Featured Releases
Impact of COVID-19 on the State Economy
News Stand & Other
April 13, 2021
Director Matthew Knittel gave a brief presentation to the Senate Majority Policy Committee on the impact of COVID-19 on the state economy.
Senate Budget Hearing Request
News Stand & Other
April 09, 2021
The Independent Fiscal Office (IFO) responded to several questions raised at the office's budget hearing before the Senate Appropriations Committee. The questions relate to the impact of the COVID-19 pandemic on employment based on gender, net domestic migration for Pennsylvania and border states, and education sector employment for Pennsylvania and border states.
March 2021 Revenue Update
Revenue & Economic Update
April 01, 2021
The Commonwealth collected $4.84 billion in General Fund revenues for March, an increase of $407.9 million (9.2%) compared to March 2020.
Budget and Economic Update Presentation
News Stand & Other
March 31, 2021
Deputy Director Brenda Warburton and Revenue Analyst Jesse Bushman gave a presentation to the Marcellus Shale Coalition regarding the Commonwealth’s economic and budget outlook and recent natural gas trends.
House Budget Hearing Request
News Stand & Other
March 23, 2021
The IFO responded to a question raised at the office’s budget hearing before the House Appropriations Committee. The question was related to the indirect costs associated with state marijuana legalization that may not be reflected in official revenue estimates.
March 2021 Economic Update
Revenue & Economic Update
March 22, 2021
The March edition of our Monthly Economic Update includes links to recent articles and reports that provide insight into state or national economic, demographic and fiscal trends.
Projecting the Components of the Act 1 Index
Property Tax
March 17, 2021
Director Matt Knittel made a presentation to PASBO regarding the IFO’s recent computation of the Act 1 Index.
Budget and Economic Update Presentation
News Stand & Other
March 11, 2021
Director Matt Knittel gave a presentation to CompetePA on the state budget, federal stimulus and various revenue proposals.
Testimony on Minimum Wage
News Stand & Other
March 11, 2021
Director Matt Knittel made a brief presentation to the House Commerce Committee on the proposal to raise the minimum wage. The hearing was originally scheduled for February 16, 2021 but was rescheduled to March 11, 2021.
Budget Hearings Packet for Appropriations Committees
News Stand & Other
March 04, 2021
The Independent Fiscal Office submitted materials to the House and Senate Appropriations Committees ahead of its scheduled budget hearings. This packet examines the minimum wage, personal and corporate income tax and other proposals included in the FY 2021-22 Executive Budget.
Natural Gas Production Report, 2020Q4
Natural Gas
March 02, 2021
This report for the fourth quarter of 2020 uses data collected by the PA Department of Environmental Protection to develop statewide and county-level tabulations of production volume and well counts.
February 2021 Revenue Update
Revenue & Economic Update
March 01, 2021
The Commonwealth collected $2.68 billion in General Fund revenues for February, an increase of $516.3 million (23.8%) compared to February 2020.
School District Property Tax Forecast
Property Tax
February 24, 2021
This report contains the IFO's forecast of school district property tax collections from FY 2019-20 to FY 2025-26. The report also contains projections of the Act 1 index and estimates of school district property taxes attributable to homestead property. (This report was originally posted on February 2, 2021. Based on new data for the 2020 Q4 ECI, which impacts the FY 2020-21 ECI computation, this report was updated and reposted.)
Revised Monthly Revenue Estimates
Revenue Estimates
February 23, 2021
This report provides revised revenue distributions based on the FY 2020-21 projections contained in the Five Year Economic and Budget Outlook published by the IFO on January 21, 2021. They reflect the statutory changes that were enacted with the remainder of the FY 2020-21 state budget in November 2020.
Economic and Budget Update Presentation
News Stand & Other
February 19, 2021
Deputy Director Brenda Warburton gave a presentation at a session of the Pennsylvania Education Policy Fellowship Program regarding the Commonwealth's economic and budget outlook.
February 2021 Economic Update
Revenue & Economic Update
February 18, 2021
The February edition of our Monthly Economic Update includes links to recent articles and reports that provide insight into state or national economic, demographic and fiscal trends.
January 2021 Revenue Update
Revenue & Economic Update
February 01, 2021
The Commonwealth collected $2.66 billion in General Fund revenues for January, a decrease of $412.6 million (-13.4%) compared to January 2020.
Five Year Economic and Budget Outlook
Revenue Estimates
January 21, 2021
The Independent Fiscal Office (IFO) released its five-year Economic and Budget Outlook. Click the hyperlink above to view the report and presentation.
January 2021 Economic and Budget Outlook
Revenue Estimates
January 11, 2021
The Independent Fiscal Office will release an updated revenue estimate and discuss economic trends for FY 2020-21 to 2025-26. The briefing is open to the public and submitted questions will be addressed at the end of the presentation. The report will also be posted to the IFO website when the presentation concludes. Click on the link for details on how to register.
2020 Impact Fee Estimate
Natural Gas
January 05, 2021
This report uses recent data published by the Department of Environmental Protection to project CY 2020 Impact Fee collections (remitted April 2021). Collections are estimated to be $144.9 million, a decrease of $55.9 million from the prior year.
December Economic and Revenue Update
News Stand & Other
December 09, 2020
Director Matthew Knittel provided an economic update to the PA Association of Community Bankers.
PPP Loans to Pennsylvania Businesses
News Stand & Other
December 08, 2020
This research brief examines the impact of the PPP on Pennsylvania businesses by considering the number and type of firms affected, the potential employment impact and possible tax implications.
Natural Gas Production Report, 2020Q3
Natural Gas
November 24, 2020
This report for the third quarter of 2020 uses data collected by the PA Department of Environmental Protection to develop statewide and county-level tabulations of production volume and well counts.
State and Local Tax Revenues: A 50 State Comparison
News Stand & Other
November 24, 2020
This report uses the most recent data from the U.S. Census Bureau, the Internal Revenue Service (IRS), the U.S. Bureau of Economic Analysis and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) the relative level of state and local taxes across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.
November Economic and Revenue Update
News Stand & Other
November 18, 2020
Director Matthew Knittel made a presentation to the Harrisburg Trade Association Executives and the PICA 2020 Fall Conference.
UGSOA Wage Contract Analysis
Wage Contracts
November 12, 2020
This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the United Government Security Officers of America (UGSOA).
Revenue and Economic Update FY 2020-21
Revenue Estimates
October 29, 2020
The Independent Fiscal Office (IFO) released its October Revenue and Economic Update. Click the hyperlink above to view the report and presentation.
Pennsylvania Economic Development Incentives
News Stand & Other
October 15, 2020
This research brief presents data on Pennsylvania economic development incentives for fiscal years (FY) 2014-15 through FY 2019-20. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. The brief also highlights recent changes to incentive programs spending or utilization.
Impact of the TCJA on Pennsylvania Taxpayers
News Stand & Other
October 13, 2020
This research brief uses newly released IRS tax data to examine how the Tax Cuts and Jobs Act of 2017 impacted Pennsylvania federal income taxpayers. The analysis finds that tax law changes likely reduced federal income taxes by roughly $8.5 to $9.0 billion.
This research brief was originally posted on October 2 but was updated and reposted on October 13 so that refundable tax credits and certain miscellaneous taxes (AMT and net investment tax) are reflected in average tax rate and estimated tax cut computations. Previously, those amounts were itemized separately.
Demographic Outlook
Revenue Estimates
September 08, 2020
Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation in advance of the IFO’s release of the Economic and Budget Outlook for Fiscal Year 2020-21 to 2025-26. In prior years, the information contained in this report was presented as an individual section within the IFO’s Five-Year Economic and Budget Outlook.
Revenue Estimate Performance
Revenue Estimates
September 03, 2020
This report examines the performance of IFO revenue estimates for the past eight budget cycles.
Monthly and Quarterly Revenue Estimates
Revenue Estimates
August 27, 2020
This report provides revenue distributions based on the FY 2020-21 projections contained in the Official Revenue Estimate published by the IFO on June 22, 2020. They reflect the statutory changes that were enacted with the FY 2020-21 state budget.
August 2020 Economic and Revenue Update
Revenue Estimates
August 19, 2020
Director Matthew Knittel provided a brief economic and revenue update to members of the Senate Appropriations Committee (Democrat).
COVID-19 Impact on Local Revenues
News Stand & Other
July 16, 2020
In response to a legislative request, the Independent Fiscal Office examined how the COVID-19 pandemic and mandated business closures could impact local earned income taxes (EIT), property taxes and gaming revenues received by municipalities, counties and school districts for the current year.
Pennsylvania Impact Fee and Natural Gas Trends Presentation
Natural Gas
July 14, 2020
Revenue Analyst Jesse Bushman made a presentation to the Center for Energy Policy and Management at Washington & Jefferson College regarding regional natural gas trends and how they are affecting the state's Impact Fee.
PSEA Wage Contract Analysis
Wage Contracts
July 02, 2020
This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Pennsylvania State Education Association (PSEA), Non-Tenured Teachers Unit.
Economic Impact from Regulation of Single-Use Plastics
News Stand & Other
June 30, 2020
As required by Act 20 of 2019, this report examines the economic impact from the regulation of single-use plastics. The report considers three types of regulation that have been enacted by other states and local jurisdictions: a ban, a fee and a ban-plus-fee. The report examines potential outcomes if these regulations were implemented statewide for plastic retail bags. The analysis is also extended to a ban on expanded polystyrene foam foodservice products.
PSCOA Wage Contract Analysis
Wage Contracts
June 26, 2020
This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Pennsylvania State Corrections Officers Association (PSCOA).
Impact Fee Update and 2020 Outlook
Natural Gas
June 25, 2020
This report examines impact fee collections for 2019 and provides an outlook for 2020.
Official Revenue Estimate FY 2020-21
Revenue Estimates
June 22, 2020
This report provides revised revenue estimates for FY 2019-20 and official estimates for FY 2020-21 related to the General Fund, Motor License Fund, Lottery Fund and federal funds subject to appropriation.
County Income Patterns
News Stand & Other
June 10, 2020
This research brief presents four maps that illustrate recent demographic and income trends at the county level. The release highlights population change, personal income growth and per capita figures for all counties of the Commonwealth.
Initial Revenue Estimate FY 2020-21
Revenue Estimates
May 26, 2020
The initial revenue estimate for FY 2020-21 and updated estimates for FY 2019-20 are included.
Initial Revenue Estimate FY 2020-21 Presentation
Revenue Estimates
May 26, 2020
Director Matthew Knittel made a presentation on the initial revenue estimate for FY 2020-21 and updated estimates for FY 2019-20.
SEIU Local 668 UC Referees Unit Wage Contract Analysis
Wage Contracts
May 07, 2020
The Independent Fiscal Office (IFO) has issued a cost analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Service Employees International Union (SEIU) Local 668 Unemployment Compensation (UC) Referees.
Analysis of Revenue Proposals in the 2020-21 Executive Budget
Revenue Estimates
April 23, 2020
This report provides estimates for the revenue proposals contained in the 2020-21 Executive Budget released February 2020. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.”
Projected Revenue Impact of COVID-19
Revenue Estimates
April 08, 2020
The IFO released an updated revenue projection for FY 2019-20 and a preliminary projection for FY 2020-21 using two scenarios for business closures due to the COVID-19 virus. The release also discusses the impact on economic growth rates and federal stimulus monies that are projected to flow into the state economy.
Property Tax by County and Income
Property Tax
April 07, 2020
This research brief uses data from the U.S. Census Bureau's American Community Survey to provide Pennsylvania property tax data for 2018 by county, household income and homeowner age.
Property Tax Update Presentation
Property Tax
March 13, 2020
Director Matthew Knittel made a brief presentation to the Pennsylvania School Boards Association on property tax data recently published by the IFO.
Senate Budget Hearing Request
News Stand & Other
March 11, 2020
The IFO responded to questions raised at the office's budget hearing before the Senate Appropriations Committee.
House Budget Hearing Request
News Stand & Other
March 11, 2020
The IFO responded to questions raised at the office's budget hearing before the House Appropriations Committee.
Family First Prevention Services Act Preliminary Analysis
News Stand & Other
March 04, 2020
In response to a legislative request, the IFO conducted a preliminary analysis on the state and county impacts of the Family First Prevention Services Act.
Economic and Budget Update Presentation
News Stand & Other
February 28, 2020
Director Matthew Knittel gave a presentation at a session of the Pennsylvania Education Policy Fellowship Program regarding the Commonwealth's economic and budget outlook.
Budget Hearings Packet for Appropriations Committees
News Stand & Other
February 14, 2020
The Independent Fiscal Office submitted material to the House and Senate Appropriations Committees in advance of its scheduled budget hearings.
School District Property Tax Forecast
Property Tax
February 06, 2020
This report contains the IFO's forecasted school district property tax collections from FY 2018-19 through FY 2024-25. The report also contains projections of the Act 1 index and estimates of school district property taxes that can be attributed to homesteads.
Total school property tax collections for FY 2018-19 ($15.0 billion) and FY 2019-20 ($15.3 billion) are estimated using millage rates published by the Pennsylvania Department of Education and property tax assessment data. For FY 2020-21 through FY 2024-25, collections are projected based on the statutory, economic and structural factors that affect growth rates of property taxes. During that period, total school property tax collections are projected to grow at an average annual rate of 3.9 percent, reaching $18.6 billion by FY 2024-25.
State and Local Taxes: A Comparison Across States
News Stand & Other
January 29, 2020
This report uses the most recent data from the U.S. Census Bureau, the Internal Revenue Service (IRS), the U.S. Bureau of Economic Analysis and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the fifty states. The report examines (1) the relative level of state and local taxes across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.
Testimony on Combined Reporting
News Stand & Other
January 29, 2020
Director Matthew Knittel provided brief testimony to the Senate Democratic Policy Committee regarding the potential impact of combined reporting on corporate net income tax revenues.
Mid-Year Update FY 2019-20
Revenue Estimates
January 28, 2020
The Independent Fiscal Office (IFO) has released a mid-year update of its revenue estimate for fiscal year (FY) 2019-20. The revised estimate is $35.738 billion, which is $220 million higher than the IFO’s official estimate. As part of the mid-year update, the IFO also provides an advance look at revenue projections for the next fiscal year. For FY 2020-21, revenues are projected to be $37.117 billion, an increase of 3.9 percent over the current year. The IFO will update the estimate in its next round of revenue projections to be released in late May.
OBMD, MTBI, R&D, and KIZ Tax Credit Reviews and PBB Overview for DCED, DOH and DHS
Performance Budgeting
January 22, 2020
IFO presentation of Organ and Bone Marrow Donation, Mobile Telecommunications Broadband Investment, Research and Development and Keystone Innovation Zone Tax Credit Reviews and Performance-Based Budget highlights for the Department of Community and Economic Development, Department of Health and Department of Human Services.
PBB Overview Presentation for PEMA, DOS and DEP
Performance Budgeting
January 22, 2020
IFO presentation of Performance-Based Budget overview and agency highlights for the Pennsylvania Emergency Management Agency, Department of State and Department of Environmental Protection.
Department of Community and Economic Development
Performance Budgeting
January 21, 2020
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the second year, the IFO reviewed the Department of Community and Economic Development, Department of Human Services (Part 1), Department of Health, Department of Environmental Protection, Department of State and Pennsylvania Emergency Management Agency.
Click on the link to access the performance-based budget review for the Department of Community and Economic Development.
Research and Development Tax Credit
Tax Credit Review
January 21, 2020
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits.
Click on the link to access the Research and Development Tax Credit Report.
Department of Human Services - Part 1
Performance Budgeting
January 21, 2020
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the second year, the IFO reviewed the Department of Community and Economic Development, Department of Human Services (Part 1), Department of Health, Department of Environmental Protection, Department of State and Pennsylvania Emergency Management Agency.
Click on the link to access the performance-based budget review for the Department of Human Services. The report has been reposted with modifications adopted by vote of the Performance-Based Budget Board.
Keystone Innovation Zone Tax Credit
Tax Credit Review
January 21, 2020
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits.
Click on the link to access the Keystone Innovation Zone Tax Credit Report.
Department of Health
Performance Budgeting
January 20, 2020
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the second year, the IFO reviewed the Department of Community and Economic Development, Department of Human Services (Part 1), Department of Health, Department of Environmental Protection, Department of State and Pennsylvania Emergency Management Agency.
Click on the link to access the performance-based budget review for the Department of Health.
Mobile Telecommunications Broadband Investment Tax Credit
Tax Credit Review
January 16, 2020
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits.
Click on the link to access the Mobile Telecommunications Broadband Investment Tax Credit Report.
Organ and Bone Marrow Donation Tax Credit
Tax Credit Review
January 16, 2020
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits.
Click on the link to access the Organ and Bone Marrow Donation Tax Credit Report.
Department of Environmental Protection
Performance Budgeting
January 16, 2020
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the second year, the IFO reviewed the Department of Community and Economic Development, Department of Human Services (Part 1), Department of Health, Department of Environmental Protection, Department of State and Pennsylvania Emergency Management Agency.
Click on the link to access the performance-based budget review for the Department of Environmental Protection.
Department of State
Performance Budgeting
January 16, 2020
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the second year, the IFO reviewed the Department of Community and Economic Development, Department of Human Services (Part 1), Department of Health, Department of Environmental Protection, Department of State and Pennsylvania Emergency Management Agency.
This report was updated to reflect the Performance-Based Budget Board vote to amend the report on January 22, 2020.
Click on the link to access the performance-based budget review for the Department of State.
Pennsylvania Emergency Management Agency
Performance Budgeting
January 16, 2020
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the second year, the IFO reviewed the Department of Community and Economic Development, Department of Human Services (Part 1), Department of Health, Department of Environmental Protection, Department of State and Pennsylvania Emergency Management Agency.
Click on the link to access the performance-based budget review for the Pennsylvania Emergency Management Agency.
Tax Incentive Expansion
News Stand & Other
December 11, 2019
In response to a legislative request, the Independent Fiscal Office analyzed new or expanded tax credits and special zones approved by the General Assembly since 2009.
Presentation to Grow PA Coalition
News Stand & Other
December 02, 2019
Director Matthew Knittel made a brief presentation to the Grow PA Coalition on the Pennsylvania Demographic and Economic Outlook.
FIVE YEAR ECONOMIC AND BUDGET OUTLOOK
Revenue Estimates
November 14, 2019
Click on the hyperlink above to access the full report, three presentations and press release.
School District Property Tax Rebate
Property Tax
November 12, 2019
In response to a legislative request, the IFO transmitted a letter that analyzes a set of proposed school district property tax rebates for all homestead property owners.
Minimum Wage Increase Estimates
News Stand & Other
October 10, 2019
In response to a legislative request, the IFO transmitted a letter that expands upon a prior analysis on the impact of a proposed minimum wage increase.
Property Tax Replacement Estimates
Property Tax
October 04, 2019
In response to a legislative request, the IFO transmitted a letter that provides revenue estimates for various proposed changes to the state tax code affecting personal income and sales and use taxes.
School District Property Tax Elimination
News Stand & Other
October 03, 2019
In response to a legislative request, the IFO transmitted a letter that estimates potential replacement revenues for school district property taxes described in House Bill 13.
Senior Spending and Tax Revenues
News Stand & Other
September 27, 2019
In response to a legislative request, the IFO transmitted a letter that analyzes (1) state spending dedicated to seniors, (2) the share of certain tax revenues remitted by seniors and (3) potential changes in senior migration patterns due to proposed tax law changes.
Natural Gas Royalties Increase in 2017
Natural Gas
September 20, 2019
This research brief uses state personal income tax data to estimate natural gas royalties paid to landowners in 2017. The data suggest that royalties paid increased significantly from the prior year due to increased production and higher prices.
AFSCME Wage Contract Analysis
Wage Contracts
August 13, 2019
This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and AFSCME.
Revenue Estimate Performance
Revenue Estimates
July 26, 2019
This report examines the performance of IFO revenue estimates for the past seven budget cycles.
Impact Fee Update and 2019 Outlook
Natural Gas
June 28, 2019
This report examines impact fee collections for 2018 and provides an outlook for 2019.
Official Revenue Estimate FY 2019-20
Revenue Estimates
June 21, 2019
This report provides revised revenue estimates for FY 2018-19 and official estimates for FY 2019-20 related to the General Fund, Motor License Fund, Lottery Fund and federal funds subject to appropriation.
Budget and Economic Update
News Stand & Other
June 11, 2019
Deputy Director Brenda Warburton gave a presentation to the Pennsylvania Institute of Certified Public Accountants regarding an update on Pennsylvania's budget and economic landscape.
Initial Revenue Estimate FY 2019-20
Revenue Estimates
May 20, 2019
The initial revenue estimate for FY 2019-20 and updated estimates for FY 2018-19 are included. For the PowerPoint presentation, click on the hyperlink above.
Initial Revenue Estimate FY 2019-20 Presentation
Revenue Estimates
May 20, 2019
Director Matthew Knittel made a presentation on the initial revenue estimate for FY 2019-20 and updated estimates for FY 2018-19.
PA Economy League Presentation
News Stand & Other
May 01, 2019
In partnership with the Pennsylvania Economy League, Director Matthew Knittel and Deputy Director Brenda Warburton will make multiple presentations on raising the state minimum wage to $12.00 per hour. The presentation examines the proposed minimum wage’s impact on employment, worker incomes, prices and state spending.
Analysis of Revenue Proposals in the 2019-20 Executive Budget
Revenue Estimates
March 22, 2019
This report provides estimates for the revenue proposals contained in the 2019-20 Executive Budget released February 2019. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget."
SCHOOL DISTRICT PROPERTY TAX FORECAST
Property Tax
March 18, 2019
This report contains the IFO's forecasted school district property tax collections from FY 2017-18 through FY 2023-24. The report also contains projections of the Act 1 index and estimates of school district property taxes that can be attributed to homesteads.
Total school property tax collections for FY 2017-18 ($14.5 billion) and FY 2018-19 ($14.9 billion) are estimated using millage rates published by the Pennsylvania Department of Education and property tax assessment data. For FY 2019-20 through FY 2023-24, collections are projected based on the statutory, economic and structural factors that affect growth rates of property taxes. During that period, total school property tax collections are projected to grow by an average annual rate of 3.2 percent, reaching $17.3 billion by FY 2023-24.
Homestead Exclusion and PIT
Property Tax
March 13, 2019
In response to a legislative request, the IFO transmitted a letter that computes the level of personal income tax (PIT) increase needed to fully fund a 100% homestead exclusion for school district property taxes.
Income and Property Tax Burden for Retirees
News Stand & Other
March 06, 2019
In response to a legislative request, the IFO transmitted a letter that modifies or supplements certain computations from the IFO report entitled State and Local Taxes: A Comparison Across States (December 2018). The letter also compares Pennsylvania’s relative debt burden to other states.
PROPERTY TAX ELIMINATION PROJECTION
Property Tax
February 27, 2019
In response to a legislative request, the IFO has updated projections regarding school district property tax elimination. The document projects the school property tax revenues that would be subject to replacement under potential legislation that would eliminate school property taxes.
Performance-Based Budget Reviews
Performance Budgeting
January 18, 2019
Click on the hyperlink above to access the five performance-based budget reviews and presentations.
Tax Credit Reviews
Tax Credit Review
January 18, 2019
Click on the hyperlink above to access the (1) Film Production Tax Credit, (2) Historic Preservation Tax Credit, (3) New Jobs Tax Credit and (4) summary PowerPoint presentation.
FIVE YEAR ECONOMIC AND BUDGET OUTLOOK
Revenue Estimates
November 15, 2018
Click on the hyperlink above to access the full report, three presentations and press release.
Redevelopment Assistance Capital Program
News Stand & Other
October 31, 2019
In response to a legislative request, the Independent Fiscal Office published a research brief related to the Redevelopment Assistance Capital Program. The brief provides historical data of the program and examines the potential impact of proposed legislation.
This research brief was updated November 12, 2019 to take Act 43 of 2019 into consideration.