October 23, 2020 | Revenue Estimates
The IFO will present a revenue and economic update for FY 2020-21 on October 29 at 10 am. The update will be based on revenues received for the first four months of the fiscal year and the latest state economic data. See the announcement for a link to register for the presentation.
October 15, 2020 | News Stand & Other
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.
October 13, 2020 | News Stand & Other
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.
September 08, 2020 | Revenue Estimates
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.
September 01, 2020 | Revenue & Economic Update
The Commonwealth collected $2.55 billion in General Fund revenues for August, an increase of $355.5 million (16.2%) compared to August 2019. The IFO estimates that roughly $235.0 million of the increase was associated with extended tax due dates related to the COVID-19 pandemic.
August 27, 2020 | Revenue Estimates
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.