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Your search for cap returned 144 results.
Impact of Proposed Changes to the NOL Cap

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

State and Local Tax Revenues: A 50 State Comparison

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).

02/14/2024

Pennsylvania's Strained Nursing Homes

The IFO posted a new research brief that discusses placement waitlists and potential cost implications from the contraction in nursing home capacity since 2019.

10/25/2023

County Income Patterns 2018-2021

This research brief uses the latest published data to generate maps and county rankings of recent demographic and income trends. The release highlights population change, personal income growth and per capita amounts for all counties in the Commonwealth.

08/24/2023

School District Property Tax Update

The IFO released an updated school district property tax forecast. The report (1) projects revenues through FY 2027-28, (2) estimates revenues collected from senior homeowners, (3) ranks counties based on per capita revenues and (4) provides detail on the projected Act 1 index.

06/28/2023

Impact of Proposed Changes to the NOL cap

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.

02/24/2023

County Income Patterns

This research brief uses the latest published data to generate maps and county rankings of recent demographic and income trends. The release highlights population change, personal income growth and per capita amounts for all counties in the Commonwealth.

08/16/2022

School District Property Tax Update

The IFO released an updated school district property tax forecast. The report (1) projects revenues through FY 2026-27, (2) estimates revenues collected from senior homeowners, (3) ranks counties based on per capita revenues  and (4) provides detail on the projected Act 1 index.

08/15/2022

County Income Patterns

This research brief presents five maps that display recent demographic and income trends at the county level. The release highlights population change, personal income growth and per capita figures for all counties of the Commonwealth.

08/10/2021

County Income Patterns

This research brief presents four maps that illustrate recent demographic and income trends at the county level. The release highlights population change, personal income growth and per capita figures for all counties of the Commonwealth.

06/10/2020

Redevelopment Assistance capital Program

In response to a legislative request, the Independent Fiscal Office published a research brief related to the Redevelopment Assistance capital Program. The brief provides historical data of the program and examines the potential impact of proposed legislation. This research brief was updated November 12, 2019 to take Act 43 of 2019 into consideration.

10/31/2019

County Income Patterns

This research brief presents four maps that illustrate recent demographic and income trends at the county level. The release highlights population change, personal income growth and per capita figures for all counties of the Commonwealth.

08/30/2019

Budget and Economic Update

Deputy Director Brenda Warburton gave a presentation to the Pennsylvania Institute of Certified Public Accountants regarding an update on Pennsylvania's budget and economic landscape.  

06/11/2019

Uncapping the Film Production Tax Credit: A Fiscal and Economic Analysis

This report presents the results of an analysis performed by the Independent Fiscal Office (IFO) on the fiscal and economic impacts of eliminating the cap on Pennsylvania’s film production tax credit (FPTC). The report also considers stand-alone tax credits for post-production and digital interactive media services.

05/31/2013

TC_2019_Historic_Preservation_Tax_Credit_Report.pdf

Pennsylvania. The maximum amount of credits that can be awarded annually is $3 million and approved projects are capped at $500,000. The tax credit sunsets on June 30, 2020. The general findings of this report are as follows:  The total qualified rehabilitation expenses (QREs).  The credit allocations are subject to too many constraints: an aggregate dollar cap ($3 million), a per project dollar cap ($500,000) and regional considerations. Due to these factors, DCED does not approve credits that

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Summary_Tax_Credit_Reviews_Oct_2023.pdf

activity and productions, but too small to attract large feature films and longer-term investments. Changes Enacted ▪ Increased the program cap from $65 million to $70 million. (Act 13 of 2019) ▪ Permitted the award of credits to multi-film projects, if produced by the same taxpayer over a period of one to four years. (Act 25 of 2021) ▪ Increased the program cap to $100 million. (Act 53 of 2022) Page 4 Historic Preservation Report Cycle 2019 Purpose To preserve culture and history

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TC_2022_Educational_Tax_Credits.pdf

K through grade 12 and to fund innovative educa- tional programs in public, charter or private schools. The credit is capped at $280 million annually, with $225 million allocated to scholarship organizations and for innovative education programs and $55 million reserved Credit (EITC) organizations received 26% of contribu- tions in FY 2015-16 and 47% in FY 2019-20. As the cap on the EITC increases, a small number of organizations benefit most. The recommendations of this report are as follows. A

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TC_2021_Entertainment_Economic_Enhancement_Program.pdf

musical performances. Credit amounts vary by state, but Pennsylvania’s tiered program offers the most generous credit percentages. Annual program caps also vary, with Pennsylvania ranking third highest. Due to the recent enactment of the credit (2016), only two years of to receive an additional 5 percent credit (maximum of 40 percent total). Act 13 of 2019 increased the annual program cap from $4.0 million to $8.0 million. Credits for a single tour may not exceed $0.8 million (or

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TC_2019_Film_Production_Tax_Credit_Report.pdf

a qualified post-production fa- cility are also eligible for a 30 percent credit. The annual FPTC program cap is currently $65 million. DCED may award credits for future years up to a specified limit (30 percent of the dollar amount FY 2011-12 through FY 2017-18. For all years, DCED authorized credits up to the maximum statutory cap, and application data show that there has been excess demand for credits in all years. For the latest two fiscal years, television

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TC_2023_Waterfront_Development.pdf

equal to 75% of the total contribution made by the business firm during the tax year. The annual tax credit cap is $5.0 million. 1 The general findings of this report are as follows:  The WDTC program is unique received about three-quarters of all WDTC contributions.  For FY 2021-22, WDTC program demand exceeded the annual program cap of $1.5 million for the first time. Demand for credits in that year exceeded the cap by $0.9

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TC_2021_Neighborhood_Assistance_Program.pdf

charitable contributions to qualified nonprofit organizations. Penn- sylvania offers $36 million in total credit awards, which is the highest annual cap and the second highest in annual awards among states that have these tax credit programs. Pennsylvania is one of only commu- nity services, education, neighborhood assistance, neighborhood conservation, crime prevention, job train- ing or charitable food assistance. The annual program cap is currently $36.0 million and eligible firms can apply for a tax credit equal to 55 to 80 percent

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TC_2022_Coal_Refuse_Energy_Reclamation.pdf

to $4.00 per ton of coal refuse used to generate electricity by an eligible facility. The original tax credit cap was $7.5 million but was subse- quently raised to $10.0 million for FY 2017-18 and to $20 The effective credit rate was $2.70 per ton of coal refuse burned due to the 22.2% per firm cap on credit awards and roughly 15% leakage due to sales discounts and transfer fees. Prior to the increase of the

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MQRE-FY19-20-Aug.pdf

three years of the rental agreement, up to a maximum of $7,000 per year. The credit is capped at $5 million for tax year 2020 and $6 million for tax years 2021 through 2029. The credit may be taken against Monthly and Quarterly Estimates | Page 8 Computer Data Center Equipment Incentive Program (Act 13) The act increases the cap for SUT refunds to $7 million annually for purchases of computer data center equipment by a certified computer data center owner or

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RB 2019 RACP.pdf

the debt ceiling was reduced in 2013 and 2017:  Act 63 of 1987 established the RACP and its initial cap of $400 million  Act 39 of 1993 raised the cap to $700 million (+$300 million)  Act 46 of 1997 raised the cap to $850 million (+$150 million)  Act

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2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

retirement costs under control. Most of these consist of a reduced defined benefit (e.g., 1% per year of service, capped at 25 years) plus a defined contribution plan (with or without matching contribution requirements). The problem with these hybrid plans the annual pension costs payable by the recipient municipality (except in the case of the City of Philadelphia, which is capped at 25 percent of the total State aid monies available). This limit or “cost cap” on the annual allocations was

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TC_2023_Rural_Jobs_Investment.pdf

All states limit the dollar amount of incentives awarded each year, although not necessarily through the use of an annual cap. Allocations range from $6 million (Pennsylvania) to $40 million (Alaska) annually. This analysis examined available data and other issues that must be used by the rural growth fund for invest- ment in rural growth businesses. The RJITC Program is currently capped at an aggregate of $30 million, with $6 million awarded annually over a five-year period (20% available in each

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TC_2021_Video_Game_Production.pdf

a few states that offer a video game incentive that is separate from its program for film production. Annual program caps vary by state, and Pennsylvania provides one of the lowest amounts. Due to the recent enactment of the credit (2016 in the first four years and may not exceed 10 percent of expenses incurred in each subsequent year. The program cap is $1.0 million annually and the credit is non-refunda- ble. The credit seeks to generate economic activity in

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TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf

to four years, transferred or sold. The credit may not be refunded or carried back. The annual program cap is $15 million. There are currently 28 zones located throughout the state. Each zone is a fixed geographic area with a zone general findings of this report are as follows:  Act 84 of 2016 reduced the KIZ Tax Credit cap from $25 million to $15 million and the program has been oversubscribed in every year since the change.  Most program participants

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TC_2021_Resource_Enhancement_and_Protection.pdf

BMP must be maintained for a predetermined lifespan (typically five to ten years). Act 13 of 2019 increased the annual cap on the REAP Tax Credit from $10 million to $13 million. The general findings of this report are as follows for a single project is $250,000 for any seven-year period. Act 13 of 2019 increased the annual program cap from $10.0 to $13.0 million. 7 Applications are accepted for proposed, in-progress or completed projects, but credits

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TC_2023_PA_Resource_Manufacturing.pdf

ethane for the period after December 31, 2016, and before January 1, 2043, and there is no annual tax credit cap. The general findings of this report are as follows:  As of the date of this report, only one ethylene be found in the final section of this report.  PRM tax credits should be subject to an annual program cap. This would limit the potential impact on state tax revenues.  Recipients of the PRM Tax Credit should be required

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TC_2022_Mixed_Use_Development.pdf

to nine applicants over the four-year reporting period. 8 The amount of tax credits authorized reached the maximum statutory cap in each year. A total of $8.6 million was generated from the sale of tax credits over the four- from 10% (Ohio) to 30% (maximum in Rhode Island) of qualified expenditures. All three states impose an annual or project cap, and Ohio has the highest annual cap at $100 million. Ohio requires that the project include the development of at

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TC_2020_Research and Development Tax Credit.pdf

states that allow the tax credit to be sold and one of seven that has an annual dollar cap on total awards. Similar to other states, Pennsylvania follows the federal tax code to determine spending that qualifies as research and development is available to firms that incur qualified expenses for research and development (R&D) in Pennsylvania. The annual cap on the tax credit was originally $15 million but was subsequently raised to $30 million (Act 46 of 2003), $40 million (Act

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TC_2019_New_Jobs_Tax_Credit_Report.pdf

The tax credit seeks to promote economic development by attracting and retaining jobs to the state. The annual cap on tax credits is currently $10.1 million, but DCED may also issue recaptured or unissued credits from prior years. The general one to three years at the discretion of the Department of Community and Economic Development (DCED). The annual cap on available tax credits is currently $10.1 million, but DCED may also issue recap- tured or unissued credits from prior fiscal

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NAP-2018-03.pdf

Enterprise Zone Program Tax Credit. The total amount of tax credits available for award in any fiscal year is currently capped at $18 million, with $2 million allocated to pass-through entities. House Bill (HB) 645, Printer’s Number 1695 (2017-2018) would increase the annual cap to $36 million annually and the amount reserved for pass-through entities would remain unchanged. This report provides an overview

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TC_2022_Brewers.pdf

Pennsylvania malt beverage tax due in the year the credit is issued or carried forward three years. The program is capped at $5.0 million annually. The credit seeks to generate economic activity and create jobs related to malt and brewed malt and brewed beverages. Taxpayers are eligible for a maximum credit of $200,000 per year and the program is capped at $5.0 million annually. To the extent that the credit is oversubscribed, all awards are reduced proportionally. Tax credits

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RB_2023_08_PTRR_Expansion.pdf

2 on next page). For 2023, the act increases the maximum rebate for all claimants and increases the income eligibility cap from $35,000 to $45,000 for homeowners and from $15,000 to $45,000 for renters. For homeowners and 000 or less in household income, the maximum rebate increases from $650 to $1,000 (+$350 or 54%). Other rebate caps increase by a similar percentage (52% to 54%). The act creates an additional income group for homeowners ($35,001 to

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RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdf

Unemployment Compensation benefits ($5.2 billion in CY 2020; $1.3 billion in CY 2021). Stimulus Act Adult Dependent Maximum Cap Maximum Cap CARES $1,200 $500 $75,000 $99,000 $150,000 $198,000 CAA 600 600 75,000 87,000 150

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Five_Year_Outlook_2019.pdf

of 2015 authorized the transfer, which is based on RTT collections in the prior fiscal year and was capped at $25 million annually. Act 13 of 2019 increased the cap to $40 million annually. For FY 2019-20, the transfer was $40 million and is projected to remain at that level. In

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TC_2021_Keystone_Special_Development_Zones_Update.pdf

tax year for up to ten years between July 1, 2012 and June 30, 2035. There is no annual program cap and the credit is non-refundable. The general findings of this report are as follows:  States have implemented a later) could be considered to increase program participation.  KSDZ Tax Credits should be subject to annual program and project caps to limit the potential impact on tax revenues. General Findings and Recommendations | Page 8 - This page intentionally left blank. - Section

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TC_2020_Organ and Bone Marrow Donation Tax Credit.pdf

on Pennsylvania payroll, may be carried forward for three taxable years, is not refundable and has no annual cap. The general findings of this report are as follows:  No firm has utilized the OBMD since its most recent enactment in absence up to a maximum dollar amount per donation (e.g., $10,000). The move to a dollar cap would increase the proportional benefit to lower wage-workers.  Expand the program to provide direct financial support to living donors. This

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2007_divestment_complete_report.pdf

is not in the best economic interest of the respective funds. PSERS did engage in limited South Africa divestment, and capped its investment in tobacco stocks; however, both actions were taken by the Board on the basis of perceived economic risk fect on returns. 46 Thus, a large divestiture movement could have some negative effect on returns earned by public plans. Another aspect that has received less attention is the admin- istrative costs of social investing. It is possible that social investing

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TC_Board_Hearing_Jan_10_2023.pdf

exceed minimum wage requirements and include employer-provided health benefits Tax credit: maximum 5% higher payroll from newly created jobs ▪ Capped at $4 million annually ▪ Awarded on a first-come, first-served basis January 10, 2023 2 #1 Manufacturing $1.6 500 jobs during construction ▪ Purchases of ethane after December 31, 2016 and before January 1, 2043 ▪ No annual tax credit cap January 10, 2023 4 #2 PA Resource Manufacturing First PA steam cracker plant began operations November 2022 ▪ Projected to use

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TC_2023_Manufacturing.pdf

Each state program has its own requirements for minimum qualified wages and increases in payroll or employment. The annual program caps range from $4 million in Pennsylvania to $25 million in Oklahoma. This analysis examined available data and other issues that state program has its own requirements for minimum qualified wages and minimum increases in payroll or employment. The annual program caps range from $4 million in Pennsylvania to $25 million in Oklahoma. The final section of this report contains various recommendations

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Response-Letter-11-08-2019.pdf

owner(s) of each homestead property a rebate equal to (1) 100 percent of school district property taxes actually paid capped at the statewide average school district property tax paid and (2) 100 percent of school district property taxes actually paid capped at $5,000.  The number of homestead property owners who would have their school district property taxes eliminated under

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RB_2021_11_Economic_Development_Incentives.pdf

estimates by the IFO. For recent years, estimates from these sources may simply reflect total credits awarded or the program cap. Tax Credits In FY 2020-21, $623.2 million of economic development incentives were used or awarded through tax credit program highlights: • Taxpayers claimed $179.5 million in Educational Improvement Tax Credits (EITC). Act 26 of 2021 increased the program cap from $185.0 million to $225.0 million. The entire increase was allocated to credits for contributions to approved scholarship

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IFO_Hearing_Materials_02_2024.pdf

Independent Fiscal Office 21 February 2024 State and Local Taxes Per Capita State and Local Taxes Per Capita Rank Per Cap Rank Per Cap Rank Per Cap DE 1 $2,703 NY 1 $4,322 NY 14 $1,843 NJ 3 1,012 MD

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TC_Board_Hearing_Jan_24_2022.pdf

Refuse Energy and Reclamation Credit of $4.00 per ton of coal refuse burned and used as ash backfill ▪ Program cap raised from $7.5m to $10m to $20m ▪ Claimed by 11-13 coal refuse generators | burn ~6-8 million tons roll unused credits forward January 24, 2022 7 #4 Educational Tax Credits Scholarships and grants (FY 19-20 data and caps) ▪ EITC K-12: $135m cap | 40,720 students | $2,310 average ▪ EITC Pre-K: $12.5m cap | 6,660 students

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Tax_Credit_and_Other_Incentives_2022.pdf

estimates by the IFO. For recent years, estimates from these sources may simply reflect total credits awarded or the program cap. Tax Credits In FY 2021-22, $679.4 million of incentives were used or awarded through tax credit programs in 54 million in Educational Opportunity Scholarship Tax Credits (OSTC) in FY 2021-22. Act 55 of 2022 increased the program caps from $280 million to $340 million for the EITC program and from $55 million to $65 million for the OSTC

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PBB_Board_Hearing_Apr_26_2021.pdf

ROI > 0 but relatively low April 26, 2021 3 Neighborhood Assistance Program (NAP) Investment in distressed communities | $36 million annual cap ▪ Five separate components generally encourage donations to nonprofits ▪ EZP component incentivizes for-profit investment in distressed areas ▪ Credit 55-80% tour expenses ▪ Live performances that meet location and expenditure requirements ▪ Effective tax credit is 10% after imposition of per tour cap ▪ May make tours of less established performers more financially viable ▪ Provides substantial benefit to the only qualified rehearsal facility Three

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RB-10-2020-Economic_Development_Incentives.pdf

or estimates by the IFO. For recent years, estimates from these sources may reflect total credits awarded or the program cap. Tax Credits In FY 2019-20 $588.7 million of economic development incentives were used or awarded through tax credit Improvement Tax Credits (EITC), increasing $23.9 million over the prior fiscal year. Act 16 of 2019 increased the program cap from $160.0 million to $185.0 million. Credits are available to eligible businesses that contribute to an educational scholarship

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PBB_2021_DHS_REPORT_ADDENDUM.pdf

The average cost per person served on a waiver program varies considerably due to fac- tors such as annual service caps, the level of care of the population served and types of benefits covered. Since the start of the Community Living Waiver, which has a higher an- nual cap compared to other capped programs, the average cost per person for all waivers has started to level off. This re-

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PBB_2019_PCCD_Report.pdf

2017 County Probation Caseload and Grant Statistics 1 Dollar amounts in thousands. Source: County Adult Probation and Parole (CAPP) report, 2017. Calculations by the IFO. County Benchmarks | Page 12 Caps on probation terms. While 30 states cap probation terms at five years or less, probation sentences can be required or permitted up

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MQRE_FY22_23_August.pdf

withholding revenues by $45.0 million. Various Taxes Research and Development Tax Credit (Act 53) The act increases the annual cap on the tax credit from $55 million to $60 million effective July 1, 2022. For FY 2022-23, the analysis provision will reduce CNIT revenues by $1.6 million. Film Production Tax Credit (Act 53) The act increases the annual cap on the tax credit from $70 million to $100 million effective July 1, 2022. For FY 2022-23, the analysis

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MQRE-FY20-21-Aug.pdf

4 licenses currently remain. Fiscal Analysis This provision is not expected to impact FY 2020-21 revenues. Increased Cap for Death Certificates The act increases the cap on the amount that local registrars may keep for processing death certificates to $85,000 annually. Any death certificates issued during the

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TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf

3 The total amount of MTBI credits issued in any fiscal year cannot exceed the $5 million program cap. The credit may be claimed against a taxpayer’s corporate net income tax (CNIT) liability, but may not exceed 50 percent of credit amounts by December 15 th . In the event that demand for the credit exceeds the $5 million cap, credit awards to each taxpayer are prorated. The department evaluates applications based on compliance with tax payment and filing obligations and the

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Tax_Credit_and_PBB_Overview_2019-01-24.pdf

note that credit must offset at least 5% costs to be effective. Multiple constraints imply small allocations.  $3m annual cap. $500k project cap. Regional considerations.  DCED only allocates maximum of $250k per project. January 24, 2019 4 Findings and Recommendations - HPTC Main

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Tax_Credits_and_Other_Incentives_2024.pdf

utilization of the Education Tax Credits increased $96.6 million from FY 2021-22. For FY 2023-24, the program caps increased from $340 million to $470 million for the EITC program and from $65 million to $85 million for the Tax Credit and the Entertainment Economic Enhancement Program, respectively. The amounts listed for FY 2023-24 reflect the current program caps, $100 million for the Film Tax Credit and $24 million for the Entertainment Economic Enhancement Program. • Taxpayers claimed $25.4

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TaxCredit and PBB Overview- 2019-01-24.pptx

They note that credit must offset at least 5% costs to be effective. Multiple constraints imply small allocations. ▪ $3m annual cap. $500k project cap. Regional considerations. ▪ DCED only allocates maximum of $250k per project. January 24, 2019 4 Findings and Recommendations - HPTC Main findings

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TaxCredit and PBB Overview- 2019-01-24.pdf

note that credit must offset at least 5% costs to be effective. Multiple constraints imply small allocations.  $3m annual cap. $500k project cap. Regional considerations.  DCED only allocates maximum of $250k per project. January 24, 2019 4 Findings and Recommendations - HPTC Main

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Response-Letter-2-27-2020.pdf

left the waiver program one year early due to increases in children entering the foster care system, which strained the capped waiver funding. The Family First Transition Act (2019) provides federal funding for states that experience a 10 percent or larger Pennsylvania qualify for any federal transition funding on the basis of the expiration of the waiver funds? Pennsylvania renegotiated the capped maintenance and administrative allocations (federal share) of the county waiver programs. The amount of any transitional federal funding will depend

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PBB_Board_Hearing_Sept_28_2021.pdf

30, 2035 ▪ Can claim credit up to 10 years | must maintain zone operations for 5 years ▪ No aggregate program dollar cap or per firm cap | $4.3 million in credits (2020) ▪ 2 designated KSDZs | Aliquippa and Bethlehem (2 firms participate, 6 in zone) ▪ Program data

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Official_Revenue_Estimate_Methodology_2022.pdf

and fuels, and expressed on a cents-per-gallon basis. Prior to January 1, 2014, the average wholesale price was capped at $1.25 per gallon and the tax rate had been 19.2 cents per gallon for gasoline and 26 gallon effective January 1, 2015. The AWP is a minimum of $2.99 per gallon effective January 1, 2017 (no cap). For the 12-month period ending September 30, 2021, the Department of Revenue determined the actual AWP to be $1

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Official_Revenue_Estimate_Methodology_2021.pdf

and fuels, and expressed on a cents-per-gallon basis. Prior to January 1, 2014, the average wholesale price was capped at $1.25 per gallon and the tax rate had been 19.2 cents per gallon for gasoline and 26 gallon effective January 1, 2015. The AWP is a minimum of $2.99 per gallon effective January 1, 2017 (no cap). For the 12-month period ending September 30, 2020, the Department of Revenue determined the actual AWP to be $1

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Official-Revenue-Estimate-Methodology-2020-6.pdf

and expressed on a cents-per-gallon basis. Prior to January 1, 2014, the average wholesale price was capped at $1.25 per gallon and the tax rate had been 19.2 cents per gallon for gasoline and 26.1 cents January 1, 2015. The AWP is a minimum of $2.99 per gallon effective January 1, 2017 (no cap). For the 12-month period ending September 30, 2019, the Department of Revenue determined the actual AWP to be $1.90 per

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Official-Revenue-Estimate-Methodology-2019-06.pdf

and expressed on a cents-per-gallon basis. Prior to January 1, 2014, the average wholesale price was capped at $1.25 per gallon and the tax rate had been 19.2 cents per gallon for gasoline and 26.1 cents January 1, 2015. The AWP is a minimum of $2.99 per gallon effective January 1, 2017 (no cap). For the 12-month period ending September 30, 2018, the Department of Revenue determined the actual AWP to be $2.04 per

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IFO_Response_Letter_Feb_21_2023.pdf

net operating loss (NOL) deductions in accordance with the two scenarios detailed below: 1. A one-time adjustment of the cap on NOL deductions from 40% to 44% of taxable income, applicable to tax year (TY) 2023 and later. 2. An adjustment of the cap on NOL deductions from 40% to 45% of taxable income for TY 2023, to 50% for TY 2024, to 55%

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Five_Year_Outlook_2023.pdf

2023-24 that are replaced by state funds. State Police’s higher growth is primarily the result of the assumed cap on MLF appropriations that can be used for the State Police. 18-19 23-24 28-29 19-24 24- FY 2023-24 Spring Update (May 2023). Pennsylvania State Police (PSP) The projections assume that the Motor License Fund (MLF) cap for PSP expenditures remains at $375 million through FY 2028-29. Appendix | Page 44 Tables A.3 provides expenditures by

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Tax-Foundation-Presentation-11-14-2019.pdf

UNCOMPETITIVE REGIONALLY AND NATIONALLY Treatment of Net Operating Losses (NOLs) Pennsylvania and Select Regional Competitors (2019) Carrybacks Carryforwards State Years Cap Years Cap Pennsylvania 0 $0 20 40% of liability Delaware Conforms to federal treatment Maryland Conforms to federal treatment New Jersey 0

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Senate Budget Hearing Request.pdf

gross receipts tax on business activities. Sources: Tax Foundation. Wolters Kluwer CCH IntelliConnect. Table B Corporate Net Operating Loss Deduction Caps by State 1 State Cap Connecticut 50% of taxable income on carryforwards Delaware $30,000 on carrybacks Idaho $100,00 on carrybacks Louisiana 72% of

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Select Committee Oct 1 2012 FINAL.pdf

and SB 1400 of 2012 – Slide 8 The Sales Tax Base Expansion  All telecommunications services exempted.  Vendor discount cap at $300 per year.  Expansion of exemption to certain entities supplying educational services.  See technical appendix for a structure of “Act 1” to forecast property taxes. There are two major components: 1. The Adjusted Index, which places a cap on the increase in millage rates. 2. Exceptions, which allow school districts to exceed the index for certain expenditures (mainly

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Revenue-Proposal-Analysis-2019-03.pdf

sharing of NOLs between members of a unitary business group is not permitted and the 40 percent NOL cap is applied to the member’s apportionable share of the combined business income (essen- tially a separate company basis). 18-19 19- 20 PIT withholding revenues by $4 million. Resource Enhancement Tax Credit The administration’s proposal increases the annual cap for the Resource Enhancement Tax Credit from $10 million to $13 million, effective July 1, 2019. Beginning in FY 2019-20, the

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PBB_2019_Criminal_Justice_Report.pdf

parole population, which totaled 250,136 offenders in fiscal year (FY) 2017-18. While at least 30 states cap probation sentences at 5 years or less (including all surrounding states), Pennsylvania does not impose a statewide cap. 4 Percent of state inmates convicted of property or drug offenses. In 2014, approximately 34.0 percent of Pennsylvania state inmates were

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PBB-Board Hearing Jan 23 2020.pptx

to donors | more outreach January 23, 2020 4 Mobile Telecom Broadband Investment Credit 5% of purchase price | $5 million annual cap ▪ Qualified broadband equipment | wireless only ▪ Purpose: to expand availability and enhance quality ▪ No requirement to locate in underserved/unserved areas administration | helps small firms | reduces cost to state Address credit oversubscription | anticipate it will continue ▪ Tiered rate structure | per firm cap | eliminate contract labor payments ▪ Tighten up QRE computation | allows better targeting Enact reforms to deter fraud and abuse (see Appendix

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MQRE_FY21_22_August.pdf

Quarterly Estimates | Page 7 Various Taxes Mixed-Use Development Tax Credit (Act 25) The act increases the annual cap on the tax credit to $4.5 million effective for fiscal years beginning after June 30, 2021. Prior Law Under prior law, the annual cap was $3.0 million. Fiscal Analysis For FY 2021-22, the analysis projects that the provision will reduce General Fund revenues by

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MER-2014-08.pdf

are used. This ren‐ ders a more meaningful comparison because changes in population are accounted for by using the per cap‐ ita Ðigures. In general, Pennsylvania and the U.S. ap‐ pear to have similar growth trends for total per capi‐ ta PCE. From 2002 to 2012, Pennsylvania grew at an average rate of 3.7 percent annually, whereas the U

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IFO - Economic and Budget Outlook - January 2012.pdf

is imposed on cents per gallon equivalent basis using the average wholesale price, but the amount of tax is currently capped and it does not change with the price of fuel. The transfer from the Pennsylvania Turnpike Commission is fixed at beginning July 1, 2011. 25 SERS and PSERS presentation to the Senate Finance Committee, September 28, 2011. 32 It also caps increases in employer contributions, temporarily delaying required payments. The reduction in pension benefits reduces employer costs as new employees replace

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Five_Year_Outlook_2022.pdf

stabilize and telecommunications liabilities continue their long-term decline. ▪ The realty transfer tax forecast incorporates an increase in the annual cap for the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) transfer from $40 million to $60 million beginning in FY 2023- million (4.8% per annum) by FY 2027-28. The projection assumes annual MLF support for PSP expenditures will remain capped at $500 million. As a result, the General Fund absorbs future growth in PSP costs. Fiscal Year 21-22 22-

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CNIT-Rate-Cut-2018-04.pdf

the federal Tax Cuts and Jobs Act (TCJA). Act 43 of 2017 eliminates the $5 million net operating loss deduction cap and increases the taxable income cap to 40 percent starting with tax year 2019. The TCJA reduces the federal CNIT rate from 35 to 21 percent

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2018_Mid-Year_Update.pdf

2018 6 Mid-Year Update Changes to U.S. corporate net income tax.  Lower rate and repatriations: higher PA cap gains, dividends, wages.  100% bonus depreciation (and corporate tax bulletin 2017-02).  Eliminate/limit deductions: broadens PA tax Tax revenue growth rate is 3.9%. Mid-Year Update Significant revenue uncertainty for rest of fiscal year.  NOL cap: $215 million (unclear how much has been received).  JUA transfer: $200 million (included in estimate).  Remaining gaming expansion

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2000_cost_of_living_adjustments.pdf

perhaps instead of, reducing the portion of the measured change in the cost-of-living that is replaced, imposing a cap on the potential adjustments is a design feature frequently used to limit the financial commitment associated with implementing a cost-of-living postretirement adjustment determined by the measured change in the cost-of-living. A capped formula, for example, would provide adjustments equal to one-half of the percentage change in the Consumer Price Index not

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State_Tax_Comparison_2023_02.pdf

pandemic. The property tax average tax rate declined due to three factors: (1) most counties reassess properties infrequently, (2) the cap on millage rate increases due to the Act 1 Index and (3) the influx of federal stimulus funds. Tax Type

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State_Tax_Comparison_2020_11.pdf

change in motor vehicle taxes was due to Act 89 of 2013 that eliminated both (1) the inflationary cap on the Oil Company Franchise Tax and (2) the fixed excise tax. The act caused Pennsylvania’s rank to increase from 29

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State-Tax-Comparison-2020-01.pdf

change in motor vehicle tax was due to Act 89 of 2013 that eliminated both (1) the inflationary cap on the Oil Company Franchise Tax and (2) the fixed excise tax. The Act caused Pennsylvania’s rank to increase from 28

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Smetters_Presentation_Full.pdf

Tax Provision JCT PWBM PWBM Corporate tax rate 21% starting 2019 -1,389 -1,435 -4,185 Net interest deduction capped at 30% of income 253 193 753 Changes to the treatment of investment -86 -180 -152 Modification to net operating

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Roundtable_Jan_24_2023.pdf

20 20-21 21-22 22-23 23-24 24-25 25-26 17-18 = 1.00 COVID base year Cap Gain +85% General Fund Revenues: Short- and Long-Term Growth January 24, 2023 13 22-23 23-24 Growth 27-

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Roundtable_Jan_2024_Final.pdf

18-19 19-20 20-21 21-22 22-23 23-24 24-25 18-19 = 1.0 CNIT +71% Cap Gains +85% PA GDP +29% +4% real +25% inflation PIT non-wage +36% SUT +36% PIT wage +31% Excludes CNITrate

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Revenue_Proposal_Analysis_2023_05.pdf

is equal to 3.07% of wages earned from nursing, teaching or policing during the tax year. The credit is capped at $2,500 annually and is available for up to three years (total maximum award of $7,500). Eligible applicants

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Revenue_Proposal_Analysis_2021_04.pdf

group generated prior to and after the enactment of combined reporting. At the unitary group level, total NOL deductions are capped at 40% of the unitary group’s taxable income after apportionment. At the individual member level, there is no restriction

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Revenue_Estimate_Presentation_2022_05.pdf

2017 2018 2019 2020 2021 2022 motor vehicle SUT cash income non-motor vehicle SUT Cash Income = wages, dividends, interest, cap gains, business income, IRAs, Social Security, pensions, federal transfers CPI Components: Taxable vs Non-Taxable May 23, 2022 15 YOY

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Revenue-Proposal-Analysis-2020-04.pdf

combined reporting for members of the new unitary group. At the unitary group level, total NOL deductions are capped at 40 percent of the unitary group’s taxable income after apportionment. At the individual member level, there is no restriction in

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Revenue-Proposal-Analysis-2018-04.pdf

sharing of NOLs between members of a unitary business group is not permitted and the 40 percent NOL cap is applied to the member’s apportionable share of the combined business income (essentially a separate company basis). Tax and Revenue Proposals

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Revenue-Estimate-2020-05.pdf

to the rate of inflation and (2) gradually lifted the average wholesale price (AWP) of fuel, until the cap was eliminated beginning in calendar year 2017 and thereafter. In the five years prior to enactment of Act 89, total MLF revenues

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Revenue-Estimate-2019-05.pdf

a period of four years; 5 (3) gradually lifted the average wholesale price (AWP) of fuel, until the cap was eliminated begin- ning in calendar year 2017 and thereafter; 6 and (4) repealed the liquid fuels and fuels taxes and replaced

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REU-2019-12.pdf

47.9 million, largely due to lower than projected quarterly payments (-$53.2 million). Prior to the implementation of the cap on state and local tax (SALT) deductions under the federal Tax Cuts and Jobs Act (TCJA), taxpayers had an incentive

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RB_2022_09_Student_Loan_Forgiveness.pdf

the administration asserts it will be the final extension. • The income-driven repayment (IDR) plan would be revised to (1) cap monthly payments at 5% of discretionary income for undergraduate borrowers, (2) cover the borrower’s unpaid monthly interest so that

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RB-2020-COVID-19 Local Revenue Impact.pdf

percent ($2 million). Note that some municipality/county LSA distributions are set at fixed dollar amounts or subject to budgetary caps and are therefore unaffected by reduced gaming collections related to COVID-19 (e.g., Pittsburgh). Acknowledgements This research brief was

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RB-2016-02.pdf

capital partnerships for invest‐ ment in Pennsylvania–related companies. Most of the monies in this program were distributed to venture capi‐ tal funds in Philadelphia, Pittsburgh and a portion to un‐ derserved areas. Second Stage Loan Program $0 $0 Provides loan

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Presentation-2018-08-PA-State-Association-Boroughs.pdf

Income Grows Quickly PA Cash Income ($ billions) 2006 2018 AAGR Wages-Salaries $247.9 $347.0 2.8% Divs-Interest-Cap Gains $55.9 $74.0 2.4% Business Income $47.9 $65.9 2.7% Pensions-IRA $33.2 $64

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Presentation-2018-06-PICPA.pdf

Corporate Income: multiple revenue impacts.  TCJA of 2017: rate reduction and base broadening.  Elimination of $5 million NOL cap.  Tax Bulletin 2017-02 eliminates certain deductions. Personal Income: broad gains, timing issues.  4 th estimated payment for

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Presentation-2018-06-PASBO.pdf

millions) $2,663 $197 $2,860 Rebates for Homesteads Below Statewide Average SPT ($ millions) $1,726 $137 $1,862 Total Capped Rebate ($ millions) $4,389 $334 $4,722 16 Utilizes IFO school property tax and homestead forecast as a baseline. Estimates

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PBB_Board_Hearing_Apr_27_2021.pdf

evidence-based prevention services Costs of ID waivers have flattened although utilization increased ▪ Large increase of individuals served under the capped Community Living Waiver (+3,294 from FY 15-16 to FY 20-21) instead of the uncapped Consolidated Waiver (+727

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PBB_2023_EO_REPORT.pdf

and IT enterprise budget previously appropriated to OA. Agency Overview | Page 6 Appropriations HR Admin. IT Admin. Comp. Ops. Bud. & Cap. Market OSIG Other Total General Fund - State $4.4 $6.7 $9.1 $29.1 $17.9 $26.2 $93

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PBB_2022_AGRICULTURE_REPORT.pdf

farmer, (2) support for conservation with low-interest loans for conservation practices and an in- crease in the availability and cap of the REAP Tax Credit ($3 million) and (3) the establishment of the Pennsylvania Rapid Response Disaster Readiness Account ($5

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PBB-Overview-2019-01-22.pdf

in each of the last five years.  One of the highest community supervision rates in the nation.  No cap on probation terms.  Use of pretrial risk assessments not required.  Only state that does not provide state funding

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Official-Revenue-Estimate-2020-06.pdf

the Vehicle Code) to the rate of inflation and (2) gradually lifted the AWP of fuel, until the cap was eliminated beginning in calendar year 2017 and thereafter. In the five years prior to enactment of Act 89, total MLF revenues

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Official-Revenue-Estimate-2019-06.pdf

a period of four years; 5 (3) gradually lifted the average wholesale price (AWP) of fuel, until the cap was eliminated begin- ning in calendar year 2017 and thereafter; 6 and (4) repealed the liquid fuels and fuels taxes and replaced

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Official-Revenue-Estimate-2018-06.pdf

a period of four years, 2 (3) gradually lifted the average wholesale price (AWP) of fuel, until the cap was eliminated for calendar year 2017 3 and (4) repealed the liquid fuels and fuels taxes and replaced them with an oil

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NGPR-2019Q4.pdf

Production The natural gas recovered from a well. Shut In Temporary suspension of production activity. Directly corresponds to the term Capped, as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2019Q3.pdf

Production The natural gas recovered from a well. Shut In Temporary suspension of production activity. Directly corresponds to the term Capped, as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2019Q2.pdf

Production The natural gas recovered from a well. Shut In Temporary suspension of production activity. Directly corresponds to the term Capped, as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2019Q1.pdf

Production The natural gas recovered from a well. Shut In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2018Q4.pdf

Production The natural gas recovered from a well. Shut-In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2018Q3.pdf

Production The natural gas recovered from a well. Shut-In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2018Q2.pdf

Production The natural gas recovered from a well. Shut-In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2018Q1.pdf

Production The natural gas recovered from a well. Shut-In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2017Q4.pdf

Production The natural gas recovered from a well. Shut-In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

Hits: 1

NGPR-2017Q3.pdf

Production The natural gas recovered from a well. Shut-In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

Hits: 1

NGPR-2017Q2.pdf

Production The natural gas recovered from a well. Shut-In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

Hits: 1

NGPR-2017Q1.pdf

Production The natural gas recovered from a well. Shut-In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2016Q4.pdf

to Section 3214 of Act 13 of 2012. Shut-In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2016Q3.pdf

to Section 3214 of Act 13 of 2012. Shut-In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2016Q2.pdf

to Section 3214 of Act 13 of 2012. Shut In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2016Q1.pdf

to Section 3214 of Act 13 of 2012. Shut In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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NGPR-2015-2H.pdf

to Section 3214 of Act 13 of 2012. Shut In Temporary suspension of production activity. Directly corresponds to the term “capped,” as defined in Act 13 of 2012. Spud The commencement of drilling activity. Often refers to the first stage at

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MSC_March_31_2021.pdf

reduction phased in to 5.99% over 5 years 27 states use Combined Reporting 2 of them have an NOL cap (CT at 50%, NH at $10m) IFO projects Combined Reporting expands tax base by 12% DOR projects it is 29%

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Monthly_Economic_Update_September_2020.pdf

residents that filed a federal income tax return. Major provisions of the act include: lower tax rates, a $10,000 cap on the state and local tax (SALT) deduction, a near doubling of the standard deduction, elimination of personal exemptions and

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Mid_Year_FY16-17_Presentation.pdf

3.8% -3.8% Cigarette and OTP 529 765 44.6% -3.8% Inheritance 515 533 3.4% 3.4% Cap. Stock & Franchise 98 32 -67.1% n.a. All Other 894 900 0.6% -2.2% Note: dollar amounts in

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MER-2014-06.pdf

1997‐2012 and in‐ cludes various technical changes such as the recog‐ nition of research and development (R&D) as capi‐ tal expenditures and new source data. Overall, BEA revisions reduced GSP growth for Pennsylvania by 0.5 percentage points in

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Initial-Revenue-Estimate-2018-05.pdf

fully transitioned beginning with FY 2017-18. Initial Revenue Estimate | Page 13 price (AWP) of fuel, until the cap was eliminated for calendar year 2017 3 and (4) repealed the liquid fuels and fuels taxes and replaced them with an oil

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IFO_Hearing_Packet_Feb2019.pdf

changes from newly enacted law. 24 Corporate Net Income Tax by State State 1 Income Tax Rate Method NOL Deduction Cap Alabama 6.50% Separate None Alaska 0.00 - 9.40% Combined None Arizona 4.90% Combined None Arkansas 1.00

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IFO_Hearing_Packet_Feb2018.pdf

adjustments for future years. 27 State Corporate Tax Rates and Other Attributes State 1 Income Tax Rate Method NOL Deduction Cap Alabama 6.50% Separate None Alaska 0.00 - 9.40% Combined None Arizona 4.90% Combined None Arkansas 1.00

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IFO_Hearing_Materials_March_2023.pdf

Initiative Regional Greenhouse Gas Initiative The Executive Budget assumes that Pennsylvania joins the Regional Greenhouse Gas Initiative (RGGI), a regional cap-and-invest initiative, for FY 2023-24. The administration estimates that proceeds from this initiative will total $663 million for

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IFO_Hearing_Materials_Feb_22_2022.pdf

Net Income Tax State Comparison Corporate Net Income Tax State Comparison State 1 Income Tax Rate 2 Method NOL Deduction Cap 3 New Jersey 11.5% Combined None Pennsylvania 9.99 Separate 40% of taxable income on CFs Iowa 9.80

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IFO-Presentation-11-14-2019.pdf

30 $40 $50 $60 $70 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Soc Security $46 Cap Gains $34 Interest-Divs $19 Pension-IRA $61 2018 PA Cash Income $599 PA Wage Income $348 Bus Net Inc

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FTA_Presentation_Oct_24_2022.pdf

funding via private sponsorship (e.g., banks) Other Program Specifics ▪ Nonrefundable | Credits may be sold, assigned or transferred ▪ Annual program cap was $10 million | Raised to $13 million (2019) October 24, 2022 4 Resource Enhancement and Protection (REAP) Goals ▪ Encourage private

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Five_Year_Outlook_Presentation_2022.pdf

21 21-22 22-23 23-24 24-25 25-26 26-27 17-18 = 1.00 COVID base year Cap Gain +85% Revenues: Short- and Long-Term Growth November 15, 2022 15 22-23 23-24 Growth 27-28 AAGR

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Five_Year_Outlook_2021.pdf

FY 2021-22) and any projected increased costs for PSP operations in FY 2022-23. The reduction of the MLF cap plus the 11 The text in this section uses the terms appropriation and expenditure interchangeably. However, the spending au- thority

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Five_Year_Outlook_2020.pdf

charter school lease reimbursements. IFO projections build in another two years of the use of bond proceeds until the authorization cap of $2.5 billion is reached. The line item projection then increases to $203 million in FY 2023-24 and

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Economic_and_Revenue_Update_2021.pdf

Fiscal Office 26 March 2021 States with Corporate Net Income Tax State 1 Income Tax Rate 2 Method NOL Deduction Cap 3 Alabama 4 6.50% Separate None Alaska 9.40 Combined Conforms to Federal Arizona 4.90 Combined Conforms to

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Economic_and_Revenue_Update_2020.pdf

Employment Status (share of workers) 27 States with Corporate Net Income Tax State 1 Income Tax Rate Method NOL Deduction Cap 2 Alabama 3 6.50% Separate None Alaska 0.00 - 9.40% Combined Conforms to Federal Arizona 4.90% Combined

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CompetePA_March_11_2021.pdf

reduction phased in to 5.99% over 5 years 27 states use Combined Reporting 2 of them have an NOL cap (CT at 50%, NH at $10m) IFO projects Combined Reporting expands tax base by 12% DOR projects it is 29%

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Boyd PA IFO November 2016.pdf

be hit even at 30 years. Observations from our modeling & analysis •Contribution smoothing (e.g, asset smoothing, long amortization periods, caps, collars) cannot make investment risk go away. Pushes risk to the future, creates potential stress for pension plans. •Mature pension

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2004_srpvffinal.pdf

years service; $50 w/10 years service 10 year cliff Age 50 w/20 years service $300 per month Benefit cap removed by recent state legislation. Local boards are empowered to increase benefits as fund conditions permit. 10 year cliff Age

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index.cfm

all states. The next largest state (AL) exported 40% less electricity. ... (Full Report) Impact of Proposed Changes to the NOL Cap Economics and Other February 24, 2023 The IFO published a letter in response to a request from Senator Pennycuick. The

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