Section 6926.335 - School district options(a)Receipt of property tax reduction allocation.--In any fiscal year in which a school district receives a property tax reduction allocation under section 505 and the sum of the property tax reduction allocation and revenue from the earned income and net profits tax or personal income tax received by the school district under this chapter exceeds the amount required to fund the maximum homestead and farmstead exclusions authorized under 53 Pa.C.S. § 8586 (relating to limitations), the school district may: (1) reduce the rate of the earned income and net profits tax or personal income tax such that the sum of the property tax reduction allocation and the earned income and net profits tax or personal income tax revenue is equal to the amount required to fund the maximum homestead and farmstead exclusions authorized under 53 Pa.C.S. § 8586; or(2) maintain the rate of the earned income and net profits tax or personal income tax and utilize any revenue in excess of the revenue required to fund the maximum homestead and farmstead exclusions authorized under 53 Pa.C.S. § 8586 to reduce the property tax rate on all properties subject to the property tax in the school district.(b)Reduction of earned income and net profits tax.--In any year subsequent to a year in which the rate of the earned income and net profits tax or personal income tax was reduced pursuant to subsection (a)(1) and the sum of the property tax reduction allocation under section 505 and revenue from the earned income and net profits tax or personal income tax received by the school district under this chapter is less than the amount necessary to maintain the maximum homestead and farmstead exclusions authorized under 53 Pa.C.S. § 8586, the school district may raise the rate of the earned income and net profits tax or personal income tax up to the amount previously reduced under subsection (a)(1) without complying with the referendum provisions of section 332. 2006, June 27, P.L. 1873, No. 1(Spec. Sess. No. 1), § 335, imd. effective.