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Corporate Net Income Tax TY 2019

This research brief provides tabulations of corporate net income tax (CNIT) return data from tax year 2019 based on tax liability, apportionment factor and NAICS code.

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Corporate Net Income Tax TY 2019

This research brief provides tabulations of corporate net income tax (cnit) return data from tax year 2019 based on tax liability, apportionment factor and NAICS code.

07/25/2023

Corporate Net Income Tax Rate Reduction

The IFO responds to a legislative request regarding the state corporate net income tax (cnit). The report contains an analysis of state cnit rates, their impact on revenues and a proposal to reduce the Pennsylvania cnit rate. 

04/11/2018

CNIT-Rate-Cut-2018-04.pdf

In response to a legislative request, the Independent Fiscal Office (IFO) undertook an analysis of state corporate net income tax (CNIT) rates, their impact on revenues and a proposal to reduce the Pennsylvania CNIT rate. House Bill 130 of 2017 reduces the Pennsylvania CNIT rate of 9.99 percent by 1.0 percentage point

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Revenue-Proposal-Analysis-2020-04.pdf

methodologies used to derive the revenue estimates, as well as an interstate comparison of corporate net income tax (CNIT) rates and filing methods. The second section analyzes the proposal to increase the state minimum wage from $7.25 to $12.00 available, technical language provided by the administration. For this year, the administration pro- vided language for the proposed CNIT rate reduction and enactment of combined reporting, but language was not available for the proposed increase in the minimum wage or the

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Revenue_Proposal_Analysis_2021_04.pdf

Budget.” The report contains three sections. The first section analyzes the proposal to lower the corporate net income tax rate (CNIT) and enact combined reporting. The second section examines the proposal to increase the personal income tax (PIT) rate from 3 base expansion of 29% ($839 million). ▪ Through fiscal year (FY) 2025-26, the IFO estimates that combined reporting would increase CNIT revenues by $1.6 billion, while the DOR estimates $3.8 billion. ▪ An IFO survey of 11 other states that

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Revenue-Proposal-Analysis-2019-03.pdf

the data sources and methodologies used to derive the revenue estimates, as well as an interstate comparison of CNIT rates and filing methods. The second section analyzes the proposal to increase the state minimum wage from $7.25 to $12.00 FY 2023-24. Corporate Net Income Tax The administration’s proposal (1) reduces the corporate net income tax (CNIT) rate from 9.99 percent to 8.99 percent for tax years beginning in 2020; 8.29 percent for tax years beginning

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Revenue-Estimate-Performance_2022_10.pdf

or 0.5% of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT) and personal income tax (PIT) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT was partly attributable to the reversal of federal 100% bonus depreciation, which was effective for tax year 2011. The underprediction

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Five_Year_Outlook_2023.pdf

General Fund revenues of $44.92 billion in FY 2022-23 were reduced due to a corporate net income tax (CNIT) rate reduction/base expansion (-$110 million) and a new motor vehicle sales and use tax (SUT) transfer to the Public million for debt service related to the Tobacco Settlement Bonds. The remaining reduction is largely driven by recent weakness in CNIT and personal income tax (PIT) quarterly payments and is partially offset by higher than anticipated Treasury collections and strength in

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Five_Year_Outlook_2022.pdf

removed, then the decline is 1.4% ($0.61 billion). The contraction is due to the corporate net income tax (CNIT) rate cut ($0.20 billion), the new motor vehicle sales and use tax transfer ($0.50 billion) and a decline that General Fund revenues will increase at an average rate of 2.6% per annum, or 3.1% excluding the CNIT rate cut and new/expanded tax credits enacted with the FY 2022-23 state budget. During that time, the state

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Revenue_Estimate_Performance_2023_08.pdf

use tax (SUT) (-$45 million) was more than offset by an underprediction of escheats ($94 million), corporate net income tax (CNIT) ($53 million) and other revenues ($175 million, largely gross receipts, realty transfer and inheritance taxes). The forecast for the January response to the large federal corporate rate cut enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. The CNIT overprediction error (-$193 million) was offset by underpredictions for SUT ($141 million) and PIT ($118 million). Other revenue sources that

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Revenue-Estimate-Performance-2021-09.pdf

or 0.5% of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT) and personal income tax (PIT) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT was partly attributable to the reversal of federal 100% bonus depreciation, which was effective for tax year 2011. The underprediction

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Revenue-Estimate-Performance-2020-09.pdf

percent of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT) and personal income tax (PIT) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT was partly attributable to the reversal of federal 100 percent bonus depreciation, which was effective for tax year 2011. The underprediction error

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Five_Year_Outlook_2019.pdf

from the prior year. (See Table 4.1.) The revenue gain was driven by corporate net income tax (CNIT, 18.0 percent growth), non-motor sales and use tax (SUT, 7.0 percent) and personal income tax (PIT, 28.8 percent 4 Increases in PIT ($92 million), escheats ($68 million), non-motor SUT ($50 million), inheritance ($24 million) and CNIT ($4 million) are partially offset by small reductions across other tax types (-$37 million). Revenues are forecast to grow at an average

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State_Tax_Comparison_2024_02.pdf

Weighted Average State Tax Comparison Page 4 Table 2 ranks states based on the amount of corporate net income tax (CNIT) per capita. 5 States levy CNIT on the net income of C corporations. For this analysis, the CNIT measure also includes revenues from corporate license fees

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State_Tax_Comparison_2023_02.pdf

S. Weighted Tax Comparison Study Page 4 Table 2 ranks states based on the ratio of corporate net income tax (CNIT) to personal income. 8 States levy CNIT on the net income of C corporations. For this analysis, the CNIT measure also includes revenues from corporate license fees

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Revenue-Estimate-Performance-2018-07.pdf

percent of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT) and personal income tax (PIT) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT was partly attributable to the reversal of federal 100 percent bonus depreciation, which was effective for tax year 2011. The underprediction error

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TC_2020_Research and Development Tax Credit.pdf

eligible firms, the RDTC can be an important incentive to offset a high statutory corporate net income tax (CNIT) rate (9.99 percent). Many firms that claim the RDTC are large multistate corpo- rations that can shift R&D spending (mostly between states. For many firms that regularly claim the credit, the data show that it significantly reduces their CNIT liability. Pennsylvania is one of three states that allows tax credits to be transferred or sold. Historical data show that one-

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State_Tax_Comparison_2020_11.pdf

Tax Comparison Study Page 4 Table 2 ranks states based on the ratio of corporate net income tax (CNIT) to personal income. 7 States levy CNIT on the net income of C corporations. For this analysis, the CNIT measure also includes revenues from corporate license fees. 8 Pennsylvania

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State-Tax-Comparison-2020-01.pdf

Tax Comparison Study Page 4 Table 2 ranks states based on the ratio of corporate net income tax (CNIT) to personal income. 7 States levy CNIT on the net income of C corporations. For this analysis, the CNIT measure also includes revenues from corporate license fees. 8 Pennsylvania

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Revenue_Proposal_Analysis_2022_04.pdf

and Revenue Proposals Corporate Net Income Tax The Executive Budget includes four proposals that impact the corporate net income tax (CNIT). For the first three, the IFO met with the Department of Revenue (DOR) and reviewed their estimate methodology. The IFO proposals are effective for tax years beginning on or after January 1, 2023. Combined, the proposals are projected to reduce CNIT revenues by $67 million in fiscal year (FY) 2022-23 and by $967 million in FY 2026-27. Broaden the

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Revenue_Estimate_Performance_Dec_2017.pdf

percent of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT), personal income tax (PIT) and escheats (unclaimed property that is remitted to the Commonwealth, such as abandoned bank accounts, included in non- tax) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT was partly attributable to the reversal of federal 100 percent bonus depreciation, which was effective for tax year 2011. The underprediction error

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Revenue_Estimate_2023_06.pdf

since 1968. State-level profit metrics are not published, but over the four-year period, cor- porate net income tax (CNIT) collections expanded by 87% (adds back an estimated -$150 million in FY 2022-23 due to the phase-in of the CNIT rate reduction).  Inheritance tax revenues (45%) outperformed economic growth, largely due to the inflation of assets such as stock

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Revenue-Proposal-Analysis-2018-04.pdf

tax rate reduction. Corporate Net Income Tax The administration’s proposal (1) reduces the corporate net income tax (CNIT) rate from 9.99 percent to 9.49 percent for tax years beginning in 2020; 8.99 percent for tax years beginning Table 1.1 General Fund Revenue Impact Summary Fiscal Years Tax and Revenue Proposals | Page 4 Methodology The CNIT proposal was analyzed in the following order: (1) rate reduction and (2) com- bined reporting. The stacking order does not affect the

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Revenue-Estimate-Performance-2019-07.pdf

percent of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT) and personal income tax (PIT) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT was partly attributable to the reversal of federal 100 percent bonus depreciation, which was effective for tax year 2011. The underprediction error

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Revenue-Estimate-2023-05.pdf

since 1968. State-level profit metrics are not published, but over the four-year period, cor- porate net income tax (CNIT) collections expanded by 80%. (Note: this adds back an estimated -$200 million impact in FY 2022-23 due to the phase-in of the CNIT rate reduction.)  Inheritance tax revenues (45.7%) outperformed economic growth, largely due to the inflation of assets such as

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MQRE_FY22_23_August.pdf

Corporate Net Income Tax Rate Reduction (Act 53) The act provides for a reduction in the corporate net income tax (CNIT) rate from 9.99% to 8.99% for tax years beginning after December 31, 2022, to 8.49% for tax annually until the rate reaches 4.99% for tax year 2031. This provision is projected to reduce FY 2022-23 CNIT revenues by $110.3 million. Market Sourcing and Economic Nexus (Act 53) The act provides consistency between the sourcing of

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Budget_Hearing_Background_Feb2016.pdf

the Pennsylvania economy expands at a slower rate. 7 Revenue Outlook Through January, PIT estimated payments show very strong growth; CNIT estimated payments decline. 8 The forecast assumes 5.5% growth in PIT final payments, but a weak CNIT final payment. 9 The IFO and Department of Revenue General Fund estimates for FY 2015‐16 differ by $50 million

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State_Tax_Comparison_2022_01.pdf

S. Average State Tax Comparison Page 4 Table 2 ranks states based on the ratio of corporate net income tax (CNIT) to personal income. 7 States levy CNIT on the net income of C corporations. For this analysis, the CNIT measure also includes revenues from corporate license fees

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SR2017-03.pdf

Study 2017 Independent Fiscal Office Page 4 Table 2 ranks states based on the ratio of corporate net income tax (CNIT) to personal income. 5 States levy CNIT on the net income of C corporations. For this analysis, the CNIT measure also includes revenues from corporate license fees

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Economic_and_Revenue_Update_2021.pdf

Tax Rates ................................ 24 PIT Revenue Proposal: Simulation Using Tax Year 2018 Data ................................... 25 States with Corporate Net Income Tax ................................................................... 26 CNIT Revenue Proposal: Combined Reporting ......................................................... 27 Marijuana Taxation Across States ........................................................................... 28 Pennsylvania State Police Municipal Fee Proposal .................................................... 29 PBB and Tax and removed the carryback (CB) provision for tax years beginning after December 31, 2017. Independent Fiscal Office 27 March 2021 CNIT Revenue Proposal: Combined Reporting Control U.S. States PA only MA WI NY CNIT Revenue 2.1% 2.2% 2

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PBB_2023_DOR_REPORT.pdf

1.2 billion in delinquent business taxes less than three years old due the Commonwealth, 62% of which were delinquent CNIT and 35% delinquent SUT. There is an additional $922 million from delinquent business taxes more than three years old. The Audit Tax Adjustments per Dollar Spent <3 Years 3+ Years Business Tax Accounts Receivable by Age Note: Amount in $ millions. CNIT is corporate net income tax. SUT is sales and use tax. Other is primarily employer withholding tax. CNIT, $526 CNIT

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MQRE-FY19-20-Aug.pdf

20, the act is projected to reduce General Fund revenues by $0.4 million: corporate net income tax (CNIT) ($0.2 million) and PIT annual ($0.2 million). Entertainment Economic Enhancement Program (Act 13) Various changes to the program include: (1 Analysis For FY 2019-20, the act is projected to reduce General Fund revenues by $4.0 million: CNIT ($1.6 million), insurance premiums tax (IPT) ($0.4 million), bank shares tax (BST) ($0.4 million) and PIT annual ($1.6

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Economic_and_Revenue_Update_2020.pdf

Millions of dollars. IFO estimate relative to January 2020 Mid-Year Update. 15 Growth of Top 3 Revenue Sources Note: CNIT is corporate net income tax, PIT is personal income tax, SUT is sales-use tax and GDP is gross domestic 30 1.40 1.50 1.60 1.70 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 CNIT PIT GDP SUT 10-11 = 1.0 Tax Cuts and Jobs Act Wayfair Decision Extra Due Date Forecast 16 Impact

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Revenue_Estimate_2022_06.pdf

detail is included in the next section of this report. Figure 1.2 displays trends for corporate net income tax (CNIT) revenues and real and nominal Pennsyl- vania GDP, which reflects the overall growth rate of the state economy. The figure uses CNIT revenues because C corporation profits cannot be sourced accurately to specific states, and published data are not available. Corporate profits

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Revenue_Estimate_2022_05.pdf

revenues. Growth Rates by Tax Year Economic Outlook | Page 7 Figure 1.2 displays trends for corporate net income tax (CNIT) revenues and real and nominal Pennsyl- vania GDP, which reflects the overall growth rate of the state economy. The figure uses CNIT revenues because C corporation profits cannot be sourced accurately to specific states, and published data are not available. Corporate profits

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Initial_Revenue_Update_May_2023_Final.pdf

re-establish as soon as possible IFO will issue final revenue estimate June 20 ▪ Minimal new economic data available ▪ Key: CNIT and PIT second estimated payment June 15 ▪ Impact of CNIT rate reduction not evident in first estimated payment May 24, 2023 1 Critical Forecast Assumptions 1 No recession in 2023

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Initial_Revenue_Estimate_Presentation_May_2023_Final.pdf

re-establish as soon as possible IFO will issue final revenue estimate June 20 ▪ Minimal new economic data available ▪ Key: CNIT and PIT second estimated payment June 15 ▪ Impact of CNIT rate reduction not evident in first estimated payment May 24, 2023 1 Critical Forecast Assumptions 1 No recession in 2023

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IFO testimony CR Hearing Jan 29 2020.pdf

no tax states. Use by Other States The attached table provides a comparison of (1) state corporate net income tax (CNIT) rates and (2) the applicable filing method used by states with a CNIT. Highlights of the comparison include:  Forty-four states currently levy a CNIT, with the highest statutory rate (12.00

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Revenue-Estimate-2020-05.pdf

FY 2020-21. Major revisions to the FY 2019-20 forecast include:  Revised corporate net income tax (CNIT) collections are expected to fall short of the IFO’s official estimate by $760 million. The reduction is primarily the result of a due date extension for most tax year (TY) 2019 CNIT final payments to August 14, 2020 (-$470 million). After adjusting for the payment delay, CNIT collections are projected to decline by 6

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Official-Revenue-Estimate-2020-06.pdf

FY 2020-21. Major revisions to the FY 2019-20 forecast include:  Revised corporate net income tax (CNIT) collections are expected to fall short of the IFO’s official estimate by $647 million. The reduction is primarily the result of a due date extension for most tax year (TY) 2019 CNIT final payments to August 14, 2020 (-$350 million). After adjusting for the payment delay, CNIT collections are projected to decline by 7

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TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf

year cannot exceed $5 million. The credit may be claimed against a taxpayer’s corporate net income tax (CNIT) liability in an amount not to exceed 50 percent of a taxpayer’s total CNIT liability in any year. Credits earned but not utilized in the same tax year as awarded may be carried forward for up

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RB_2023_07_CNIT_Data.pdf

This research brief provides tabulations of corporate net income tax (CNIT) returns filed for tax year (TY) 2019 with the Pennsylvania Department of Revenue. That tax year was the final year prior to any applicable tax credits that may be applied separately.) For the 92,665 tax returns included in the CNIT database:  There were 52,887 returns (57.1% of total returns) that reported no tax liability.  Somewhat more

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Revenue_Estimate_2021_05.pdf

types. (See Table 2.1.) Most notably, the revisions to the FY 2020-21 forecast include: ▪ Corporate net income tax (CNIT) collections are expected to exceed the IFO’s revised official esti- mate by $529 million. The revision is largely attributable factors that motivate trends across revenue sources for FY 2020-21 and FY 2021-22. Corporate Net Income The revised CNIT estimate for FY 2020-21 is $4.3 billion. The estimate reflects an increase of $529 million from the IFO

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RB_2020_12_PPP_Loans_to_PA_Businesses.pdf

of forgiven loans will have material implications for Pennsylvania firms and personal income tax (PIT) and corporate net income tax (CNIT) revenues. The SBA data show that pass through firms liable for PIT received $11.3 billion in loans while C corporations liable for CNIT received $7.6 billion. For the purpose of computing potential revenue implications, there are many unknown parameters that must be

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Presentation_2017_02_10_EPLC.pdf

3% 4.8% Note: dollar amounts in millions. IFO estimate based on the June 2016 forecast. 10.Feb.2017 16 CNIT Growth Underperforms Economy Annual Growth Rates: Corporate Net Income (CNIT) and PA Nominal GDP -20% -15% -10% -5% 0% 5% 10% 15% 20% 2006-07 2008-09 2010-11 2012-

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Official_Revenue_Estimate_Methodology_2023_06.pdf

file a consolidated federal income tax return must report on a separate company basis for Pennsylvania corporate net income tax (CNIT) purposes. Multistate firms apportion net income using market-based sourcing rules and a 100% sales factor. Transfers None. Exemptions All pass-through business entities (S corporations, partnerships and sole proprietors) and non-profit corpo- rations are exempt from CNIT. Limited liability companies that elect to be taxed as partnerships for federal tax purposes are also exempt from tax. Banks

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Official_Revenue_Estimate_Methodology_2022.pdf

file a consolidated federal income tax return must report on a separate company basis for Pennsylvania corporate net income tax (CNIT) purposes. Multistate firms apportion net income using market-based sourcing rules and a 100% sales factor. Transfers None. Exemptions All pass-through business entities (S corporations, partnerships and sole proprietors) and non-profit corpo- rations are exempt from CNIT. Limited liability companies that elect to be taxed as partnerships for federal tax purposes are also exempt from tax. Banks

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Official_Revenue_Estimate_Methodology_2021.pdf

file a consolidated federal income tax return must report on a separate company basis for Pennsylvania corporate net income tax (CNIT) purposes. Multistate firms apportion net income using market-based sourcing rules and a 100% sales factor. Transfers None. Exemptions All pass-through business entities (S corporations, partnerships and sole proprietors) and non-profit corpo- rations are exempt from CNIT. Limited liability companies that elect to be taxed as partnerships for federal tax purposes are also exempt from tax. Banks

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

consolidated federal income tax return must report on a separate company basis for Pennsylvania corporate net income tax (CNIT) pur- poses. Multistate firms apportion net income using market-based sourcing rules and a 100 percent sales factor. Transfers None. Exemptions All pass-through business entities (S corporations, partnerships and sole proprietors) and non-profit corpo- rations are exempt from CNIT. Limited liability companies that elect to be taxed as partnerships for federal tax purposes are also exempt from tax. Banks, savings and

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

consolidated federal income tax return must report on a separate company basis for Pennsylvania corporate net income tax (CNIT) pur- poses. Multistate firms apportion net income using market-based sourcing rules and a 100 percent sales factor. Transfers None. Exemptions All pass-through business entities (S corporations, partnerships and sole proprietors) and non-profit corpo- rations are exempt from CNIT. Limited liability companies that elect to be taxed as partnerships for federal tax purposes are also exempt from tax. Banks, savings and

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MTR-2019-09.pdf

for the fiscal year-to-date (FYTD). The monthly outcome was due to stronger than expected corporate net income tax (CNIT), personal income tax (PIT) and escheat collections. September CNIT revenues outperformed the forecast by $40.1 million due to overages in both final and estimated payments. CNIT collections are

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MTR-2019-04.pdf

overage was driven by unusually strong personal income tax (PIT), sales and use tax (SUT) and corporate net income tax (CNIT) collections. PIT collections were above estimate by $313.7 million for the month, with overages in annual ($279.4 million collections are above estimate ($272.9 million) for the FYTD and are growing at a rate of 7.6 percent. CNIT collections for the month were higher than anticipated ($63.7 million), due to overages in both final ($50.9 million

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MTR-2018-09.pdf

to-date (FYTD). General Fund collections for September were above estimate primarily due to overages in corporate net income tax (CNIT), sales and use tax (SUT) and non-tax collections. September CNIT collections were above estimate ($96.3 million) due to higher than anticipated estimated ($49.8 million) and final payments ($46

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MTR-2018-07.pdf

were partially offset by lower than anticipated escheats collections (-$22 million). Personal income tax (PIT) and corporate net income tax (CNIT) were close to estimate. July PIT exceeded estimate by $2 million, due to stronger than anticipated non- withholding collections ($6 million) that were partially offset by slightly weaker than expected withholding collections (-$5 million). July CNIT payments were $2 million below estimate due to slightly lower than projected CNIT final payments. Non-tax revenues for July

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MTR-2017-09.pdf

gross receipts ($9.2 million, -73.3 percent). These underperformances were more than offset by strong corporate net income tax (CNIT) revenues and non-tax revenues. CNIT revenues were $36.5 million (6.6 percent) above estimate through the first three months of FY 2017-18. Non-

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MRU-2023-04.pdf

the estimate certified by the Governor.) The monthly overage is primarily due to stronger than anticipated corporate net income tax (CNIT) and sales and use tax (SUT). Monthly CNIT collections for April were $874.0 million, which exceeded the forecast by $324.0 million (58.9%). Strong CNIT collections

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MRU-2021-06.pdf

s (IFO) revised Official Estimate published in January 2021. The monthly overage was mainly due to corporate net income tax (CNIT) and sales and use tax (SUT) revenues. Fiscal year 2020-21 General Fund collections were $40.39 billion, $1.95 billion (5.1%) higher than forecasted. June CNIT revenues totaled $711.5 million which surpassed the estimate by $211.1 million (42.2%). The overage in CNIT is

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Mid_Year_FY16-17_Presentation.pdf

Payment Annual Payment $1.12 billion April payment should have strong growth despite weak quarterly payments. 25.Jan.2017 18 CNIT Growth Underperforms Economy Annual Growth Rates: Corporate Net Income (CNIT) and PA Nominal GDP -20% -15% -10% -5% 0% 5% 10% 15% 20% 2006-07 2008-09 2010-11 2012-

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June_Revenue_Estimate_2021.pdf

types. (See Table 2.1.) Most notably, the revisions to the FY 2020-21 forecast include: ▪ Corporate net income tax (CNIT) collections are expected to exceed the IFO’s revised official esti- mate by $637 million. The revision is largely attributable factors that motivate trends across revenue sources for FY 2020-21 and FY 2021-22. Corporate Net Income The revised CNIT estimate for FY 2020-21 is $4.4 billion. The estimate reflects an increase of $637 million from the IFO

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Initial-Revenue-Estimate-2018-05.pdf

sources for FY 2017-18 and FY 2018-19. Corporate Net Income The revised corporate net income tax (CNIT) estimate for FY 2017-18 is $2,896 million. The estimate reflects an increase of $145 million (5.3 percent) over the both the state and federal levels. The FY 2018-19 forecast projects strong growth (9.2 percent) for CNIT revenues. Three factors drive that result. First, in addition to tax rate reduction, other federal tax law changes will expand the state

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IFO_Response_Letter_Feb_21_2023.pdf

Overall, the impact is notably smaller than in prior IFO analyses of similar proposals due to corporate net income tax (CNIT) changes enacted under Act 53-2022. In part, those changes reduce the CNIT rate gradually from 8.99% for TY 2023, to 4.99% for TY 2031 and thereafter. The lower CNIT rate

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Five_Year_Outlook_2020.pdf

a transfer of $469 million and that increases to $515 million in FY 2025-26.  Corporate net income tax (CNIT) revenues are significantly impacted by the federal tax treatment of certain provisions enacted under the CARES Act (i.e., deductibility growth rate of roughly 11 percent for the period.) The revenue declines were most notable in the motor vehicle SUT, CNIT and realty transfer taxes, with subsequent recovery in the second half of CY 2020. The recovery in motor vehicle SUT

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Roundtable_Jan_2024_Final.pdf

1.9% 0.4% -- FactSet: S&P 500 Net Earnings -2.2% -5.2% 4.1% -- 2020 2021 2022 2023 CNIT Payments (tax year) 13.8% 33.4% 23.5% -2.1% *(2023 controls for rate cut) Source: U.S. Bureau 1.90 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%

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Revenue-Estimate-2019-05.pdf

estimate. (See Table 2.1 .) The revision largely occurs across four revenue sources:  Corporate net income tax (CNIT) collections are projected to grow at a rate of 17.9 percent for FY 2018-19, which will exceed the IFO’s sources for FY 2018-19 and FY 2019-20. Corporate Net Income The revised corporate net income tax (CNIT) estimate for FY 2018-19 is $3.39 billion. The estimate reflects an increase of $514 million (17.9 percent) over the

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REU-2020-02.pdf

year- to-date (FYTD). The monthly outcome was a result of stronger than expected collections in corporate net income tax (CNIT), gross receipts tax (GRT) and personal income tax (PIT). The $36.1 million February GRT surplus was largely due to firms making early payments for the March due date. CNIT collections were $83.7 million for February, which was $12.9 million (18.2 percent) above estimate. The monthly performance

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REU-2020-01.pdf

195.4 million (1.1 percent). The monthly shortfall was a result of lower than anticipated corporate net income tax (CNIT) and personal income tax (PIT) collections, which were partially offset by higher than expected sales and use tax (SUT) revenues. CNIT collections of $92.0 million for the month came in below projections by $32.1 million (-25.8 percent) due

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REU-2019-12.pdf

the fiscal-year-to-date (FYTD). The monthly shortfall was a result of lower than anticipated corporate net income tax (CNIT) and personal income tax (PIT) revenues. CNIT collections were $526.5 million for the month, which was 3.6 percent below estimate. The monthly result was due

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REU-2019-11.pdf

for the fiscal year-to-date (FYTD). The monthly overage was driven by stronger than expected corporate net income tax (CNIT), sales and use tax (SUT) non-motor and personal income tax (PIT) withholding collections, which were partially offset by weak SUT motor vehicle tax collections. November CNIT collections were $10.0 million over estimate (7.8 percent) due to higher than anticipated estimated payments ($8.6 million

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REU-2019-10.pdf

mainly due to stronger than expected sales and use tax (SUT), personal income tax (PIT) and corporate net income tax (CNIT) collections. October SUT collections were $41.0 million over estimate (4.1 percent) due almost entirely to higher than anticipated 2.4 percent) mainly due to strong quarterly (for tax year 2019) and annual (for tax year 2018) payments. Monthly CNIT collections exceeded projections by $28.7 million (25.5 percent). The overage can be credited to final payments which came

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Presentation_PA_Bus_Council_6-22-15.pdf

732 -$2,732 Philadelphia Tax Relief 1 0 -452 -452 -452 -452 Renter Relief 2 0 -369 -383 -396 -388 CNIT – Tax Rate Reduction 3 -280 -965 -1,144 -1,261 -1,324 CNIT – Combined Reporting 0 366 276 261 273 Total Tax Relief -280 -4,152 -4,435 -4,580 -4,624 Dollar

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Presentation-Initial-Revenue-Estimate-2018-05.pdf

FY 18-19: moderately strong tax revenue growth. Final estimate to be released June 15.  May and June: large CNIT payments.  Will sales tax maintain recent strength?  Corporate Tax Bulletin. Potential revenue package. IFO Initial Estimate FY 2018- Federal tax cuts continue to flow into economy.  Bolsters consumer and business spending.  Reversal of some income shifts. CNIT base expands.  Other fundamentals are solid (e.g., housing). Weak non-tax revenue growth (-74%).  Non-recurring transfers

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Official-Revenue-Estimate-2019-06.pdf

estimate. (See Table 2.1.) The revision largely occurs across four revenue sources:  Corporate net income tax (CNIT) collections are projected to grow at a rate of 17.4 percent for FY 2018-19, which will exceed the IFO’s motivate trends across revenue sources for FY 2018-19 and FY 2019-20. Corporate Net Income The revised CNIT estimate for FY 2018-19 is $3.38 billion. The estimate reflects an increase of $501 million (17.4 percent) over the

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MTR-2019-06.pdf

for the year. The FY overage was primarily generated by stronger than anticipated collections related to corporate net income tax (CNIT), sales and use tax (SUT), personal income tax (PIT) annual payments and licenses and fees revenue associated with gaming expansion prior FY. Estimated payments for the FY fell short by $138.0 million (-6.7 percent), while withholding met expectations. CNIT collections met estimate for June, with a small shortfall in final payments offset by a similar overage in estimated payments

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MTR-2019-03.pdf

381.9 million (1.6%) above estimate for the fiscal year-to-date (FYTD). Overages in corporate net income tax (CNIT) and insurance premiums tax offset shortfalls in gross receipts tax, cigarette tax and non-tax revenues. PIT collections were above due to higher than anticipated collections in both non-motor ($180.3 million) and motor vehicle collections ($40.0 million). CNIT collections for the month were higher than anticipated ($26.9 million), due to an overage in final ($23.9 million

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MTR-2019-01.pdf

to-date (FYTD). Sales and use tax (SUT) came in above estimate for the month while corporate net income tax (CNIT) and personal income tax (PIT) came in below estimate. Other tax and non-tax revenues came in above projections ($14 revenues exceed estimate ($205.3 million) with higher than anticipated collections in both non-motor and motor vehicle collections. January CNIT collections were below estimate (-$15.9 million). The shortage was driven by both estimated and regular payments. CNIT collections for

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MTR-2018-12.pdf

December and $419.7 million (2.8%) above estimate for the fiscal year-to-date (FYTD). Corporate net income tax (CNIT) and sales and use tax (SUT) both came in above estimate for the month. Non-tax revenues and other tax revenues also came in higher than expected, while personal income tax (PIT) fell below estimate. December CNIT collections surpassed projections by $38.9 million. The overage was driven entirely by strong estimated payments. CNIT collections for the

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MTR-2018-11.pdf

November and $338.9 million (2.8%) above estimate for the fiscal year-to-date (FYTD). Corporate net income tax (CNIT) and sales and use tax (SUT) both came in above estimate for the month. Non-tax revenues and other tax revenues also came in higher than expected, while personal income tax (PIT) fell below estimate. November CNIT collections surpassed projections by $72.7 million. The overage was driven almost entirely by strong final payments for older tax

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MTR-2018-10.pdf

million (1.9 percent) above estimate for the fiscal year-to-date (FYTD). October shortfalls in corporate net income tax (CNIT) and non-tax collections were partially offset by overages in gross receipts tax, sales and use tax (SUT) and inheritance tax. October CNIT collections fell below estimate (-$26.1 million), due entirely to lower than expected final payments (primarily for tax year 2017

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MTR-2018-06.pdf

the JUA transfer, collections for the year were generally consistent with the IFO official estimate. June corporate net income tax (CNIT) payments were $26 million (-4.4 percent) below estimate. Final payments came in above estimate (8.3 percent), while estimated payment fell below (-7.5 percent). Fiscal year CNIT payments fell $193 million short of estimate mainly due to final payments, which were $176 million below estimate for the

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MTR-2018-05.pdf

payments for the fiscal year are partially offset by a shortfall in annual payments (-$78 million). Corporate net income tax (CNIT) payments were below estimate by $65 million (-19.6 percent) in May. The entire shortfall was attributable to final payments, which were under estimate by $67 million. Overall, CNIT final payments received in April through May have been weak. A material part of that shortfall is likely due to

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MTR-2017-12.pdf

SUT) - non-motor ($33 million, 4.4%). This strength was partially offset by unexpected weakness in corporate net income tax (CNIT) remittances (-$54 million, -10.7%). Through the first half of FY 2017-18, total General Fund revenues were $95 million for the first half of FY 2017-18. Gains in those revenue sources were partially offset by weaker than expected CNIT (-$42 million, -3.3%) and escheats (-$29 million, -133.2%) remittances. Recently enacted federal tax legislation had a material impact

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MTR-2017-11.pdf

the three largest tax revenue sources, personal income tax (PIT), sales and use tax (SUT) and corporate net income tax (CNIT), were roughly at estimate through November. PIT revenues were $7.1 million (-0.2 percent) below estimate, driven by quarterly 32.6 million (-6.3 percent) below estimate. SUT revenues were $8.6 million (-0.2 percent) below estimate, while CNIT revenues were $8.9 million (1.2 percent) above estimate. Fourth-quarter estimated payments for PIT (non-withholding) and CNIT

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MTR-2016-02.pdf

are the manufacturing, wholesale and retail trade sectors. These three sectors comprised 45.4% of total corporate net income tax (CNIT) collections for FY 2014-15. National profit trends for the third quarter of 2015 may suggest strong profit gains for profits eliminated, resulting in a net loss) and 42.9%, respectively. 2 These two sectors comprised 9.0% of total CNIT payments in FY 2014-15, and the significant decline in their third quarter profits may have a notable impact on

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MSC_March_31_2022.pdf

workers make < $12/hr ▪ Smaller potential loss in jobs (mostly not filling vacant positions) ▪ Moderate gains to General Fund revenues CNIT Proposal: Broaden Base and Phase in Reduced Rate March 31, 2022 8 Broaden CNIT Base ▪ Broaden current addback provision (+$500M for full year) ▪ Codify Economic Nexus (scored with market-based sourcing) ▪ Adopt market-based

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MRU_2023_08.pdf

90 billion, $8.7 million (0.3%) above the IFO’s official estimate, with overages in corporate net income tax (CNIT) and inheritance tax offseting shortfalls in sales and use tax (SUT) and personal income tax (PIT). (The IFO monthly estimate 5.78 billion are $65.4 million (1.1%) higher than anticipated. Revenue highlights for the major tax types include: ▪ CNIT revenues were $129.7 million in August, $19.7 million (17.9%) over estimate. Final payments of $68.2 million

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MRU_2023_06.pdf

73 billion (6.5%) above estimate. The overage was primarily the result of higher than anticipated corporate net income tax (CNIT), non-motor sales and use tax (SUT) and Treasury collections. CNIT collections for June reached $1.02 billion, $259.6 million (34.3%) more than expected. The monthly performance was the

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MRU_2023_05.pdf

estimate was $38.8 million higher than the estimate certified by the Governor.) Weaker than anticipated corporate net income tax (CNIT) final payments and personal income tax (PIT) withholding payments were the primary reason monthly collections fell short of the estimate. CNIT collections for the month were $424.4 million, which fell below projections by $24.8 million (-5.5%). This result

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MRU_2022_04.pdf

date (FYTD). The monthly overage was largely due to very strong personal income tax (PIT) and corporate net income tax (CNIT) payments. PIT collections for April were $4.15 billion, which were $1.53 billion (58.6%) above estimate. The result and due date shifts, withholding revenues are up 10.2% from the previous fiscal year. April corporate net income tax (CNIT) revenues of $627.2 million were over estimate by $269.1 million (75.2%) due to higher than anticipated final

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MRU_2022_03.pdf

monthly overage was driven by strong sales and use tax (SUT), personal income tax (PIT) and corporate net income tax (CNIT) collections. SUT collections were above estimate (+$213.0 million, 23.2%) for the month with both non-motor vehicle (+$163 405.4 million, 4.7%), estimated (+$232.9 million, 16.6%) and final (+$87.6 million, 18.7%) payments. March CNIT revenues of $631.7 million surpassed the forecast by $119.8 million (23.4%). The result was due to an

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MRU_2021_10.pdf

The monthly outcome was primarily due to stronger than expected sales and use tax (SUT) and corporate net income tax (CNIT) collections. Monthly SUT collections were $109.1 million (10.2%) higher than anticipated. The surplus was largely driven by strength 1 million (5.2%) due primarily to an overage in non-motor vehicle collections (+$201.9 million, 5.3%). October CNIT revenues outperformed the forecast by $44.2 million (38.9%) due to overages in final and estimated payments. CNIT collections

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MRU_2021_09.pdf

0%) over estimate. The monthly differential was attributable to strength in all three major tax types: corporate net income tax (CNIT), sales and use tax (SUT) and personal income tax (PIT). Fiscal-year-to-date (FYTD) General Fund collections of $9.28 billion are $714.5 million (8.3%) above estimate. Monthly CNIT revenues reached $866.3 million, $192.9 million (28.6%) more than anticipated, propelled primarily by estimated payments (+$154.2

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MRU_2021_08.pdf

or $71.5 million (2.9%) over estimate. The monthly overage was almost entirely due to corporate net income tax (CNIT) and sales and use tax (SUT) collections. Fiscal-year-to-date (FYTD) General Fund collections are $5.27 billion, which are $163.1 million (3.2%) above estimate. August CNIT revenues of $106.0 million were $36.8 million (53.2%) higher than anticipated and driven by final payments (+$24

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MRU_2021_03.pdf

2021. The monthly overage was largely the result of higher than expected personal income tax (PIT), corporate net income tax (CNIT) and inheritance tax collections. Fiscal-year-to-date (FYTD) General Fund collections of $28.71 billion are $551.7 million loans, which are now non-taxable. The due date for PIT annual payments has been delayed until May 17. March CNIT revenues totaled $460.0 million and were $60.0 million (15.0 percent) above the monthly projection primarily due to

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MRU_2020_11.pdf

Estimate. The monthly outcome was due to stronger than expected sales and use tax (SUT) and corporate net income tax (CNIT) collections, which were largely offset by lower than expected personal income tax (PIT) withholding collections. Withholding collections in November were the same period of the prior year after adjusting for a large, one-time transfer that occurred in July 2019. CNIT collections for November were $138.3 million, which was $72.4 million above estimate. The monthly performance was due to

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MRU-2022-09.pdf

than the estimate certified by the Governor.) The monthly overage can be attributed primarily to strong corporate net income tax (CNIT) and personal income tax (PIT) collections. September CNIT revenues of $1.06 billion exceeded the estimate by $192.7 million (22.1%). Higher than expected estimated (+$135.5

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MRU-2022-06.pdf

result was due to dramatic overages in almost every tax type, including personal income tax (PIT), corporate net income tax (CNIT) and sales and use tax (SUT). June PIT collections were $1.64 billion, $191.1 million (13.2%) above projections 82.5%), but withholding (+589.8 million, 5.2%) and quarterly (+$508.0 million, 22.6%) payments also outperformed expectations. CNIT revenues reached $970.0 million in June which exceeded the estimate by $335.9 million (53.0%). The monthly performance

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MRU-2021-12.pdf

was primarily due to higher than expected collections in all three of the largest revenue sources: corporate net income tax (CNIT), sales and use tax (SUT) and personal income tax (PIT). Monthly CNIT revenues exceeded the forecast by $273.7 million (44.4%) due to estimated (+$241.1 million, 46.5%) and final

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MRU-2020-3.pdf

the virus, FYTD collections exceed the IFO estimate by roughly $165 million (0.7 percent). March corporate net income tax (CNIT) collections were short $64.3 million, split almost evenly between final and estimated payments (-$31.9 million and -$32.4 the IFO expects to recoup $25 million this fiscal year due to delayed processing and later remittals. Through March, FYTD CNIT collections are $19.4 million below estimate. Gross receipts tax (GRT) collections were short $115.5 million for the month

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MRU-2020-12.pdf

Office’s (IFO) June 2020 Official Estimate. The overage was primarily due to stronger than expected corporate net income tax (CNIT) collections and one-time transfers under Act 114 of 2020 (not included in the IFO’s Official Estimate). Monthly CNIT collections of $760.9 million were $333.8 million (78.2 percent) over estimate due to higher than anticipated estimated

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MRU-2020-10.pdf

The key variances are attributable to sales and use tax (SUT), personal income tax (PIT) and corporate net income tax (CNIT). Fiscal year-to-date (FYTD) collections exceed estimate by $1.01 billion (8.8 percent). SUT revenues for October totaled 2.4 percent as compared to the same period in the prior year (after adjusting for one-time transfers). Monthly CNIT collections were $31.7 million (35.5 percent) higher than expected. The October excess was caused by larger than anticipated

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MRU-2020-09.pdf

s (IFO) June 2020 Official Estimate. The difference was attributable to sales and use tax (SUT), corporate net income tax (CNIT) and personal income tax (PIT). Fiscal year-to-date (FYTD) collections exceed estimate by $739.6 million (8.1 percent 0 percent), driven by NMV ($369.6 million, 15.4 percent) and MV ($84.2 million, 19.7 percent) collections. CNIT collections for the month totaled $594.1 million, $120.6 million (25.5 percent) higher than expected. The overage was

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MQRE_FY21_22_August.pdf

FY 2021-22, the analysis projects that the provision will reduce General Fund revenues by $1.5 million: CNIT ($0.6 million), gross receipts tax ($0.3 million), insurance premiums tax ($0.2 million), bank shares tax ($0.1 million) and FY 2021-22, the analysis projects that the provision will reduce General Fund revenues by $10.0 million: CNIT ($4.0 million), insurance premiums tax ($1.0 million), bank shares tax ($1.0 million) and PIT annual ($4.0 million). Educational

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IFO_Testimony_CR_June_29_2023.pdf

by firms. The figure and first table show states that use combined reporting and the highest corporate net income tax (CNIT) rate levied for 2023 by that state. ▪ 44 states levy a CNIT, and 27 states use the combined reporting filing method. ▪ Over the past decade, 5 states enacted combined reporting, most recently

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IFO_Hearing_Packet_Feb2018.pdf

Percentages represent average annual growth rates since FY 2005-06. All Other Tax excludes cigarette, CSFT and other tobacco products. CNIT excludes revenue impact from tax year 2017 NOL changes. CPI-U represents the Philadelphia metro region. CNIT is corporate net income tax. PIT is personal income tax. SUT is sales and use tax. 0.75 0.85

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Five_Year_Outlook_Presentation_2022.pdf

2023 Revenues ▪ Inflation boosts stock and home values | capital gains surge in 2021 (+85%) ▪ Business profits far above historical levels ▪ CNIT rate cut reduces revenues by $1.4 billion in FY 27-28 Expenditures ▪ FY 22-23 funding increases assumed permanent Use +2.9% PIT Wage +4.1% PA Economy +4.1% Notes: Big 3 are 85% of tax revenues. Excludes CNIT changes and new SUT transfer. 1.00 1.20 1.40 1.60 1.80 2.00 17-18 18-

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Five_Year_Outlook_2021.pdf

Millions of dollars. Table 4.1 General Fund Revenues Revenue Outlook | Page 24 ▪ Profits subject to corporate net income tax (CNIT) and personal income tax (PIT) may be im- pacted by income shifting as taxpayers adjust behavior in anticipation of higher year sales tax receipts or (2) $450 million. Revenue Outlook | Page 26 Corporate Net Income Tax The forecast projects that CNIT collections reach $4.58 billion in FY 2021-22, an increase of $812 million from the IFO’s official estimate

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TC_2021_Resource_Enhancement_and_Protection.pdf

091 $4,286 $4,286 $4,286 $4,462 79.3% Bank Shares 892 934 934 934 973 17.3 CNIT 178 186 186 186 194 3.4 Total 5,160 5,406 5,406 5,406 5,629 100.0 Source: Pennsylvania Department of Revenue. Note: Dollar amounts in thousands. PIT is personal income tax and CNIT is corporate net income tax. Table 2.6 REAP Tax Credit Utilization by Tax Type Fiscal Year Avg. Share Section

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TC_2019_New_Jobs_Tax_Credit_Report.pdf

3% of gross wages up to 10 yrs - - 6.1 Louisiana 6 4% of payroll 36% of state CNIT liability - 53.3 Maryland $3,000/job $1 million per year $4.0 0.6 Mississippi 2.5% of payroll for 5 000/job 100% of taxpayer liability - 6.8 West Virginia $3,000/job for 5 yrs 80% of CNIT & PIT liability - 5.0 4 Note: millions of dollars. 2 "Base Credit Rate" reflects the lowest credit amount offered for a new

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Roundtable_Jan_24_2023.pdf

AAGR PIT Withholding +4.1% AAGR PA Economy +4.1% AAGR Notes: Big 3 are 85% of tax revenues. Excludes CNIT changes and new SUT transfer. 1.00 1.20 1.40 1.60 1.80 2.00 17-18 18- rate from FY 23-24 to FY 27-28. Growth rates adjusted for one-time transfers and due date shifts. CNIT rate falls to 6.49% in 2028 Treasury revenues inflated due to high cash balances and much higher rates PIT

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Revenue Conference Presentation Jan 2013 FINAL.pdf

Corporate Net Income Outlook 23.Jan.2013 2013 Revenue Conference 14  Federal bonus depreciation allowed firms to reduce their CNI liabilities for FY 2010‐11 and 2011‐12 in return for higher taxes in later years. As a result, FY also provides a temporary technical boost.  The impact of the single sales factor apportionment formula reduces FY 2012‐13 CNI revenue by $16 million. 12.3 12.4 13.1 13.2 13.3 13.4 US Domestic Economic Profits

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Presentation_PICPA_12-3-2014.pdf

04-05 06-07 08-09 10-11 12-13 14-15 16-17 18-19 State GDP PIT SUT CNIT Note: PIT is adjusted for tax rate increase in 2004. State GDP +113% PIT +103% CNIT +51% SUT +69% Cumulative Growth 27 3.Dec.2014 3.5% 4.0% 4.5% 5.0% 5.5% Revenues

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Official-Revenue-Estimate-2018-06.pdf

sources for FY 2017-18 and FY 2018-19. Corporate Net Income The revised corporate net income tax (CNIT) estimate for FY 2017-18 is $2,840 million. The estimate reflects an increase of $89 million (3.2 percent) over the both the state and federal levels. The FY 2018-19 forecast projects strong growth (8.5 percent) for CNIT revenues. Three factors drive that result. First, in addition to tax rate reduction, other federal tax law changes will expand the state

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NFIB_Presentation.pdf

2017 11 All Other Tax 1.8% SUT 2.1% PIT 3.2% PA GDP 3.5% 2005-06 = 1 CNIT 2.5% PIT is personal income tax. SUT is sales-use tax. CNIT is corporate net income tax. All Other Tax excludes CSFT Revenues and Expenditures Share of GDP 3.5% 4.0%

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NAP-2018-03.pdf

cost of the donation by $35,750. (See Table 1.) This calculation utilizes the 2017 federal corporate net income tax (CNIT) rate of 35 percent. NAP 55% Tax Credit Traditional Donation Donation ($100,000) ($100,000) NAP Tax Credit 55,000 rate of 35%. Table 1 Corporations: NAP Tax Credit vs Direct Donation IFO | MARCH 2018 4 For 2018, the federal CNIT rate is reduced from 35 percent to 21 percent. This change increases the savings attributed to the NAP credit under

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MTR-2019-08.pdf

than expected annual payments, which are exceeding estimate by $17.4 million (43.8 percent.) August corporate net income tax (CNIT) collections came in $4.8 million (8.2 percent) over estimate. FYTD CNIT revenues are exceeding expectations by $5.0 million (3.3 percent). All remaining tax revenues were above estimate by $4

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MTR-2019-07.pdf

than July 2018. The tax revenue sources with the largest increase from the prior year include corporate net income tax (CNIT), personal income tax (PIT) and inheritance tax. Sales and use tax (SUT) and realty transfer tax declined due to new or expanded transfers. July CNIT collections were $93.1 million, an increase of $18.4 million (24.6 percent) from the prior year. The entire

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MTR-2019-05.pdf

offset by lower than expected estimated payments (-$154.8 million) and withholding payments (-$17.2 million). Corporate net income tax (CNIT) collections met the projection ($0.2 million) for the month, driven by higher than projected final payments, but offset by estimated payments coming in lower than forecasted. CNIT collections for the year exceed the estimate ($323.6 million) as final and estimated payments are higher than anticipated. May

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MTR-2019-02.pdf

the fiscal year-to-date (FYTD). The monthly surplus was largely due to higher than anticipated corporate net income tax (CNIT) collections. Monthly CNIT collections were above estimate ($41.4 million). The surplus was due to both final ($24.7 million) and estimated ($16

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MTR-2018-1.pdf

casino licenses. As a result, total non-tax revenues exceeded estimate by $260 million in January. Corporate net income tax (CNIT) payments for the month outpaced the estimate by $34 million. The strength in collections was entirely attributable to final payments 25 million. Conversely, estimated payments were weak, falling short of the monthly estimate by 22 percent. The January trend in CNIT payments likely reflects income and deduction shifting by taxpayers in response to federal tax law changes. Personal income tax (PIT

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MTR-2018-08.pdf

estimate primarily due to higher than anticipated sales and use tax (SUT, $31.6 million) and corporate net income tax (CNIT, $27.2 million) collections that were partially offset by lower than anticipated escheats collections (-$28.4 million). FYTD SUT and CNIT collections are above estimate by $54.8 million and $25.5 million, respectively, while escheats are $50.5 million lower

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MTR-2018-04.pdf

from motor vehicle ($6 million) and non-motor vehicle ($3 million) sales were slightly over estimate. Corporate net income tax (CNIT) payments were below estimate by $31 million (-11.2 percent) in April. The shortfall was entirely attributable to final payments temporary timing issue related to a change in due dates for final payments beginning in 2017. For the fiscal year, CNIT revenues are $103 million below estimate, driven by final payments, which are $119 million below estimate for the year. Personal

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MTR-2018-02.pdf

in as expected, but are $17 million (-1.8 percent) below estimate for the fiscal year. Corporate net income tax (CNIT) payments for the month outpaced the estimate by $16 million (38.0 percent). Final payments were strong, exceeding estimate by $16 million (75.8 percent). Estimated payments came in as expected for February. Year-to- date CNIT payments are $8 million (0.6 percent) above estimate. Non-tax revenue also exceeded estimate by $123 million due to

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MTR-2017-10.pdf

tax collections did not increase from the prior year, and that revenue source remains a concern. Corporate net income tax (CNIT) revenues and non-tax revenues have been relatively strong through October compared to estimate. CNIT revenues were $16.5 million (2.5 percent) above estimate through the first four months of FY 2017-18. Non-

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MTR-2017-06.pdf

were $294.1 million including: $118.7 million to PIT; $72.8 million to SUT; and $61.9 million to CNIT.  General Fund collections (after deduction of administrative costs) from the 2017 tax amnesty program were $107.3 million including: $32.9 million for PIT; $33.9 million for SUT; and $25.1 million for CNIT.  The personal income tax withholding collections year-over-year growth rate was impacted by a weekly filer due date

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MRU_2024_1.pdf

driven by a shortfall in personal income tax (PIT) collections and partially offset by overages in corporate net income tax (CNIT), sales and use tax (SUT) and Treasury collections. The IFO estimate for January was $104.9 million higher than the 6%) below estimate, primarily due to a shortfall in quarterly payments (-$314.7 million, -18.7%) for tax year 2023. ▪ CNIT collections for the month were $210.4 million, $45.1 million (27.3%) above estimate, due to final payments which

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MRU_2023_12.pdf

182.8 million (-4.7%) below the IFO’s official estimate, driven by a shortfall in corporate net income tax (CNIT) and personal income tax (PIT) collections. The IFO December estimate was $113.2 million higher than the administration’s estimate 19.84 billion are $85.3 million (-0.4%) lower than anticipated. Revenue highlights for the major tax types include: ▪ CNIT revenues for December were $877.6 million, $77.4 million (-8.1%) below estimate, due to estimated payments (for tax

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MRU_2023_11.pdf

78.9 million (+2.6%) above the IFO ’s official estimate, driven by an overage in corporate net income tax (CNIT) which was partially offset by a shortfall in personal income tax (PIT). (The IFO November estimate was $32.5 million 16.15 billion and exceed expectations by $97.5 million (+0.6%). Revenue highlights for the major tax types include: § CNIT revenues for November were $255.2 million, $95.2 million (+59.5%) higher than estimated, due primarily to final payments

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MRU_2023_10.pdf

billion, $116.7 million (+3.7%) above the IFO’s official estimate, driven by overages in corporate net income tax (CNIT), personal income tax (PIT) and inheritance tax, which were partially offset by shortfalls in escheats. (The IFO October estimate was 13.08 billion are $18.6 million (0.1%) higher than anticipated. Revenue highlights for the major tax types include: ▪ CNIT revenues totaled $215.2 million in October, $45.2 million (+26.6%) above estimate. Final payments (generally for tax year

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MRU_2023_09.pdf

3.9%) below the IFO’s official estimate, driven by shortfalls in personal income tax (PIT), corporate net income tax (CNIT) and inheritance tax. (The IFO monthly estimate was $23.4 million higher than the estimate certified by the Governor.) September 28.5 million (+82.3%). FYTD PIT collections of $3.77 billion are $92.6 million (-2.4%) below estimate. ▪ CNIT revenues totaled $982.3 million in September, $37.7 million (-3.7%) below estimate. Estimated payments (for tax year 2023

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MRU_2023_02.pdf

The IFO monthly estimate was $55.2 million lower than the estimate certified by the Governor.) Corporate net income tax (CNIT) collections for the month were $207.5 million, which surpassed the estimate by $127.5 million (159.4%), due primarily final payments (+$100.8 million, 201.6%), which was likely the result of early payments for tax year 2022. FYTD CNIT collections are $3.04 billion, and are $475.0 million (18.6%) above the forecast due to estimated (+$292.2

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MRU_2022_12.pdf

FYTD PIT collections total $7.47 billion, which are $257.6 million (3.6%) above expectations. Corporate net income tax (CNIT) revenues for December came in at $994.6 million, which surpassed the monthly estimate by $139.6 million (16.3%), primarily due to an overage in estimated payments (+$129.7 million, 18.0%). FYTD CNIT collections are $2.66 billion, and are $335.7 million (14.4%) above the forecast due to estimated (+$253.0

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MRU_2022_02.pdf

4 million, 8.7%), driven mainly by non-motor vehicle collections (+$655.5 million, 8.9%). Corporate net income tax (CNIT) revenues for the month came in at $86.6 million, $5.1 million (6.3%) over estimate. FYTD CNIT collections of $2.62 billion are $695.7 million (36.2%) more than anticipated. The overage is comprised of both

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MRU_2021_11.pdf

6.5%) due almost entirely to non-motor vehicle collections (+$293.0 million, 6.2%). November corporate net income tax (CNIT) revenues surpassed the forecast by $39.0 million (28.2%) due to final (+$21.5 million, 21.2%) and estimated (+$17.5 million, 47.1%) payments. CNIT collections are above the FYTD projection (+$362.9 million, 32.5%), and estimated payments comprise most of that overage (+$239

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MRU_2021_07.pdf

8 million (38.2%) and total PIT collections increased by $91.7 million (10.6%). July corporate net income tax (CNIT) collections totaled $171.4 million and were $65.3 million (-27.6%) below the prior year. Adjusting for pandemic-related tax due date extensions that delayed the receipt of some CNIT revenues from FY 2019-20 to July 2020, revenues for July 2021 exceeded prior year collections by $64.7 million

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MRU_2021_05.pdf

PIT collections total $14.85 billion and are $422.0 million (2.9%) above the forecast. Corporate net income tax (CNIT) revenues reached $417.5 million in May as a result of higher than anticipated final (+$141.8 million, 61.6%) and estimated payments (+$15.8 million, 52.5%). FYTD CNIT collections total $3.71 billion and are $438.0 million (13.4%) over estimate. Sales and use tax (SUT) collections

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MRU_2021_04.pdf

that the FYTD shortfall will be eliminated with the receipt of delayed annual payments in May. Corporate net income tax (CNIT) revenues reached $478.5 million in April. The monthly performance was the result of higher than anticipated final payments (+$193.8 million, 92.3%) and estimated payments (+$24.7 million, 49.5%). FYTD CNIT collections total $3.29 billion and are $280.5 million (9.3%) over estimate. April sales and use tax (SUT

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MRU_2021_02.pdf

date (FYTD) collections are $23.87 billion, or $267.5 million (1.1 percent) above estimate. Corporate net income tax (CNIT) collections were $1.8 million (2.6 percent) over the monthly projections for February due to stronger than expected estimated 30.9 percent), which was partially offset by a shortage in final payments (-$5.9 million, -13.1 percent). FYTD CNIT collections total $2.36 billion and are meeting the revised estimate. Monthly sales and use tax (SUT) collections of $906

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MRU_2021_01.pdf

FYTD) collections are $21.2 billion, $242.1 million (-1.1 percent) lower than expected. Total corporate net income tax (CNIT) collections reached $146.0 million, largely meeting the January projection (0.1 percent). The monthly performance was due to higher estimated payments ($4.6 million, 6.8 percent) and lower than expected final payments (-$4.5 million, -5.7 percent). CNIT collections total $2.28 billion for the fiscal year. Monthly sales and use tax (SUT) collections of $1.08 billion

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MRU-2023-03.pdf

IFO monthly estimate was $5.3 million higher than the estimate certified by the Governor.) March corporate net income tax (CNIT) collections were $791.9 million, which surpassed the estimate by $216.9 million (37.7%), due to higher than expected The overage in final payments likely reflects early payments for tax year 2022 (typically paid in April and May). FYTD CNIT collections are $3.83 billion, and are $691.9 million (22.1%) above the forecast due to final (+$265.6

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MRU-2023-01.pdf

7.1%) above the forecast due to non-motor vehicle (+$547.9 million, 7.8%) revenues. Corporate net income tax (CNIT) collections for January came in at $166.8 million, which surpassed the monthly estimate by $11.8 million (7.6%), due to an overage in estimated payments (+$12.5 million, 13.9%). FYTD CNIT collections are $2.83 billion, and are $347.5 million (14.0%) above the forecast due to estimated (+$265.5

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MRU-2022-11.pdf

0 million (7.7%) due to non-motor vehicle (+$414.2 million, 8.4%) revenues. November corporate net income tax (CNIT) revenues came in at $174.6 million, which surpassed the monthly estimate by $4.6 million (2.7%), due to an overage in estimated payments (+$4.8 million, 9.5%). FYTD CNIT collections are $1.67 billion, and are $196.1 million (13.3%) above the forecast due to estimated ($123.3

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MRU-2022-10.pdf

170.1 million, 25.8%) and annual (+$94.4 million, 42.4%) payments surpass the forecast. Corporate net income tax (CNIT) revenues for October came in at $176.4 million, which exceeded the monthly estimate by $16.4 million (10.2%). An overage in final payments drove that result (+$13.4 million, 14.9%). FYTD CNIT collections total $1.49 billion, and are $191.5 million (14.7%) above the forecast due to estimated ($118.5

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MRU-2022-08.pdf

million (6.9%), led primarily by non -motor vehicle collections (+$148.5 million, 7.3%). August corporate net income tax (CNIT) revenues of $102.0 million were $8.0 million ( -7.3%) lower than anticipated due to estimated payments ( -$8.0 million, -16.0%). Final payments met estimate for the month (-0.1%). FYTD CNIT collections are $252.5 million, which is $17.5 million ( -6.5%) below expectations, driven by estimated payments ( -$19.9

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MRU-2022-07.pdf

in the prior year. Growth (adjusted) in PIT and SUT was offset by a reduction in corporate net income tax (CNIT) revenues. Personal income tax (PIT) revenues for the month were $972.9 million, an increase of $13.8 million (1 and -5.1%, respectively.) The decline in motor vehicle SUT collections partially offset the growth in non-motor SUT. July CNIT collections totaled $150.5 million and were $20.9 million (-12.2%) below the prior year. Estimated payments of $78

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MRU-2022-05.pdf

overage was due to strength in sales and use tax (SUT), personal income tax (PIT) and corporate net income tax (CNIT) payments. Monthly SUT collections of $1.20 billion were $170.4 million (16.5%) higher than anticipated, driven by non- due to higher than expected final (+$112.2 million, 36.3%) and estimated (+$24.7 million, 79.6%) payments. FYTD CNIT revenues are $1.22 billion (39.0%) above estimate. Other tax revenues for the month of $412.1 million, surpassed

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MRU-2022-01.pdf

payments. Adjusting for due dates and one-time transfers, FYTD withholding revenues grew 10.0%. January corporate net income tax (CNIT) revenues were $53.9 million (49.7%) above estimate due entirely to estimated (+$65.9 million, 148.9%) payments, which were slightly offset by a shortfall in final payments (-$12.0 million, -18.7%). FYTD CNIT collections are $690.6 million (37.5%) higher than anticipated. The overage is comprised of estimated (+$546.0 million, 41

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MRU-2020-08.pdf

tax due date extension. FYTD PIT collections are $4.6 million (-0.1 percent) below estimate. Corporate net income tax (CNIT) collections for the month totaled $287.3 million, $16.5 million (6.1 percent) higher than expected. The IFO estimates tax year 2019 final payments. (The due date for these payments was extended from May 15 to August 14.) FYTD CNIT collections are exceeding estimate by $36.9 million (7.6 percent). All remaining tax revenues exceeded estimate by $13.8

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MRU-2020-06.pdf

of the virus was partially offset by a $35 million overage in various other revenue sources. Corporate net income tax (CNIT) collections for June were $243.8 million (-38.5 percent) below estimate. The majority of the shortfall (-$190.6 million in estimated payments and is related to the impact of the COVID-19 virus on corporate profits. FY 2019-20 CNIT collections were $630.8 million below estimate. More than half of the fiscal year shortfall (roughly $340 million) is related

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MRU-2020-04.pdf

car dealerships in April. FYTD SUT collections are $388.0 million (-4.1 percent) below estimate. Corporate net income tax (CNIT) collections were below estimate by $158.6 million for the month. The majority of the shortfall (-$141.6 million) occurred in final payments and is related to the extension of the due date to August 14. Through April, FYTD CNIT collections are $178.0 million below estimate. April realty transfer (RTT) and inheritance (INH) tax collections fell significantly short of

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MQRE-FY23-24_Revised_Jan.pdf

24, the analysis projects that the provision will reduce General Fund revenues by $105.1 million: corporate net income tax (CNIT, $17.9 million), insurance premiums tax ($6.0 million), bank shares tax ($22.9 million), mutual thrift institutions tax ($2 immediately. For FY 2023-24, the analysis projects that the repeal will increase General Fund revenues by $23.0 million: CNIT ($6.8 million), sales and use tax (SUT) non-motor ($6.0 million), PIT withholding ($0.4 million), PIT annual

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IFO Five-Year Outlook.pdf

includes $308 million reduction from phase-out of CSFT.  Specific discussion of the three largest revenue sources (PIT, SUT & CNIT).  Comparison of current growth rates to predicted growth rates. The Economic and Budget Outlook Slide 36 15.Nov.2012 40 15.Nov.2012 Revenues FY 2013-2014: Overview (continued)  $300 million reduction in CSFT from phase-out.  CNI declines; reversion to reflect underlying profits.  PIT annuals decline; result of 2013 revenue advanced to 2012. The Economic and

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Five_Year_Outlook_Presentation_2023_final.pdf

6% 4.2% Sales and Use 0.2% 2.4% 3.0% 2.9% 2.8% 2.7% Corporate Income (CNIT) -9.8% -7.2% -7.2% -4.1% -2.9% -3.3% Treasury Collections 50.0% -17.3% -42.4% 8% 3.1% 1.9% Total Revenue 0.6% 1.4% 1.6% 2.8% 2.4% 2.7% Less CNIT and Treasury 1.7% 2.9% 3.4% 3.8% 3.2% 3.3% Note: Millions of dollars. Corporate Net

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EPLC_3_4_2022_update.pdf

in FY 24-25. Executive Budget: Revenue Shifts, Education Funding March 4, 2022 22 General Fund Revenue Proposals ▪ ($79 million) – CNIT rate reduction phase-in | Broaden base ▪ $75 million – Minimum wage increase ▪ $134 million – Keep table games tax revenue in the funds and other COVID relief create large ending balance for FY 2021-22 ($6.8 billion) ▪ Minimum wage ($75 million) ▪ CNIT proposal (-$79 million) Various long-term demographic concerns ▪ Declining birth rates | Contracting labor force ▪ Rapid growth age 80+ (healthcare costs

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Economic_and_Revenue_Update_2020_10.pdf

revenue source for FY 2020-21. Corporate Net Income The updated FY 2020-21 corporate net income tax (CNIT) estimate is $3.31 billion, an increase of $120 million from the IFO’s official estimate. Compared to the prior fiscal year 2019 due date that shifted some prior year collections to the current fiscal year. The increase in the CNIT estimate reflects an improved corporate profit outlook and assumes that domestic non-financial corporate profits contract by 10 percent in CY 2020

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2024_Mid_Year_Update_Final.pdf

1.9% 0.4% -- FactSet: S&P 500 Net Earnings -2.2% -5.2% 4.1% -- 2020 2021 2022 2023 CNIT Payments (tax year) 13.8% 33.4% 23.5% -2.1% *(2023 controls for rate cut) Source: U.S. Bureau 16 Mid-Year Update Growth Rate Dollar Change Notes General Fund Revenues 0.6% $250 growth is 2.9% excluding CNIT and Treasury Corporate Net Income -10.6 -601 rate falls to 8.49% (2024) and 7.99% (2025) Sales - Non-

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TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf

100,000. 4 The credit may be applied against personal income tax (PIT) or corporate net income tax (CNIT) liabilities. If the firm’s liability is insufficient to utilize the credit, the unused portion can be carried forward for up to

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

 Uncompetitive treatment of NOLs  Room for improvement in treatment of capital investment  High Corporate Net Income Tax (CNIT) rate  Regular property assessments not required LOCAL  Local earned income tax base differs from state income tax base

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Revenue_Proposal_Analysis_2023_05.pdf

and adds supplemental funding to DOR’s General Government Operations appropriation. The proposal would increase revenues by $22 million annually (CNIT +$9 million, PIT +$7 million, SUT +$5 million and inheritance tax +$1 million) but have no impact on overall collections

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Revenue_Estimate_Presentation_2022_05.pdf

1.30 1.50 1.70 1.90 2.10 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CNIT Revenues (86%) Nominal PA GDP (36%) Real PA GDP (11%) 2013 = 1.00 Initial Revenue Estimate FY 2022-23 May

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Revenue_Estimate_2021_05_Presentation.pdf

future sales ▪ April CPI-U: new car prices up +8.7% | used cars up +20.7% May 26, 2021 17 CNIT Jumps but Reverses Next Year May 26, 2021 18 $2.2 $2.4 $2.6 $2.8 $3.0 $3

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Revenue_and_Economic_Update_Presentation_2020_10.pdf

PPP) loans  Nearly all will be forgiven | IRS determines it is taxable (April 2020)  $525 billion US loans (CNIT base) | $21 billion to PA businesses (PIT base)  Estimates assume they will be effectively non-taxable  If taxable

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Revenue-Estimate-2019-05-Presentation.pdf

millions. Internet Sales Collections includes (1) e-commerce/nexus, (2) digital downloads and (3) marketplace sales (Act 43 of 2017). CNIT Forecast Underpredicts FY 18-19 May 20, 2019 17 AAGR FYE 11-18 Growth 18-19 U.S. Corporate Profits

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Revenue Trends Report - August 2012.pdf

The corporate net income tax declined (-25%) compared to the prior year. Generally, August is not a significant month for CNI collections. Revenues in the most recent three month period (June through August 2012) grew (32.9%), mainly due to strong

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QRR_2017Q3.pdf

918 782 1,146 551 2,613 2,850 894 702 1,113 $0 $1,000 $2,000 $3,000 CNIT SUT PIT GF All Other Motor License Fund Lottery Fund 2017 Third Quarter Revenue Snapshot Actual GF Estimate -14 24

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QRR_2017Q2.pdf

2,658 4,256 1,600 763 1,093 $0 $1,000 $2,000 $3,000 $4,000 $5,000 CNIT SUT PIT GF All Other Motor License Fund Lottery Fund 2017 Second Quarter Revenue Snapshot Actual GF Estimate -277 35

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Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdf

1.9 2.1 2.3 May 13, 2016 Cumulative Growth Long‐Term Tax Base Erosion PIT +116% SUT +76% CNIT+82% State GDP +125% 14 General Expenditures Older Resident Healthcare (1) Demographics 0.3% 2.5% (2) General Inflation 2

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Presentation-2018-06-PICPA.pdf

fiscal office JUNE 12, 2018 FY 17-18: revenues are close to estimate.  Gains (PIT and SUT) offset losses (CNIT and GRT).  ~$200 million short: non-receipt of JUA transfer.  Tax revenue growth: 16-17 (+1.6%) | 17-

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PICPA Presentation_ June 11, 2019.pdf

millions. Internet Sales Collections includes (1) e-commerce/nexus, (2) digital downloads and (3) marketplace sales (Act 43 of 2017). CNIT Forecast Underpredicts FY 18-19 June 11, 2019 15 AAGR FYE 11-18 Growth 18-19 U.S. Corporate Profits

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PBB-Board Hearing Jan 23 2020.pptx

R&D spending (wages) into state ▪ May increase entrepreneurial activity, but takes long time to show up ▪ Significant reduction of CNIT for large firms that claim every year ▪ F lows to target industries | pay high wages | many export based Economic impacts

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MTR-2016-06.pdf

from the Enhanced Revenue Collection Account to the General Fund were $285.8 million and included: $41.5 million to CNIT; $27.5 million to Inheritance; $89.9 million to SUT; and $117.3 million to PIT.  Personal income tax

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MTR-2016-05.pdf

from the General Fund to the Enhanced Revenue Collection Account were $29.2 million and included: $4.5 million from CNIT; $2.2 million from Inheritance; $9.1 million from SUT; and $13.3 million from PIT.  Personal income tax

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MTR-2016-04.pdf

from the General Fund to the Enhanced Revenue Collection Account were $53.1 million and included: $13.2 million from CNIT; $9.1 million from Inheritance; $13.4 million from SUT; and $17.0 million from PIT.  Monthly personal income

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MTR-2016-03.pdf

from the General Fund to the Enhanced Revenue Collection Account were $17.0 million and included: $3.7 million from CNIT; $1.7 million from Inheritance; $6.2 million from SUT; and $5.2 million from PIT.  Personal income tax

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MTR-2015-11.pdf

the Enhanced Revenue Collection Account increased $8.6 million from the previous fiscal year and included: $3.0 million from CNIT; $0.4 million from CSFT; $10.4 million from SUT; $6.5 million from PIT; and $3.1 million from

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MTR-2015-10.pdf

the Enhanced Revenue Collection Account increased $10.9 million from the previous fiscal year and included: $2.4 million from CNIT; $3.4 million from CSFT; $11.5 million from SUT; $4.9 million from PIT; and $3.5 million from

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MRU_2023_07.pdf

sales at food services and drinking places, which were up 8.4% in June 2023 compared to the prior year. CNIT collections totaled $181.9 million and were $31.3 million (20.8%) above the prior year. Final payments of $119

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MRU-2020-07.pdf

motor vehicle SUT collections, which increased by $49.7 million (34.9 percent) for the month. Corporate net income tax (CNIT) collections for the month totaled $236.7 million and were $143.6 million (154.3 percent) above the prior year

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MRU-2020-05.pdf

below estimate, with $135 million of the shortfall expected to be recovered in FY 2020-21. Corporate net income tax (CNIT) collections for May were below estimate by $208.9 million. The majority of the shortfall (-$200.2 million) occurred in

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mid-year-FY14-15-presentation.pdf

Subtotal ‐270 Dollar amounts are in millions. Net Change: +$250 million Updated FY 2014‐15 Forecast  For the FYTD, CNIT is up +12.9% (+$184m overage).  Through 2014 Q3, national domestic non‐financial profits up only 1.1%. • 2014

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ITEP-Presentation-11-14-2019.pdf

incorporate.  Corporations depend heavily on state infrastructure and derive benefits beyond those accruing to their employees.  Repealing the CNIT would require an alternative–and most alternatives are just as unpopular.  An important tax fairness tool. Sensible Corporate Income

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Initial_Estimate_May_2017_Presentation.pdf

2016 to 2017. Mixed signals for tax year 2017.  First PIT estimated payment very weak (-5%).  March-April CNIT estimated payments up +13%. Recapitulation 21 02.May.2017 Updated Estimate Mid-June Presentation to be Posted at IFO website

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IFO_Hearing_Materials_March_2023.pdf

with a graduated corporate income tax for tax year 2023. 3 States are ranked by ratio of state and local CNIT revenue to personal income. 5 State allows corporations to deduct all federal taxes paid from state taxable income (or up

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Five_Year_Outlook_2017_Presentation.pdf

1.75 2.00 2005-06 2009-10 2013-14 2017-18 2021-22 November 16, 2017 27 CIG SUT CNIT PIT GDP 2005-06 = 1 Contributions to Base Revenue Growth November 16, 2017 28 220 317 335 315 327 -152

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Five_Year_Outlook_2016_IFO_PPT.pdf

19-20 20-21 21-22 Tax Revenue 2.8% 3.2% 3.6% 3.8% 3.7% 3.7% CNI 3.4% 3.2% 3.9% 3.6% 3.8% 4.7% SUT 2.5% 3.3% 3.5% 3

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EPLC-2-19-21.pdf

Revenue and Fee Proposals ▪ $2.96 billion – PIT rate increase to 4.49% | Expand tax forgiveness ▪ $209 million – Combined reporting | CNIT rate reduction phase-in ▪ $116 million – Minimum wage increase ▪ $168 million – New municipal fee to fund state police services General

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2023_Mid_Year_Update.pdf

1 Note: Dollars in millions. PIT is personal income tax. Adjusted growth rate controls for one-time/new transfers and CNIT law changes. Detail on COVID Relief Programs for Pennsylvania January 31, 2023 15 Student Loan Repayments Student Loan Debt (federal

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2020_Mid_Year_Update.pdf

7% 2.8% 4.2% PIT 3.3 1.3 5.8 5.4 3.9 4.4 4.1 CNIT 1.1 -3.2 4.6 18.0 1.0 3.3 4.5 Total 3.0 1.1 4

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index.cfm

Income Tax TY 2019 Economics and Other July 25, 2023 This research brief provides tabulations of corporate net income tax (CNIT) return data from tax year 2019 based on tax liability, apportionment factor and NAICS code. ... (Full Report) July 2023 Monthly

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