January 31, 2023 | Revenue Estimates
The Independent Fiscal Office (IFO) released a mid-year update of its revenue estimate for fiscal year (FY) 2022-23 and provided an advance look at revenue projections for the next fiscal year. The IFO will update the estimate in its next round of revenue projections released in late May.
January 27, 2023 | Economics and Other
The IFO posted a research brief that is the first in a series that examines the end or phase-out of various programs tied to the federal public health emergency that will impact the state economy. The brief quantifies the impact from the end of SNAP emergency allotments in February 2023.
This research brief was reposted on February 2, 2023 to change the 2023 summer benefit to $120 per child.
January 26, 2023 | Economics and Other
The IFO published a letter in response to a request from Chairman Grove for a static and dynamic analysis of proposed changes to state motor fuel taxes. The proposal would reduce those taxes and replace lost revenues with motor vehicle sales and use taxes.
January 09, 2023 | Performance Budgeting
IFO presentation of Performance-Based Budget overview and agency highlights for the Department of Conservation and Natural Resources and the Department of Drug and Alcohol Programs is posted on the website.
January 05, 2023 | Tax Credit Review
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credits.
Click on the link to access the Resource Manufacturing Tax Credit Report.