IFO Releases
Economic and Budget Update Presentation
February 19, 2021 | News Stand & Other
Deputy Director Brenda Warburton gave a presentation at a session of the Pennsylvania Education Policy Fellowship Program regarding the Commonwealth's economic and budget outlook.
Tags: budget, demographic, economic, estimates, presentation, property
Budget Hearings Packet for Appropriations Committees
February 12, 2021 | News Stand & Other
The Independent Fiscal Office submitted materials to the House and Senate Appropriations Committees ahead of its scheduled budget hearings. This packet examines the minimum wage, personal and corporate income tax and other proposals included in the FY 2021-22 Executive Budget.
December Economic and Revenue Update
December 09, 2020 | News Stand & Other
Director Matthew Knittel provided an economic update to the PA Association of Community Bankers.
Tags: economic, presentation, revenue
PPP Loans to Pennsylvania Businesses
December 08, 2020 | News Stand & Other
This research brief examines the impact of the PPP on Pennsylvania businesses by considering the number and type of firms affected, the potential employment impact and possible tax implications.
Tags: businesses, employment, ppp, tax
State and Local Tax Revenues: A 50 State Comparison
November 24, 2020 | News Stand & Other
This report uses the most recent 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
November Economic and Revenue Update
November 18, 2020 | News Stand & Other
Director Matthew Knittel made a presentation to the Harrisburg Trade Association Executives and the PICA 2020 Fall Conference.
Tags: economic, presentation, revenue
Pennsylvania Economic Development Incentives
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.
Tags: brief, credits, development, economic, incentives, research, tax
Impact of the TCJA on Pennsylvania Taxpayers
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.
COVID-19 Impact on Local Revenues
July 16, 2020 | News Stand & Other
In response to a legislative request, the Independent Fiscal Office examined how the COVID-19 pandemic and mandated business closures could impact local earned income taxes (EIT), property taxes and gaming revenues received by municipalities, counties and school districts for the current year.
Economic Impact from Regulation of Single-Use Plastics
June 30, 2020 | News Stand & Other
As required by Act 20 of 2019, this report examines the economic impact from the regulation of single-use plastics. The report considers three types of regulation that have been enacted by other states and local jurisdictions: a ban, a fee and a ban-plus-fee. The report examines potential outcomes if these regulations were implemented statewide for plastic retail bags. The analysis is also extended to a ban on expanded polystyrene foam foodservice products.