IFO Releases

Impact of Proposed Changes to the NOL Cap

February 24, 2023 | Economics and Other

The IFO published a letter in response to a request from Senator Pennycuick. The letter contains projections for the impact of proposed changes to the amount of taxable income that C corporations may offset through net operating loss deductions.

Tags: cap, letter, nol, response

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Post-Pandemic Child Care Cliff

February 23, 2023 | Economics and Other

The IFO posted a second research brief 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 examines the impact that nearly $820 million in federal support had on the child care industry and its employees, and the funding cliff the industry will encounter in the near future.

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State and Local Tax Revenues: A 50 State Comparison

February 21, 2023 | Economics and Other

This report uses 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.

Tags: comparison, local, state, tax

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Economic and Budget Outlook Hearing Request

February 10, 2023 | Economics and Other

The IFO published a letter in response to requests for additional information raised at a recent economic and budget outlook hearing on January 24, 2023.

Tags: budget, economic, request

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January 2023 Revenue Update

February 01, 2023 | Revenue & Economic Update

The Commonwealth collected $3.57 billion in General Fund revenues for January, a decrease of $23.7 million (-0.7%) compared to January 2022. Due to a processing delay on the last day of the month, roughly $94 million of revenue that would normally have been receipted in January will be shifted to February.

Tags: estimates, monthly, revenue

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