IFO Releases
General Fund Surplus Likely Depleted Next Year
July 18, 2024 | Economics and Other
This research brief uses the recently passed state budget for FY 24-25 to update deficit estimates for the current and subsequent fiscal year.
Corporate Rate Reduction and Higher NOL Cap
July 17, 2024 | Economics and Other
This research brief examines two recent provisions that reduce corporate net income tax liability: a lower tax rate and a higher net operating loss (NOL) deduction threshold. The provisions significantly reduce corporate tax liability and will be phased-in through tax year 2031.
Stadium Economic Impact Report: Philadelphia Phillies
July 10, 2024 | Economics and Other
The IFO performed an analysis that measured the 2023 economic footprint attributable to the Philadelphia Phillies’ Major League Baseball (MLB) operations at Citizens Bank Park. The analysis finds that economic activity related to team operations and fan spending generated $970 million in statewide spending, supported 5,400 full-time equivalent jobs, and $45 million in state taxes.
Stadium Economic Impact Report: Pittsburgh Pirates
July 10, 2024 | Economics and Other
The IFO performed an analysis that measured the 2023 economic footprint attributable to the Pittsburgh Pirates’ Major League Baseball (MLB) operations at PNC Park. The analysis finds that economic activity related to team operations and fan spending generated $546 million in statewide spending, supported 3,000 full-time equivalent jobs, and $22 million in state taxes.
Southern Migration Continued During COVID
July 01, 2024 | Economics and Other
From 2021 to 2022, IRS data indicate that net domestic migration for Pennsylvania was -21,711 (-0.17% of state population) which ranked 35th across all states.
Sources of Pennsylvania Income
June 27, 2024 | Economics and Other
This research brief is the first in a series that describes a new distribution model that will be used to examine the progressivity/regressivity of state-local taxes.
Revenues and Spending Surge During Pandemic
June 25, 2024 | Economics and Other
This research brief looks at the drivers of revenue and spending growth during the pandemic.
Treasury Windfalls Boost Revenues - Update
May 02, 2024 | Economics and Other
Treasury collections have generated a short-term revenue windfall. This research brief updates a prior analysis and provides preliminary Treasury revenue estimates for FY 2024-25.
Affordable Connectivity Program Ends
May 01, 2024 | Economics and Other
Due to the depletion of approved funds, the federal Affordable Connectivity Program (ACP) is no longer accepting new enrollments and the last fully-funded program month was April 2024. In 2023, Pennsylvania households received $241 million in ACP funds, an average monthly benefit of $33 per household.
More Older Pennsylvanians Working
April 17, 2024 | Economics and Other
This research brief uses the latest data from the U.S. Census Bureau Quarterly Workforce Indicators to track the age composition of Pennsylvania payroll workers. Compared to data prior to COVID-19, there has been a large absolute (number) and relative (growth) increase in older workers.