Act 58 of 2015
In November 2015, HB792 was signed by Governor Wolf as Act 58 of 2015 to provide revenues from the Realty Transfer Tax (RTT) to the Pennsylvania Housing Affordability and Rehabilitation Enhancement Fund (PHARE, Act 105 of 2010). These additional funds will expand the PHARE program to all 67 counties of the Commonwealth, including those counties currently receiving monies from the Marcellus Shale Impact Fee (Act 13 of 2012).
Under Act 58 ("PHARE/RTT"), PHFA will receive an allocation of funds equal to the lesser of forty percent (40%) of the difference between the total dollar amount of the Realty Transfer Tax imposed under section 1102-C of the Tax Reform Code of 1971 collected for the prior fiscal year and the total amount of RTT estimated for the fiscal year beginning July 1, 2014. The PHARE/RTT fund will be capped at $25 million annually.
Listed below are the projected PHARE revenues based on the analysis of RTT revenue from the Independent Fiscal Office (IFO):
July 31, 2016 $0.0
July 31, 2017 $3.8 million
July 31, 2018 $15.4 million
July 31, 2019 $25 million
July 31, 2020 $25 million