-23 school year, families may compare PA 529 GSP credit rates at popular levels.
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