April 24, 2018 | Presentations
The Independent Fiscal Office will release updated revenue forecasts for fiscal years 2017-18 and 2018-19. The session is open to the public and will take place at 2:00 on May 1st in the Rachel Carson State Office Building. The report will be posted to the office website at the start of the briefing.
April 20, 2018 | Research Briefs and Special Reports
The first edition of our monthly newsletter – The IFO News Stand. The new release provides links to recent articles and reports that provide insight into state or national economic, demographic, budget and tax revenue trends.
April 18, 2018 | Revenue Estimates
This report provides estimates for the revenue proposals contained in the 2018-19 Executive Budget released February 2018. 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.”
April 11, 2018 | Other Documents and Requests
The IFO responds to a legislative request regarding the state corporate net income tax (CNIT). The report contains an analysis of state CNIT rates, their impact on revenues and a proposal to reduce the Pennsylvania CNIT rate.
April 02, 2018 | Other Documents and Requests
The IFO responds to a request regarding the Neighborhood Assistance Program Tax Credit.
April 02, 2018 | Monthly Trends Reports
The Commonwealth collected $4.3 billion in General Fund revenues for March, a decrease of $97 million (-2.2%) compared to March 2017. Fiscal year-to-date revenues were $25.3 billion, an increase of $2.9 billion (12.9%) from the prior year.
March 23, 2018 | Other Documents and Requests
The IFO responds to a request regarding natural gas royalty payments in Pennsylvania.
Based on draft statutory language provided by the Administration regarding the deductibility of the proposed severance tax from royalty payments, footnote 7 was added to the original letter. (March 23, 2018)
March 13, 2018 | Research Briefs and Special Reports
In response to a legislative request, the IFO estimated the fiscal impact of a school property tax rebate for all homesteads. The rebate would be equal to the statewide average school property tax paid by homesteads. The response includes both baseline estimates for currently eligible homesteads and estimates for a behavioral effect based on the filing of additional homestead applications in response to the availability of rebates.
March 12, 2018 | Other Documents and Requests
The Independent Fiscal Office responded to a question raised at the office's recent budget hearing before the Senate Appropriations Committee. A committee member asked how Pennsylvania compares to other states regarding the share of owner-occupied households in which the homeowner is age 60 or over. The response includes multi-jurisdiction comparisons for householders who are age 60 or over, age 65 or over and age 75 or over.
March 09, 2018 | Presentations
Deputy Director Mark Ryan made a presentation to the annual conference of the Pennsylvania Association of School Business Officials and provided updates on topics addressed in recent IFO analyses. The topics included 1) school property tax forecasts and analysis, 2) Pennsylvania demographic trends, 3) the most recent IFO revenue estimates for FY 2017-18 and FY 2018-19 and 4) the impact of pension changes resulting from Act 5 of 2017.