IFO Releases
State and Local Tax Revenues: A 50 State Comparison
February 14, 2024 | Economics and Other
This report uses data from the U.S. Census Bureau, the U.S. Bureau of Economic Analysis, CCH AnswerConnect and the Tax Foundation to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) the level of per capita state and local taxes across states (unadjusted and adjusted for price differentials) and (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property).
Tags: comparison, state, tax
Budget Roundtable Request
February 09, 2024 | Economics and Other
The IFO responded to questions raised at the House Budget Roundtable on January 31, 2024.
Economic Forum
February 05, 2024 | Economics and Other
Director Knittel made a brief presentation at the NFIB Economic Forum.
Tags: presentation
January 2024 Revenue Update
February 01, 2024 | Revenue & Economic Update
The Commonwealth collected $3.91 billion in General Fund revenues for January, an increase of $342.4 million (9.6%) compared to January 2023.
Economic and Budget Update Presentation
January 31, 2024 | Economics and Other
Director Knittel made a presentation of the mid-year update to the House Budget Roundtable.
Mid-Year Update FY 2023-24
January 30, 2024 | Revenue Estimates
The Independent Fiscal Office (IFO) released a mid-year update of its revenue estimate for fiscal year (FY) 2023-24 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.
Revised Monthly Revenue Estimates
January 29, 2024 | Revenue Estimates
This report provides revised monthly General Fund revenue estimates for FY 2023-24 based on projections contained in the Official Revenue Estimate published by the IFO on June 20, 2023 (includes adjustments released with the original monthly estimates in August 2023) adjusted to reflect the impact of statutory changes that were enacted in conjunction with the remainder of the state budget in December 2023.
Minimum Wage Impact on Hourly Wages
January 24, 2024 | Economics and Other
This research brief examines how a higher statutory minimum wage could impact lower-wage workers and provides employment and hourly wage estimates for certain lower-wage occupations to illustrate that Pennsylvania effective labor market minimum wage is likely in the range of $10.50 to $11.00 per hour.
Tax Credits and Economic Development Incentives
January 09, 2024 | Economics and Other
This report presents data on Pennsylvania tax credits and economic development incentives for fiscal years (FY) 2018-19 through FY 2023-24. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. Fiscal year 2023-24 amounts are budgeted, authorized or projected and may differ from final amounts expended or awarded for the year. The report also highlights recent changes to incentive program spending or utilization.
UGSOA Wage Contract Analysis
January 09, 2024 | Wage Contracts
This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the United Government Security Officers of America (UGSOA).