By RICHARD F. BELISLE
CHAMBERSBURG, Pa. - A bond issue may be the only way Franklin County can raise nearly $3.5 million in refunds it may be forced to give taxpayers who paid taxes on stocks and bonds, said G. Warren Elliott, County Commissioners president.
Franklin and Fulton counties are among 32 Pennsylvania counties that could be facing severe budget shortfalls if the state Supreme Court orders them to refund $231 million in personal property taxes paid on investments.
The refunds would run for three years.
Elliott said the commissioners repealed the county's personal property tax on stocks and bonds in August because they felt it was inequitable. He said the tax netted the county about $1.1 million a year. The commissioners made up the loss by increasing the mill rate by five to 23 mills, just two below the state limit, and by cutting spending, he said.