Treasurer Stacy Garrity Announces S&P’s Highest Credit Rating Pennsylvania Treasurer Stacy Garrity announced today that Standard and Poor’s Global Ratings (S&P) has reaffirmed the highest credit rating possible, AAAm, for Treasury’s INVEST program pools. INVEST, managed by the Pennsylvania Treasury Department, is an investment tool specifically designed for local government agencies and nonprofit organizations. “Earning S&P’s highest rating for our INVEST pools is a tremendous honor, and it reflects the hard work we’re doing to help local governments and nonprofits across Pennsylvania maximize their investment capabilities,” Treasurer Garrity said. “Many of these entities have extremely tight budgets, so helping them invest and grow their funds is important. Treasury is glad to provide this program to help organizations fund critical projects that improve the lives of Pennsylvanians.” INVEST participants include local government agencies and nonprofits including municipalities, counties, school districts, fire companies, libraries and many others. There are two pools in INVEST, the Daily Pool for local governments and the Community Pool for nonprofit organizations. Ratings affirmations were for both pools. Both pools provide daily liquidity, with no minimum balance requirements, no minimum deposit amounts and no limit on the number of transactions an organization can make. Treasury may also offer periodic custom investment opportunities for longer-term financial needs of participants. AAAm is the highest rating established by S&P. Criteria for this rating includes a fund that, according to S&P, “demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk.” Treasury’s investment staff has managed INVEST for over 30 years. In Fiscal Year 2023-24, participants shared more than $75 million in earnings. More than 450 INVEST participants currently have over $1.6 billion in assets. To learn more about becoming a participant with INVEST, visit patreasury.gov/invest or email investoperations@patreasury.gov.
Treasurer Stacy Garrity Praises General Assembly Treasurer Stacy Garrity today praised the General Assembly for unanimously approving legislation to enact Pennsylvania Money Match, which will allow the Pennsylvania Treasury Department – for the first time ever – to automatically return unclaimed property to its rightful owners. Senate Bill 24, sponsored by Sen. John DiSanto (R-15), was sent to Governor Josh Shapiro for his signature last week. Similar legislation, House Bill 2092, was introduced by Rep. Ryan Bizzarro (D-3) in the House. “This is a huge and exciting step forward,” Treasurer Garrity said. “With Pennsylvania Money Match, we’ll be able to return unclaimed money directly to thousands of hardworking Pennsylvanians. Government isn’t known for removing red tape – but that’s exactly what this bill will do. I want to thank Sen. DiSanto for his strong leadership in the Senate and Rep. Bizzarro for the great work he did in the House. Money Match absolutely deserves the bipartisan support it received.” “I am pleased to have partnered with Treasurer Garrity on drafting SB 24 to make it easier for the Pennsylvania Treasury to return unclaimed property to its rightful owners,” Sen. DiSanto said. “And I am thankful to my legislative colleagues for passing this commonsense legislation that makes government work better.” Pennsylvania Money Match will authorize Treasury to automatically return single-owner properties valued up to $500 after a thorough identification and verification process. At least 14 other states have successfully implemented similar programs. Pennsylvania Money Match will not affect claims for properties valued above $500 or those that have multiple owners or other complexities. Those claimants will still need to file a claim and provide any required supporting documentation. More than one in ten Pennsylvanians is owed some of the $4.5 billion in unclaimed property being safeguarded by Treasury. The average value of a claim is about $1,600. Since taking office, Treasurer Garrity has returned more than $700 million in unclaimed property and has implemented multiple improvements to the unclaimed property program, all designed to make the process easier and faster, including: Completing a total system upgrade for the first time in more than 15 years. Implementing a fast-track process for many claims; and Allowing direct deposit payments for many claimants. To search Treasury’s unclaimed property database, visit patreasury.gov/unclaimed-property.
Treasurer Stacy Garrity Announces Results of Spring Unclaimed Property Auction Treasurer Stacy Garrity announced today that Treasury’s Spring unclaimed property auction brought in more than $262,000. All proceeds are carefully logged by Treasury and will remain available for the rightful owners to claim no matter how much time passes. “This is another tremendously successful auction, and I’m pleased that it generated such an incredible result,” Treasurer Garrity said. “We work for at least three years to find the rightful owners of every item that comes to Treasury’s vault. But eventually, we have to auction items to make room in our vault for incoming property. All auction proceeds are held in perpetuity at Treasury for a rightful owner to claim anytime – whether that’s tomorrow, a few months from now, or many years down the road.” Nearly 4,400 items were sold during the auction that took place online in March this year. Treasury partners with Pook & Pook, Inc., of Downingtown for auctioneer and appraisal services. The top price for an item was $18,000 for 27.22 ounces of palladium (a form of platinum). Other high-price items included: 18K yellow gold bracelet with 14K yellow gold charms sold for $4,600 14K white gold ring with an old European cut diamond sold for $3,200 18K yellow gold wristwatch, with .40 ctw of round brilliant cut diamonds sold for $3,000 Platinum ring with 1.71 carat diamond sold for $3,000 “This was another successful collaboration between Pook & Pook, Inc., Auctioneers and Appraisers and the Pennsylvania Treasury,” said Deidre Pook Magarelli, President of Pook & Pook. “Across the board, in all categories of coins and jewelry, we saw strong prices. The Pennsylvania Treasury puts forth a heroic effort each year to reunite unclaimed property with its original owners, but, when that’s not possible, they make sure the monetary compensation for that unclaimed property is available to those individuals in perpetuity. It’s a huge undertaking, and Pook & Pook appreciates playing a small part in this important process.” Treasury expects to net $262,840.16 after Pook & Pook receives its 12 percent commission of the full auction total, $298,682.00. The proceeds from the auction were nearly $80,000 over the high estimate. Items that are not sold at auction, or those not paid for by a winning bidder, are returned to Treasury to be listed in future auctions. Treasury receives unclaimed property from businesses if the property has been dormant for three years. Tangible property, most often the contents of forgotten safe deposit boxes, is stored in Treasury’s vault for another three years while Treasury tries to find the rightful owners. Treasury never auctions military decorations or memorabilia. More than $4.5 billion in unclaimed property is available to be claimed. More than one in ten Pennsylvanians is owed unclaimed property, and the average claim is worth about $1,600. To learn more about unclaimed property or to search Treasury’s database, visit patreasury.gov/unclaimed-property.
Treasurer Stacy Garrity Announces Property Tax/Rent Rebate Payments Treasurer Stacy Garrity announced that approximately 442,000 payments totaling about $266 million were disbursed today to Pennsylvanians who have been approved for this year’s Property Tax/Rent Rebate Program. “This is an all-time record for day one of the Property Tax / Rent Rebate Program,” Treasurer Garrity said. “More people than ever before are eligible for rebates, thanks to great work by the General Assembly and the Governor to expand the program. This money can make a huge difference – especially for the many Pennsylvanians who are struggling to make ends meet, and I encourage everyone who is eligible to apply for their rebate. Treasury will continue to make payments on a rolling basis as we receive approvals from the Department of Revenue.” Of the payments sent today, 56 percent were processed via direct deposit, while 44 percent were paper checks mailed via the U.S. Postal Service. The General Assembly and the Governor expanded the Property Tax/Rent Rebate Program this year to increase household income limits for rebates to $45,000 for homeowners and renters (up from $35,000 and $15,000, respectively). Claimants may exclude half of their Social Security income. The maximum standard rebate is now $1,000 (up from $650). Payments will continue to be processed as applications are approved by the Department of Revenue and received by Treasury. The deadline to apply has been extended to December 31, 2024. The Property Tax/Rent Rebate Program benefits Pennsylvanians age 65 and older, widows and widowers age 50 and older, and people with disabilities age 18 and older. For more information about eligibility and how to apply, Pennsylvania residents can contact their state legislators, visit the Department of Revenue’s website or call 888-222-9190. Applications can be submitted online with Revenue’s myPATH system. Those who have already applied can check the status of their rebate by clicking on the “Where’s My Rebate?” tool available on this page.
Treasurer Stacy Garrity Announces PA ABLE Website Treasurer Stacy Garrity today announced the launch of the redesigned PA ABLE Savings Program website, paable.gov. The new website makes it easier for individuals to learn about the many benefits of PA ABLE, open a new account, and access their existing PA ABLE account. “With the launch of our new PA ABLE website, we’re making it easier than ever for people to learn about, and access, this amazing program,” Garrity said. “Making sure every Pennsylvanian with a disability knows about PA ABLE is the first step to helping them live more independently. Revamping our resources to make them as accessible as possible is just one way we’re helping more Pennsylvanians save for a secure future.” The new paable.gov was built from the ground up. It streamlines navigation and content, integrates frequently asked questions within relevant pages, and includes changes that make it easier and more convenient for account owners and prospective account owners to find the information they need about PA ABLE. It also gives users the ability to easily translate every page on the new site to Spanish. This feature is powered by Google Translate. More than 9,000 PA ABLE accounts are open with over $120 million in assets. PA ABLE gives individuals with qualifying disabilities a tax-free way to save and invest without impacting important benefits. All federal benefits are protected, including Medical Assistance (Medicaid) and, with some limitations, Supplemental Security Income (SSI) benefits, as are many Pennsylvania state benefits. As savings earn interest or returns over time, neither federal nor Pennsylvania income tax is owed – and, when a withdrawal including that growth is taken, no income tax is owed as long as the withdrawal is used to pay for qualified disability expenses. PA ABLE offers seven different investment options, including an interest-bearing checking account. Account owners, along with family members and friends, can contribute up to $18,000 per year to a PA ABLE account. Contributions can be deducted on Pennsylvania state income taxes. Currently, to be eligible to save with PA ABLE, a person’s disability must onset prior to their 26th birthday – but the age limit will increase to 46 starting on Jan. 1, 2026. This is thanks to the ABLE Age Adjustment Act, which will expand ABLE eligibility to millions more Americans including one million Veterans. PA ABLE is one of the largest ABLE programs in the country and the largest program in the 19-member National ABLE Alliance, accounting for more than 25% of total Alliance assets. Since taking office, Treasurer Garrity has reduced fees three times for PA ABLE account owners. She is the inaugural chair of the National ABLE Savings Plans Network, a part of the National Association of State Treasurers dedicated to growing awareness, engagement and growth of ABLE Plans nationally. To learn more, visit paable.gov or call (855) 529-2253.
Treasurer Stacy Garrity Announces Upgrades to Transparency Portal Treasurer Stacy Garrity announced today that new features have been added to Treasury’s award-winning Transparency Portal, improving access to state budget and spending details. Users can now, for the first time ever, easily compare current revenue received in the current budget year with that received in previous years. The new features also include the ability to dive deeper into both total and federal funds, and to more easily navigate the portal on both desktop and mobile devices, including quick links to budget details, revenue comparisons, and federal funds. “Transparency must always be a central goal of government, especially when it comes to how taxpayer dollars are being spent,” Treasurer Garrity said. “As a fiscal watchdog, I’m always focused on increasing transparency, and Treasury’s Transparency Portal is a vital part of that work. These new updates make it easier than ever for Commonwealth residents to see where their money is going and to hold their government accountable.” The new Transparency Portal updates include: Revenue Comparison – Users can compare revenue received in the current fiscal year with revenue received in previous years back to FY 2018-19. Federal Funds – Users can see funds received from the federal government and how they are used by the Commonwealth. Easy Access to Fund Details – A dropdown menu allows users to easily review the status of a specific fund (such as the General Fund, the Motor License Fund and the Lottery Fund). More Options – When reviewing fund details, users can choose to display data over 1 year, 3 years and 5 years (in addition to 1 month, 3 months, 6 months, year-to-date, and all available). Improved homepage navigation. The Transparency Portal also includes tools to review state budget details, the Fiscal Health Scorecard, which presents financial data comparing Pennsylvania with similar states, and the Treasury Checkbook that discloses payments made by Treasury to its vendors. The Contracts e-Library allows anyone to review more than 500,000 state agency contracts, purchase orders, and amendments valued at $5,000 or more. Treasury’s Transparency Portal includes data back to 2014. Since taking office, Treasurer Garrity has added numerous features to the site, including access to Ledger 5, which tracks unappropriated expenses, and the ability to see county- and state-level data about Pennsylvania’s unclaimed property program, the PA 529 College and Career Savings Program, Keystone Scholars, and the PA ABLE Savings Program. Treasury’s Transparency Portal has won numerous awards, including the 2022 Government Experience Project Award from the Center for Digital Government, the 2018 CIO 100 Award, a Digital Edge 50 Award, and the 2017 PA Excellence in Technology Award. It was a finalist for the NASCIO 2018 Data Management and Analytics Award. Visit Treasury’s Transparency Portal at patreasury.gov/transparency.
Treasurer Stacy Garrity Applauds Senate for State Tax Appeal Reform Pennsylvania Treasurer Stacy Garrity applauded the Senate for its bipartisan approval of Senate Bill 1051 yesterday, pro-taxpayer legislation sponsored by Sen. Scott Hutchinson (R-21) to streamline and improve the process of resolving tax disputes with the Pennsylvania Department of Revenue (DOR). SB 1051 will allow the Board of Finance and Revenue (BF&R) to accept late-filed applications in certain circumstances and to create a new independent, mediated settlement process for taxpayers as an alternative to the formal and lengthy court appeals process. “The current tax appeal process tends to be bureaucratic, cumbersome and inflexible,” Treasurer Garrity said. “It’s a huge burden on too many individuals and businesses with legitimate tax appeals – we need to improve this process. Sen. Hutchinson’s legislation will create an even playing field for Pennsylvania taxpayers, and it will help tax issues get resolved more quickly. I applaud the Senate for approving this commonsense, taxpayer-friendly legislation.” “My colleagues and I have found that, sometimes, the Department of Revenue can get a little overzealous when interpreting applicable tax law,” Sen. Hutchinson said. “Senate Bill 1051 gives taxpayers a little more time and some options when responding to assessments by the Department, while also benefiting our Commonwealth by resolving tax issues sooner and allowing tax liabilities to be collected more quickly. Plain and simple, SB 1051 is a taxpayer protection proposal that makes a complicated system clearer, simpler and taxpayer-friendly – it’s a win-win for all parties.” SB 1051 is supported by numerous organizations, including the Pennsylvania Chamber of Business and Industry, the NFIB, the Pennsylvania Institute of Certified Public Accountants (PICPA), and the Pennsylvania Society of Enrolled Agents. A companion bill, House Bill 1994, was introduced by Rep. Tim Briggs (D-29). Currently, taxpayers who disagree with a final decision made by DOR have a 60-day deadline to appeal the decision to BF&R. That often leads to cases being dismissed on a technicality rather than being decided on their merits. SB 1051 will allow BF&R to accept late-filed applications if good cause is shown by the taxpayer and neither party would be prejudiced. The bill also empowers BF&R to create an independent settlement process, which will allow more tax disputes to be resolved without a final Board decision – thus reducing litigation costs for taxpayers. Under current law, BF&R has no authority to direct a mediated settlement process. Treasury estimates that up to 500 cases annually could be resolved under this process. BF&R receives approximately 4,200 appeals annually. The Board must resolve each appeal within six months of its filing, absent an extension request; otherwise, the underlying DOR decision is upheld. Currently, only about 13 percent of eligible appeals are resolved through settlement prior to an appeal before the Commonwealth Court. BF&R is an independent administrative tax tribunal, administered by the State Treasurer, responsible for the second and final level of administrative appeal (with minor exceptions) before appealing to court. The Board consists of three members – two are appointed by the Governor and confirmed by the Pennsylvania Senate; the third is the State Treasurer or her designee and serves as Chair.
Luzerne County Residents Refunded Registration Fees Treasurer Stacy Garrity announced today that the Pennsylvania Treasury Department has sent refunds to approximately 31,000 Luzerne County residents who were owed money after the county eliminated its $5 annual vehicle registration fee. Luzerne County residents owed the refund paid for two-year vehicle registration renewals prior to the elimination of the $5 fee. “Working with Luzerne County, we were able to make these refunds without requiring the affected residents to take any action at all,” Treasurer Garrity said. “This wasn’t a traditional form of unclaimed property, but it was the most efficient way to get this money back where it belongs.” “Luzerne County was happy to work with our State Treasurer’s office to get this refund out to citizens in the most economical way,” said John Lombardo, Luzerne County Council Chair. “Thank you very much to Stacy Garrity and her staff for assisting our administration in this effort.” Most residents received a $5 refund, although some – based on when they paid their vehicle registration – received more, up to $20. In February, Luzerne County sent $221,200 of excess registration fees to the Pennsylvania Treasury Department’s Bureau of Unclaimed Property. County officials worked quickly with Treasury to submit a claim on behalf of all 31,253 residents who were owed a refund. Any resident of Luzerne County who has questions about this process can email the Pennsylvania Treasury Department’s Bureau of Unclaimed Property at tupmail@patreasury.gov or call 800-222-2046. Treasury has more than $4.5 billion in unclaimed property owed to more than one in ten Pennsylvanians, with the average value of a claim being $1,600. Unclaimed property can include things such as dormant bank accounts, insurance policies, and old valuables like contents of safe deposit boxes. State law requires businesses to report unclaimed property to Treasury after three years of dormancy. Anyone can search for unclaimed property, and see if they are owed anything, at patreasury.gov/unclaimed-property.
Treasurer Stacy Garrity Celebrates 529 Day with Awards for Families Treasurer Stacy Garrity celebrated 529 Day – May 29, or 5/29 – by encouraging families across Pennsylvania to save with the PA 529 College and Career Savings Program for a chance to win awards, including three top awards of $5,529 – enough to pay for a year’s tuition at a Pennsylvania community college. May 29, 2024, has also been designated as College and Career Savings Day in Pennsylvania by the General Assembly, with resolutions sponsored by Senator Scott Martin (R-13) and Representative John Schlegel (R-101). “I’m excited to celebrate 529 Day and very pleased that the General Assembly is supporting our efforts by proclaiming this as College and Career Savings Day,” Treasurer Garrity said. “Saving for education is an important step families can take to help make their child’s dreams come true, no matter what career path they take. Treasury is offering some fantastic promotional awards to encourage more families to take advantage of our PA 529 Guaranteed Savings Plan, which is a great savings tool. Saving now, means less to borrow when a child embarks on their technical career training, apprenticeship or college degree.” “We all share a common interest in supporting strong postsecondary educational opportunities and career preparation programs to help young people chart a course toward a brighter future here in Pennsylvania,” said Senator Martin. “I am proud to partner with Treasurer Garrity to make more Pennsylvanians aware of the benefits of PA 529 accounts and the key role they play in helping students achieve their dreams.” “The PA 529 College and Career Savings Program has helped many Pennsylvanian families save money for their child’s postsecondary education for more than three decades,” said Rep. Schlegel. “I encourage all families to consider this savings option.” Treasury’s 529 Day promotion has been running since May 1, and families have until May 31 to save to be eligible for awards with the PA 529 GSP. The PA 529 GSP allows families to save at today’s tuition rates to meet tomorrow’s tuition costs. Families can choose the tuition level they wish to save at – from community colleges up to Ivy League universities. Families who open a new PA 529 GSP and contribute at least $10 until May 31, will be eligible to win one of two statewide awards of $5,529, or one of six regional awards of $2,529. Last year, more than 1,000 families started saving during our 529 Day promotion. New for this year, families who had a PA 529 GSP account prior to May are eligible to win one statewide award of $5,529 if they make an additional contribution of at least $10 to their child’s account before the end of the month. The PA 529 program has been helping families save and pay for education for more than 30 years. Saving with PA 529 accounts comes with significant state and federal tax advantages. PA 529 accounts can be used for a wide variety of qualifying technical, collegiate, and apprenticeship expenses like tuition, fees, books, equipment, room and board, and more. Saving with PA 529 does not impact a student’s eligibility for Pennsylvania state financial aid. Families with young children, born January 1, 2019, or later, already have a $100 Keystone Scholars account to jumpstart their education savings. This automatic deposit is available to every baby born in Pennsylvania, and the program uses no taxpayer dollars. Families are encouraged to claim their Keystone Scholars accounts online at pa529.com/keystone and open their own companion PA 529 account to continue saving for their child’s future.
Treasurer Stacy Garrity Encourages Pennsylvanians to Apply for Property Tax/Rent Rebate Program Treasurer Stacy Garrity today encouraged eligible Pennsylvanians to apply for the Property Tax/Rent Rebate Program for this year’s rebate as soon as possible, noting that the Pennsylvania Treasury Department will begin sending rebates to approved applicants on July 1. “Many more Pennsylvanians are eligible for the Property Tax/Rent Rebate Program this year because the General Assembly and the Governor made the smart decision to expand the program,” Treasurer Garrity said. “I encourage everyone who’s eligible to apply as soon as possible. Treasury will start making payments on July 1, which is the earliest we’re able to under the law – and we’ll continue making payments on a rolling basis after that. This essential program makes a huge difference for so many, including older Pennsylvanians and those living with disabilities, and I’m committed to getting these payments out as quickly as possible once applicants are approved by the Department of Revenue.” The new law increased household income limits for rebates to $45,000 for homeowners and renters (up from $35,000 and $15,000, respectively). Claimants may exclude half of their Social Security income. The maximum standard rebate is now $1,000 (up from $650). Treasurer Garrity especially encouraged first-time applicants to apply as soon as possible because the Department of Revenue has indicated they will need more time to verify new applicant information as part of their efforts to combat program fraud. The Property Tax/Rent Rebate Program benefits Pennsylvanians age 65 and older, widows and widowers age 50 and older, and people with disabilities age 18 and older. Some homeowners may qualify for supplemental rebates. The deadline to apply for this year’s rebate is June 30, 2024. As part of last year’s program expansion, beginning in 2025, the income limits will be adjusted annually based on the Consumer Price Index for All Urban Consumers (CPI). That calculation will be done by the Secretary of Revenue. Since the program’s inception in 1971, more than $8 billion in rebates have been paid.
