IFO Releases
Pennsylvania's Gasoline Tax
June 13, 2022 | News Stand & Other
The IFO published a research brief that examines the Pennsylvania gasoline tax, which comprises 55% of Motor License Fund revenues. Although Pennsylvania levies the highest gasoline tax rate in the nation, the analysis finds that collections have not kept pace with the rising cost of road construction. This outcome is largely the result of the tax structure, which is tied to the average wholesale price of fuel and has not increased since 2018. For FY 2021-22, the IFO estimates that the annual gasoline tax burden per licensed Pennsylvania driver is $285.
Inflation's Impact on the Pennsylvania Economy
June 07, 2022 | News Stand & Other
On June 8, Director Matthew Knittel will make a brief presentation to the House Majority Policy Committee on the impact of inflation on the state economy and budget.
Tags: economy, inflation, pennsylvania
PA Residents Migrating to Southern States
June 02, 2022 | News Stand & Other
The IFO posted a research brief that uses recent IRS tax data to track migration between states for 2019 and 2020. The IRS data show large net inflows from most border states and net outflows to southern states, most notably Florida. Net outflows were much heavier for residents age 55 and older.
BUDGET AND ECONOMIC UPDATE PRESENTATION
March 31, 2022 | News Stand & Other
Deputy Director Brenda Warburton and Revenue Analyst II Jesse Bushman gave a presentation to the Marcellus Shale Coalition regarding the Commonwealth’s economic and budget outlook and recent natural gas trends.
Tags: gas, marcellus, natural, presentation, shale
Assumptions Used by RGGI Model
March 28, 2022 | News Stand & Other
Director Matthew Knittel provided brief testimony on the model assumptions used by a consultant to estimate the impact on Pennsylvania from joining RGGI.
Senate Budget Hearing Request
March 21, 2022 | News Stand & Other
The Independent Fiscal Office (IFO) responded to two questions raised at the office’s budget hearing before the Senate Appropriations Committee. The questions relate to an update of the IFO’s five-year projections for revenues and expenditures that incorporates the proposed initiatives in the Governor’s Executive Budget and an estimate of school district property taxes paid by seniors.
House Budget Hearing Request
March 21, 2022 | News Stand & Other
The IFO responded to a question raised at the office’s budget hearing before the House Appropriations Committee. The question relates to the impact of the COVID-19 pandemic on employment by race.
Corporate Net Income Tax Proposals
March 15, 2022 | News Stand & Other
The IFO responded to a request from Appropriations Committee Chairman Saylor for a dynamic revenue estimate of three corporate net income tax proposals.
Tags: corporate, income, legislative, net, request
Pennsylvania Electricity Update
March 14, 2022 | News Stand & Other
This research brief uses data from the U.S. Energy Information Administration to provide a general overview of the Pennsylania electricity market.
Is the Student Loan Moratorium Impacting Employment?
March 08, 2022 | News Stand & Other
The federal student loan moratorium enters its third year. The IFO posted a research brief that examines the impact of the COVID-19 pandemic (and related federal policies) on payroll employment and employment-to-population ratios by age group. Despite record-level job openings, the latest data for 2021 Q2 show the largest relative reductions for young workers, many of whom have student loans. By contrast, early retirements appear to have played a smaller role in decades-low labor force participation rates.