HB 1263 Pennsylvania House · 2025-2026 Regular Session

An Act establishing the Keystone Saves Program, the Keystone Saves Program Fund, the Keystone Saves Administrative Fund and the Keystone Saves Program Advisory Board; and providing for powers and duties of the Treasury Department, for investment and fiduciary responsibilities and for program implementation.

HB 1263 establishes Pennsylvania's Keystone Saves Program, creating a state-run savings initiative for low-to-moderate income residents. The bill sets up a dedicated program fund and administrative fund managed by the Treasury Department, which will handle investments while adhering to fiduciary responsibilities. An advisory board will oversee program implementation and ensure it meets the needs of participants. This program directly affects eligible Pennsylvanians by providing a structured savings option, with the Treasury Department responsible for managing funds and investments.
Bill status passed 3 of 5 stages cleared
Introduction
Apr 2025
Committee Review
May 2025
House Passage
May 2025
Senate Passage
Governor
Introduced Apr 17, 2025 Last action May 22, 2025
Maddy AI version diff · 1 comparison

What changed between versions

Printer's No. PN1406 Printer's No. PN1623 · 4 edits
MODERATE
This bill update adds a new sponsor to the legislation and formally reports the bill as amended by the Commerce Committee. It also clarifies that employer-provided financial information is used solely for establishing the program and updates reporting requirements to include specific details about participant deductions and contributions. Additionally, the bill now explicitly allows participants to freeze automatic annual deduction rate increases.
Scope change
The bill's scope remains focused on establishing the Keystone Saves Program, but the applicability of reporting rules has been refined to include more specific data points for employers.
TIMELINE

Added a new sponsor, Cepeda-Freytiz, and updated the status to reflect that the bill was reported from the Commerce Committee with amendments on May 6, 2025.

REQUIREMENT

Clarified that information provided by employers regarding employees is used strictly for the purpose of establishing the act.

Updated employer reporting requirements to explicitly list the amounts of deductions taken and contributed to the program for each participant.

Modified participant options to allow them to freeze automatic annual deduction rate increases.

Floor votes · House May 13, 2025

How they voted

102101
Passed
Total votes 203
May 13, 2025
D Democratic102
102 Yea
100% Yea
R Republican101
101 Nay
100% Nay
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
10
Key actions
3
Committee
4
Amendments
1
May 22, 2025
Committee
Referred to Finance
upper
May 13, 2025
Lower · Passed
Third consideration and final passage
lower
May 13, 2025
Lower · Passed
Re-reported as committed
lower
May 12, 2025
Committee
Re-committed to Appropriations
lower
May 6, 2025
Lower · Passed
Reported as amended
lower
Apr 17, 2025
Committee
Referred to Commerce
lower
1 primary · 33 co-sponsors

Sponsors