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Presentation on Combined Reporting

Director Matt Knittel made a brief presentation to the House Finance Committee on combined reporting.

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Presentation on combined Reporting

Director Matt Knittel made a brief presentation to the House Finance Committee on combined reporting.

06/29/2023

Testimony on combined Reporting

Director Matthew Knittel provided brief testimony to the Senate Democratic Policy Committee regarding the potential impact of combined reporting on corporate net income tax revenues.

01/29/2020

Corporate Tax Base Erosion: Analysis of Policy Options

Analysis of the policies that states have used to preserve or expand the corporate tax base. The report focuses on two particular base retention or expansion policies: combined reporting and expense addbacks.

03/04/2013

Revenue-Proposal-Analysis-2020-04.pdf

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 newly proposed transfers. Introduction | Page 2 and (2) requires corporations that are members of a unitary business group to apportion their income via a combined annual report for tax purposes, a filing method commonly known as combined reporting, effective for tax years beginning in 2021 and thereafter

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Revenue_Proposal_Analysis_2021_04.pdf

left blank. - Table of Contents Introduction .............................................................................................................................. 1 Corporate Net Income Tax ........................................................................................................ 3 Proposal Highlights ......................................................................................................................... 3 Background and State Comparison .................................................................................................. 4 Combined Reporting Base Expansion Analysis ................................................................................. 5 Combined Reporting Revenue Impacts in Other States ..................................................................... 7 Revenue Impact .............................................................................................................................. 8 Factors that Impact the Revenue Estimate ........................................................................................ 9 Personal Income Tax

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Revenue-Proposal-Analysis-2019-03.pdf

minimum wage, but language was not available for the proposed corporate net income tax rate reduction, enactment of combined reporting or the newly proposed transfers. - This page intentionally left blank. - Tax and Revenue Proposals | Page 3 Tax and Revenue Proposals The 2) requires corporations that are members of a unitary busi- ness group to apportion their income via a combined annual report for tax purposes, a filing method com- monly known as combined reporting, effective for tax years beginning in 2020 and

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IFO testimony CR Hearing Jan 29 2020.pdf

Testimony on Combined Reporting Senate Democratic Policy Committee January 29, 2020 Matthew Knittel, Independent Fiscal Office Good afternoon Chair Boscola and members of the committee, thank you for the opportunity to testify. For my remarks, I will provide some brief comments on combined reporting, the use of the filing method by other states and the IFO’s perspective on the potential revenue impact

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IFO_Testimony_CR_June_29_2023.pdf

Testimony on Combined Reporting House Finance Committee June 29, 2023 Matthew Knittel, Director, Independent Fiscal Office Good morning, Chairmen Samuelson and Greiner and members of the committee, thank you for the opportunity to testify on the filing method known as combined reporting. For my brief remarks, I will review the figure and three tables that are attached. Under mandatory combined reporting

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Revenue-Proposal-Analysis-2018-04.pdf

2) requires corporations that are mem- bers of a unitary business group to apportion their income via a combined annual report for tax purposes, a filing method commonly known as combined reporting, effective for tax years beginning in 2019 and thereafter. 1 1 A unitary business is a single economic enterprise that is

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Economic_and_Revenue_Update_2021.pdf

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 Credit Review Schedule 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 Federal Arkansas 6.20 Separate None California 8.84 Combined None

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Economic_and_Revenue_Update_2020.pdf

by State ............................................................................................................. 25 PA Workers Affected by a $12 Minimum Wage (2018) ................................................................ 26 States with Corporate Net Income Tax ............................................................................................... 27 Combined Reporting vs. Separate Reporting States ..................................................................... 28 PBB and Tax Credit Review Schedule .................................................................................................. 29 PBB Year 2 Agency Funding by Activity 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 None Arkansas 1.00 - 6.50% Separate None California 8.84% Combined None

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IFO_Hearing_Materials_Feb_22_2022.pdf

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 Separate None Minnesota 9.80 Combined Conforms to Federal Illinois 9.50 Combined $100,000 on CBs Alaska 9.40 Combined Conforms to Federal Maine 8

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2000_cost_of_living_adjustments.pdf

determined that such military service could be purchased. The postretirement adjustment for each affected annuitant was calculated to produce a combined retirement benefit approximating the retirement benefit that would have been payable if the military service credit had been purchased prior states that provide retirement benefits to public employees. In some states, government and public school employees are covered by a combined retirement system, while in other states separate retirement systems are maintained for these employee groups. The retirement systems contacted were

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IFO_Hearing_Packet_Feb2019.pdf

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 - 6.50% Separate None California 8.84% Combined None Colorado 4.63% Combined None Connecticut 8

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IFO_Hearing_Packet_Feb2018.pdf

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 - 6.50% Separate None California 8.84% Combined None Colorado 4.63% Combined None Connecticut 8

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2002_dbdc_report.pdf

historical data in Chart V and Chart VI are representative of the long- term experience of the retirement systems, the combined experience of PSERS and SERS shows that approximately 40 percent of the entrants leave before vesting and receive no retirement optional. Hybrid Defined Contribution Plans. The Commission also identified twelve systems with hybrid defined contribution plans. Of these, seven were combined defined benefit—defined contribution plans, one was a money purchase option plan, and four used some other hybrid plan design

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2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

the State Employees’ Retirement System have together accumulated over $41 billion in unfunded liabilities. By fiscal year 2017-2018, the combined unfunded liabilities of the two 1 systems are projected to approach $65 billion. These liabilities represent a debt that 2 System after June 30, 2010. The new benefit tier established by the bill was to be a hybrid benefit plan, combining elements of both a defined benefit plan and a defined contribution plan. That note analyzed the funding costs, other consequences

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Five_Year_Outlook_2019.pdf

most ex- penditure projections include an inflationary adjustment to compensate for rising prices and an appropriate demographic extrapolator. Combined, the two forecasts provide a reasonable lower and upper bound for future spending. The report projects expenditures supported by General Fund revenues for Pennsylvania, 2.7 for United States). The downward trend directly corresponds to the retirement of Baby Boomers combined with a contraction of the working-age population. Figure 2.2 illustrates the challenges that policymakers will encounter during the next decade

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ITEP-Presentation-11-14-2019.pdf

first on base-broadening reforms  Avoid “race to the bottom.”  Decouple from harmful federal base-narrowing measures  “Combined Reporting” (preferably with worldwide reach on tax havens)  Disclosure/Clawbacks.  Three-factor apportionment factor  Economic nexus  Minimum tax Combined Reporting: The Basics  Combined reporting is one way of tackling a basic problem: what is the “company” to which

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Five_Year_Outlook_2021.pdf

an average rate of 3.0% per annum. Overall growth is restrained by low growth in employer pension contributions. When combined with available revenues, the projected operating deficit peaks in FY 2024-25 at $2.0 billion and then declines to to service populations in the base year. Hence, most expenditure projections include an inflationary adjustment to compensate for rising prices. Combined, the two forecasts provide a reasonable lower and upper bound for future spending. The report projects expenditures supported by General

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Five_Year_Outlook_2020.pdf

22 to FY 2025-26, General Fund expenditures expand at an average rate of 3.1 percent per annum. When combined with available revenues, the projected operating deficit peaks in FY 2022-23 at $2.6 billion and then declines to service populations in the base year. Hence, most ex- penditure projections include an inflationary adjustment to compensate for rising prices. Combined, the two forecasts provide a reasonable lower and upper bound for future spending. The report projects expenditures supported by General

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ACN_SB1_A01354_A01558_2017_06_03a.pdf

flow basis, $805 million at a 3.6% discount rate and $461 million at a 7.5% discount rate. The combined total would be $3.0 billion on a cash flow basis, $1.6 billion at a 3.6% discount rate not responsible for providing the benefit payment once an employee retires or otherwise separates from employment. Hybrid Plans Hybrid plans combine DB and DC plan features and are often designed around an approach that us- es separate, but coordinated, DB and

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TC_2021_Video_Game_Production.pdf

is defined as a consecutive 12-month period beginning on the start date of production. 6 Overall production includes the combined total for all production years. 7 The monthly progress report includes information on changes to the production deadlines and finances game production expenses.  Confirmation of state tax compliance. Applicants are also required to submit the above documents with the combined totals for all years of production following completion of the project in order to receive a VGP Tax Credit certificate

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MSC_March_31_2021.pdf

in February from prior year  Positives: housing market, sales tax revenues show strong growth Minimum wage, PIT changes and combined reporting/rate reduction  Minimum wage impact looks very different now than 2019  Combined reporting vs rate reduction: what is the trade off? March 31, 2021 2 General Fund Financial Statement (Jan 2021) March

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Five_Year_Outlook_2022.pdf

From FY 2023-24 to FY 2027-28, expenditures expand at an average rate of 3.3% per annum. When combined with available revenues, the projected operating deficit reaches roughly $3.0 billion in FY 2025-26 and future years. Fiscal service populations in the base year. Hence, most ex- penditure projections include an inflationary adjustment to compensate for rising prices. Combined, the two forecasts provide a reasonable lower and upper bound for future spending. The report projects expenditures supported by General

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CompetePA_March_11_2021.pdf

from prior year  IFO projects six years needed to return to pre-pandemic level Minimum wage, PIT changes and combined reporting/rate reduction  Minimum wage impact looks very different now than 2019  Combined reporting vs rate reduction: what is the trade off? March 11, 2021 2 General Fund Financial Statement (Jan 2021) March

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Single-Use Plastics Report-2020_06.pdf

estimate. 13 The Budget Office noted that the reduction stemmed from a decline in consumer demand for LWPBs, combined with large retailers phasing out LWPBs earlier than expected. Other Single-Use Plastics Regulations Certain states and municipalities have enacted regulations that fee and collected demographic data such as household size, income level and county of residence. LWPB Demand When combined with other research, the statewide survey suggests that Pennsylvanians consume approx- imately 4.6 billion retail bags annually, and 3.0 billion

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Five_Year_Outlook_2023.pdf

ending balance, but operating deficits for that year and all future years. The projected deficits are sufficient to eliminate the combined General Fund and Rainy Day Fund (includes interest accrual) bal- ances by the end of the forecast period. The projected 11 General Fund All Other Expenditures Appropriation/ Agency Avg. Ann. Growth Fiscal Outlook | Page 35 Fiscal Outlook Table 6.1 combines the revenue and expenditure projections from prior sections to identify any potential long-term structural imbalance over the forecast period

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2007_divestment_complete_report.pdf

PSERS and SERS and summarizes and discusses those costs by type and, where possible, by amount. CURRENT TOTAL MARKET VALUE • Combined, PSERS and SERS held public equity investments valued at approximately $10 billion on June 30, 2007, in companies identified as investment earnings by approximately $6.9 billion and reduce SERS’ investment earnings by approximately $3.5 billion, for a total combined reduction in - 41 - PSERS’ and SERS’ investment earnings of $10.4 billion. The following tables detail the projected financial impact

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TC_2022_Mixed_Use_Development.pdf

For the past three years (FY 2018-19 to FY 2020-21), the same two applicants submitted bids that, when combined, totaled the exact amount of tax credits available in each year. Those two appli- cants also applied for and received For the past three years (FY 2018-19 to FY 2020-21), the same two applicants submitted bids that when combined, totaled the exact amount of tax credits available in each year. Those two applicants also applied for and received credits

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SUT Exemption for Aircraft - January 2013.pdf

and non-aircraft activity based on data from the 2002 or 2007 Economic Census. Those amounts were then combined with actual use tax remittances to derive the static reduction in SUT from the exemption. For fiscal year (FY) 2013-14, the GSP variable was found to have statistical significance. Hence, the regression was unable to identify a 18 The combined wholesale-retail industries (NAIC 423860 and 441229) were also examined, but due to their much smaller size, any analysis is more difficult

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NGPR_2021_Q4.pdf

and 2021. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) the remaining counties as another group. The top five counties accounted for 76.0% of 4% of producing wells statewide. The top producing county, Susquehanna, recorded a year-over- year decline in production volume. The combined growth in Washington, Bradford, Lycoming and Wyoming counties represented over 100% of the statewide increase, as most other counties recorded

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NGPR_2021_Q3.pdf

and 2021. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) the remaining counties as another group. The top five counties accounted for 75.7% of 67.5% of producing wells statewide. The top producing county, Susquehanna, recorded a year-over-year decline in production. The combined growth in Washington, Bradford, Lycoming and Wyoming counties represented over 100% of the statewide increase, as most other counties recorded

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NGPR_2021_Q2.pdf

and 2021. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) the remaining counties as another group. The top five counties accounted for 75.6% of 67.5% of producing wells statewide. The top producing county, Susquehanna, recorded a year-over-year decline in production. The combined growth in Washington, Bradford, Lycoming and Wyoming counties represented over 100% of the statewide increase, as most other counties recorded

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NGPR-2022-Q1.pdf

and 2022. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) the remaining counties as another group. The top five counties accounted for 75.7% of decline in production volume. Most other counties also recorded a decline in quarterly production volume. Only seven counties, with a combined share of 38.9%, recorded year-over-year growth in production volume. Table 4 provides a state comparison of gross

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NGPR-2021-Q1.pdf

and 2021. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) the remaining counties as another group. The top five counties accounted for 75.6% of 67.3% of producing wells statewide. The top producing county, Susquehanna, recorded a year-over-year decline in production. The combined growth in Washington and Bradford counties represented nearly 93% of the statewide increase, as most other counties either recorded a

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TC_2022_Educational_Tax_Credits.pdf

is federal poverty level. 1 Parameters for the Switcher Individual Income and Original Individual Income Tax Credits are similar and combined in this table. 3 Household income limit is increased by a factor of 1.50 or 2.993 if recipient The tax credit has two components: a $12 million nonrefundable credit and a $2 million refundable parental tax credit. The combined tax credit cannot exceed $14 million in any year. For tax year 2021, the parental refundable credit cap was raised

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TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf

percent of the credits were awarded to firms in the Professional, Scientific and Technical Services sector (NAICS 54). Combined with awards to firms in Manufacturing (NAICS 31-33) and Information (NAICS 51), credits to firms in those three industry groups comprised of existing firms. For Pennsylvania, the annual average growth rate for number of firms in the three subsectors combined (4.6 percent) is roughly in line with comparable states and just below the average for the United States. However, the Pennsylvania

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Revenue-Estimate-2019-05.pdf

gains include food service (both limited- and full-service restaurants and drinking establishments), construction and transportation- storage. When combined with healthcare-social assistance, the four sectors comprised 75 to 85 percent of all net jobs created. This result is partly driven follows: SUT (2.5 percent), PIT withholding (3.3 percent) and PIT non- withholding (5.3 percent). 1 Combined, the two revenue sources had an average growth rate of 3.2 percent per annum. By comparison, wages-salaries paid to Pennsylvania

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PBB_2023_EO_REPORT.pdf

benefits, such as medical and supplemental health benefits; the Dependent Care Account Program (DCAP); charitable giving through the State Employee Combined Appeal; long-term disability insurance; and voluntary life, home and auto insurance. The Bureau of Benefits oversees the administration of state reduced the non-PSP employer contribution rate from $300 to $125 per employee per pay and drew down its combined retiree healthcare account balances from $683 million to $425 million (-37%) as of June 2022. The figures include data for

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PBB_2023_DCNR_REPORT.pdf

on state forest land, causing $5.3 million in estimated damages. Both metrics were higher than the prior three years combined. The increase in wildfires was due to weather conditions (dry weather during the spring fire season). (See pages 13 to sectors that include tent camping and bicycling grew by 54% and 62%, respectively, from 2016 to 2021. These two sectors combined for $309 million in GDP in 2021, an increase of $113 million (57%) from 2016. Furthermore, Pennsylvania’s bicycling sector

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PBB_2020_DEP_Report.pdf

of Environmental Protection FY 2019-20 Budgeted Expenditures by Activity Note: Expenditures in dollar millions. The Other category combines Waterways and Wetlands, Chesapeake Bay, Vector Management, Radiation Protection, Mine Safety, Energy Programs and Laboratory Services. Abandoned Mine Reclamation $129.0, 16% EPA Compliance Monitoring Strategy inspection goal reached for sewage and industrial wastewater facilities. 2 Stream types cannot be combined for a statewide total. A stream can fall into several categories. 1 Authorizations include all types of permits, licenses and certifications. 3

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PBB_2019_Criminal_Justice_Report.pdf

the board for review.” This report contains the review for the Department of Criminal Justice, which includes the combined oper- ations of the Department of Corrections and the Pennsylvania Board of Probation and Parole. All perfor- mance-based budget (PBB) reviews includes all funding for DOC and PBPP. This report follows the General Appropriations Act and refers to the combined operations of DOC and PBPP as the Department of Criminal Justice. Pursuant to a Memorandum of Understanding signed October 19, 2017, the

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Official-Revenue-Estimate-2019-06.pdf

notable gains include food service (limited- and full-service restaurants and drinking establishments), construction and transportation-storage. When combined with healthcare-social assistance, the four sectors comprised 75 to 85 percent of all net jobs created. This result is partly driven follows: SUT (2.6 percent), PIT withholding (3.4 percent) and PIT non- withholding (5.1 percent). 1 Combined, the two revenue sources had an average growth rate of 3.2 percent per annum. By comparison, wages-salaries paid to Pennsylvania

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NGPR_2022_Q4.pdf

CY 2021. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) remaining counties as a third group. The top five counties accounted for 74.0% of well types. Ranked in order of production, the table shows (1) the top five states, (2) the next five states combined into one group and (3) remaining states combined into a third group. After relatively strong production growth compared to other

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NGPR_2022_Q3.pdf

and 2021. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) remaining counties as another group. The top five counties accounted for 74.6% of production well types. Ranked in order of production, the table shows (1) the top five states, (2) the next five states combined into one group and (3) remaining states combined into one group. These data show that after relatively strong production growth

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NGPR_2022_Q2.pdf

and 2021. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) the remaining counties as another group. The top five counties accounted for 75.7% of well types. Ranked in order of production, the table shows (1) the top five states, (2) the next five states combined into one group and (3) the remaining states combined into one group. These data show that after recording the strongest

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NGPR_2020_Q4.pdf

and 2020. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) the remaining counties as another group. The top five counties accounted for 74.6 percent well types. Ranked in order of production, the table shows (1) the top five states, (2) the next five states combined into one group and (3) the remaining states combined into one group. Through November 2020, all states in the top

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NGPR_2020_Q3.pdf

and 2020. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) the remaining counties as another group. The top five counties accounted for 74.4 percent well types. Ranked in order of production, the table shows (1) the top five states, (2) the next five states combined into one group and (3) the remaining states combined into one group. Through August 2020, all states in the top

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NGPR-2020-Q2.pdf

and 2020. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) the remaining counties as another group. The top five counties accounted for 73.9 percent well types. Ranked in order of production, the table shows (1) the top five states, (2) the next five states combined into one group and (3) the remaining states combined into one group. Through May 2020, all states in the top

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NGPR-2020-Q1.pdf

and 2019. Ranked in order of production, the table shows (1) the top five counties, (2) the next five counties combined into one group and (3) the remaining counties as another group. The top five counties accounted for 74.1 percent well types. Ranked in order of production, the table shows (1) the top five states, (2) the next five states combined into one group and (3) the remaining states combined into one group. Among the top five producing states, Texas recorded

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CNIT-Rate-Cut-2018-04.pdf

effective tax rate (e.g., sales-only factor apportionment). Three states attempted to broaden their state tax base through mandatory combined reporting (New Mexico, Connecticut and Rhode Island). For 2018 to 2023, four states are scheduled to reduce their tax rates a negative impact on revenue growth from rate reduction. It should be noted that four rate cut states also enacted combined reporting (New York, Massachusetts, West Virginia and Rhode Island) during the time period, which some researchers and most state officials

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TC_2021_Resource_Enhancement_and_Protection.pdf

that the REAP Tax Credit benefits small businesses. ▪ Available research generally concludes that incentives (e.g., tax credits and grants) combined with regulatory compliance efforts are the most effective way to increase the use of agricultural BMPs and reduce pollution in that the REAP Tax Credit benefits small businesses. ▪ Available research generally concludes that incentives (e.g., tax credits and grants) combined with regulatory compliance efforts are the most effective way to increase the use of agricultural BMPs to reduce pollution in

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TC_2021_Entertainment_Economic_Enhancement_Program.pdf

in 2018 due to the three tax credit programs. The average state return on investment (ROI) for all entertainment programs combined was $0.19 per tax credit dollar. The individual ROI’s were reported as follows: film 0.19, sound 0 the incentivized share of spending due to the limited program history (two years, 15 recipients and the COVID-19 pandemic) combined with a lack of applicable research from other states or academics. Concerts and tours are by nature highly mobile and

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Summary_Tax_Credit_Reviews_Oct_2023.pdf

liability.) The remaining 15 cents is retained by the purchaser and third-party facilitator. ▪ Available research generally concludes that incentives combined with regulatory compliance efforts are the most effective ways to increase the use of agricultural BMPs and reduce pollution in mixed-use development projects. ▪ For FY 2018-19 to FY 2020-21, the same two applicants submitted bids that, when combined, totaled the exact amount of tax credits available each year. Those two applicants also applied for and received credits in

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Revenue_Proposal_Analysis_2022_04.pdf

order in which they were scored. All 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 services. Market-based sourcing generally attributes receipts based on the location where the benefits are delivered to the customer. When combined with the codification of economic nexus, the department estimates it will generate $168 million in FY 2023- 24 and grow

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RB_2022_06_Act_105_Pre-Funding_Impact.pdf

preliminary (2021) returns and the assumed rate of return (7.00%) for all future years. The results should not be combined with any figures from preceding tables. Due to strong returns, the advance payments are projected to reduce employer contributions for associated with advance payments. In both cases, the pre-funding agreements enabled Penn State and PASSHE to lock in a combined $1.0 billion in total savings over 30 years; however, actual system performance and actuarial assumptions over this time period

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RB_2021_09_Pension_Outlook.pdf

returns, employer contribution rates and UAL for SERS and PSERS. State contributions to SERS include two advance contributions for a combined $1.9 billion pursuant to Act 105 of 2019. Recently, PSERS published a preliminary return for FY 2020-21 to 4%) declined considerably, as did Harrisburg’s pension system (116.8% to 102.8%), which remains fully funded. Table 5 combines the most-recent local government UALs with the 2020 state UALs for a calculation of the total public pension UAL

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RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdf

The analysis concludes with a limited discussion regarding whether the infusion of significant federal monies into the state economy, when combined with temporary labor market conditions attributable to the pandemic, is conducive to raising the state minimum wage from its current extent, the current economic conditions have effectively raised wages paid to lower-wage workers due to a temporary labor shortage combined with significant federal monies that temporarily stimulate consumer demand. However, current conditions will not last. Widespread vaccinations are underway and

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RB 2019 Natural Gas Royalties.pdf

tax return (Form PA-40, line 6). Unfortunately, royalty income is not reported separately on the tax return, but is combined with rental, patent and copyright income. However, given (1) the relatively recent surge in natural gas drilling (and by extension Methodology Used to Estimate Royalty Payments Royalty income is not reported separately on the Pennsylvania income tax return, but is combined with rental, patent and copyright income on line 6 of the PA-40 return. In order to isolate natural gas

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PBB_Board_Hearing_Apr_26_2021.pdf

of project cost (avg. cost = $60,400) ▪ Must be maintained for a predetermined lifespan (5-10 years) ▪ Research concludes incentives combined with regulation are effective ▪ 55% credits sold | farmers lack necessary tax liability ▪ Credits awarded for previously completed projects are ineffective demand 19 states offer video game production incentives ▪ 12 states offer a tax credit | remaining offer grants or rebates ▪ Most combine program with film production ▪ 5 states offer uncapped incentive ▪ Software publishing jobs expand | +17% PA, +8% U.S. (2014-19

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PBB_2023_PID_REPORT.pdf

aggregated rate increases for Property and Casualty or Life insurance policy reviews. The 1332 Waiver Program lowered rates by a combined $260 million in 2021 and 2022 but statewide health insurance coverage declined since 2017 (page 11). Total premiums paid have and comprise between 40% to 65% of total activity costs per year. From calendar year 2017 to 2021, the total combined number of insurance companies doing business in the state increased by 20 (1.2%). However, the number of domestic insurers

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PBB_2023_DDAP_REPORT.pdf

was not immediate (e.g., inpatient residential, outpatient, intensive outpatient, case management, recovery supports). As of January 2022, the department combines both “referrals” and “incompletes” into one category. Therefore, referrals now include encounters that result in a referral to treatment or not immediate (e.g., inpatient residential, outpatient, intensive outpatient, case management, or recovery supports). As of January 2022, the department combines "referral" and "incompletes" into one category. Therefore, referrals now include encounters that result in a referral to treatment or supportive

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PBB_2022_DLI_REPORT.pdf

by premiums earned that year. A high loss ratio can be a sign of fiscal instability for the fund. The combined ratio equals costs included in the loss ratio plus underwriting costs divided by premiums earned that year. The operating ratio deficit ($ millions) -$178.0 -$111.4 -$74.9 -$38.1 $159.3 -- Loss ratio 2 97% 80% 72% 127% -45% -- Combined ratio 2 109% 92% 83% 141% -28% -- Operating ratio 2 86% 65% 58% 90% -73% -- Net investment return rate 4%

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PBB_2022_AGRICULTURE_REPORT.pdf

found here: https://map.feedingamerica.org/. Food Assistance | Page 17 The following data show each county’s 2019 poverty rate, combined pounds of food per household from SFPP and PASS, and combined food cost per household from SFPP and PASS in FY 2019-20. Variances in pounds or food expenditures per household

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PBB_2021_PSP_REPORT_ADDENDUM.pdf

theft. Drug crimes include possession, sale/manu- facture of illegal drugs (e.g., marijuana, opium/cocaine, synthetic). Crime index offenses combine violent and property crime offenses into a single metric, as these are considered to be the most Performance Measures for for Records and Information Management Note: Data related to CLEAN transactions and downtime, PFAD and TraCS are fiscal year. 1 Combines fiscal year cost and FTE data with calendar year request data. Records and Information Management | Page 33 The figures below

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PBB_2021_DHS_REPORT_ADDENDUM.pdf

2015-16, DHS set separate interim per diems for YDCs and YFCs, but in future years the per diems were combined into one rate. Per diem rates 15-16 16-17 17-18 18-19 19-20 20-21 Workload # Youth Adult Community Autism Program (ACAP) is an additional waiver program available in four counties (Dauphin, Lancaster, Cumberland and Chester). When combined, the programs serve roughly 900 individuals (2 percent). The primary goals and outcomes of this activity are as follows: ▪ Provide

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Official_Revenue_Estimate_Methodology_2023_06.pdf

taxable income (approximately 76%), while business net income (12%) and dividends, capital gains, interest and other taxable income sources (12% combined) comprise the residual amount. Tax on wage and salary 2017 2018 2019 2020 2021 2022 2023 2024 Withheld $9,614 games through the iLottery platform. Methodology The Lottery Fund projection uses different modeling techniques for each type of product and combines the results to project total sales. The Lottery projection for FY 2022-23 is based on year-to-date data

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

while business net income (10 percent) and dividends, capital gains, interest and other taxable income sources (12 percent combined) comprise the residual amount. Tax on 2014 2015 2016 2017 2018 2019 2020 2021 Withheld $8,744 $9,072 $9,391 $9 growth and higher market saturation. Various numbers games (Pick 2, Pick 3, Pick 4, Pick 5, Wildball) are combined into a single series as sales data reveal evidence of a long- term trend of deceleration. This decline is forecasted to continue

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

while business net income (10 percent) and dividends, capital gains, interest and other taxable income sources (12 percent combined) comprise the residual amount. Tax on wage and salary income is largely remitted through employer withholding. Tax on business net income, 2013 growth and higher market saturation. Various numbers games (Pick 2, Pick 3, Pick 4, Pick 5, Wildball) are combined into a single series as sales data reveal evidence of a long-term trend decline. This decline is forecasted to continue through

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IFO - Economic and Budget Outlook - January 2012.pdf

decline of -1.7 percent for the cohort under age 19. The decline is generally attributable to stagnant fertility rates combined with longer delays to begin child bearing. For the 20-39 year age cohort, the model projects an expansion of used to provide a reasonable benchmark to assess broad trends impacting the Commonwealth’s fiscal position. Figure 5 Figure 5 combines the revenue and expenditure projections from the two previous sections. The graph illustrates the increasing gap between projected revenues and

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EPLC-2-19-21.pdf

General Fund 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 gap and fund education initiatives ▪ Federal COVID relief offsets $2.37 billion in DHS costs ▪ Personal Income ($2.96 billion) | Combined reporting ($209 million) ▪ Minimum wage ($116 million) | State Police Fee ($168 million) Various long-term demographic concerns ▪ Declining birth rates

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Econ Summit Presentation Feb 28 2017.pdf

18 Broaden Tax Base Sales – Custom Programming $330 Sales – Storage and Aircraft 160 Insurance Premiums Tax 142 Tax Reform Corporate – Combined Reporting 0 Corporate – Rate Reduction 0 Corporate – NOL Threshold 81 New Severance Tax – 6.5% 294 TOTAL $1,006 Note: millions of dollars. The combined reporting and lower corporate tax rate (6.49%) proposals are effective or phased-in beginning 1/1/19. Source: FY

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index.cfm

one-time transfer of $3.84 billion in FY 2021-22 and a new SUT transfer. ... (Full Report) Presentation on Combined Reporting Economics and Other June 29, 2023 Director Matt Knittel made a brief presentation to the House Finance Committee on combined reporting. ... (Full Report) School District Property Tax Update Property Tax June 28, 2023 The IFO released an updated school district

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TC_2023_Rural_Jobs_Investment.pdf

within 60 days of approval from DCED: ▪ Credit-eligible capital contributions from each business firm. ▪ Investments of cash that when combined with the credit-eligible capital contributions equal the rural growth fund’s investment authority. At least 10% of the rural

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TC_2021_Neighborhood_Assistance_Program.pdf

Line 12 IMPLAN applies an employment multiplier to the new Pennsylvania spending that results from the NAP Tax Credit. When combined with the earnings impact, the results suggest an average annual wage of roughly $55,000 to $58,000. Line 13

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TC_2021_Keystone_Special_Development_Zones_Update.pdf

purchased by final consumers. Line 10 Net incremental labor income. 26 Line 11 Net incremental full-time equivalent employment. When combined with the labor income impact, the results suggest an average annual wage of roughly $50,000. Line 12 Net incremental

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TC_2020_Research and Development Tax Credit.pdf

the net effect of the two con- straints (four-year average or 50 percent of current year QRE) combined with the applicable credit rate (10 or 20 percent) translates into an effective credit rate of roughly 2.5 percent of current

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TC_2019_New_Jobs_Tax_Credit_Report.pdf

30 percent of the new income is spent on purchases subject to the state’s SUT. Line 16 Combined impact on state tax revenue. This is often referred to as the return on investment (ROI) for the state spending. 15 Common

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TC_2019_Historic_Preservation_Tax_Credit_Report.pdf

to make a project viable.  Both a federal and state tax credit (generally 40 to 45 percent combined) could be necessary to make a project viable.  Federal and state tax credits could be insufficient to make a project viable

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TC_2019_Film_Production_Tax_Credit_Report.pdf

Table 4) was roughly twelve times the employment level for the sound recording sector. Hence, trends for the combined sectors will be almost entirely driven by motion picture-video production. 13 See https://apps.bea.gov/iTable/index_regional.cfm. State Tax

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Tax_Credit_and_Other_Incentives_2022.pdf

Pennsylvania Industrial Development Authority’s (PIDA) Industrial Parks program ($4.7 million in FY 2020-21). The programs have a combined budget of $24.4 million in FY 2022-23. • Spending related to the state’s tourism marketing campaign increased by

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Tax_Credits_and_Other_Incentives_2024.pdf

2.3 million in FY 2022-23. Both programs did not make awards in the prior year and have a combined $40 million budget in FY 2023-24. Job Training Programs In FY 2022-23, the Commonwealth spent $44.0 million

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Select Committee Oct 1 2012 FINAL.pdf

26.80% 1.Oct.2012 Analysis of HB 1776 and SB 1400 of 2012 – Slide 15 School Property Tax Forecast Combined effect of Act 1 Adjusted Index and exceptions: the current law baseline. FY 2011-12 2.3% FY 2012-13

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Revenue_Proposal_Analysis_2023_05.pdf

are required to ensure most tipped staff earn at least the regular hourly minimum wage with their wages and tips combined. Some tipped workers claim or report tips to meet the regular hourly minimum wage but fail to report all tips

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Revenue_Estimate_Performance_2023_08.pdf

CNIT), (2) the extension of the moratorium on federal student loan repayments (SUT) and (3) historically high general fund balances combined with rapidly rising interest rates (treasury). The January estimate incorporated an upward revision of $1,526 million, but actual revenues

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Revenue-Update-2020-04.pdf

revenues decline by $1.4 (S1) and $2.2 (S2) billion.  For FY 2019-20 and FY 2020-21 combined, revenues fall by $2.7 billion (S1) and $3.9 billion (S2). The two-year total is not affected by

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Revenue-Estimate-2020-05.pdf

year-over-year growth rates for recent months for each category of Lottery game. For January and February combined, all Lottery games recorded positive growth with the exception of numbers games, which were largely flat. In March, sales began to decline

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Revenue Conference Presentation Jan 2013 FINAL.pdf

burdens support additional consumer spending. • Continued Eurozone weakness. Potential housing crisis realized. FY 2013‐14 Outlook Economic and technical factors combine to hold overall General Fund revenue growth to approximately 1%. 23.Jan.2013 2013 Revenue Conference 25 $550 million of

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Response-Letter-09-12-2019.pdf

previously ineligible for the supplemental rebate because they didn’t meet the household income or property tax burden requirement. When combined with currently eligible homeowners that receive an increase in their supplemental rebate, total rebates increase by $146.6 million. The

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Response-Letter-09-12-2019-Part-2.pdf

rebates. These homeowners were previously ineligible because they didn’t meet the household income or property tax burden requirement. When combined with currently eligible homeowners that receive an increase in their supplemental rebate, total rebates increase by $215.5 million. The

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Response-Letter-08-16-2019.pdf

also projects that school district property taxes will grow by 3.0 percent per annum during the same time period. Combining these factors and the fixed dollar threshold, the monies necessary to fund the proposal would grow by roughly 4.0

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RB_2023_08_Wage_Contract.pdf

as of July 24, 2023. Based on those data, there were 55,556 permanent employees (wage and salary) with a combined payroll base of $3.37 billion. 2 For fiscal year (FY) 2023-24, the salary adjustments provided under the AFSCME

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RB_2023_03_Rainy_Day_Fund.pdf

account and most states restrict their use, General Fund balances are carried forward from prior fiscal years and may be combined with current General Fund revenues to support various expenditures. For Rainy Day funds only (first table), Pennsylvania had a balance

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RB_2023_03_Expiration_of_the_Enhanced_FMAP.pdf

state costs in dollar millions. Source: Estimates by the IFO. Independent Fiscal Office Page 4 Net Impact The table below combines the estimates from previous sections to calculate a total net impact from expiration of the enhanced FMAP and MA continuous

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RB_2023_03_Electricity_Update.pdf

demand of states in the same region. In 2022, Pennsylvania’s net exports were nearly equal (92.5%) to the combined import demand of Ohio, Maryland, New Jersey and New York. -26 -41 -25 +81 +21 -23 -13 2022 Net Exports

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RB_2022_09_SNAP_Changes.pdf

to bring them up to the maximum benefit for their household size or (2) $95 per month, whichever is greater (combined, known as emergency allotments). The table displays the impact of the emergency allotments, which doubled the average benefit compared to

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RB_2022_08 County Income Patterns.pdf

that illustrate recent demographic and income trends at the county level. The brief presents demographic and income trends, and then combines the two metrics to analyze per capita income trends and levels from 2017 to 2020 (latest data available). (See page

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RB_2022_06_PA_Gasoline_Tax.pdf

Fuels (gasoline) and Fuels (diesel) revenue collections is used to estimate the gasoline portion of any revenue category that contains combined gasoline and diesel collections. 2 Act 35 of 1981, Act 32 of 1983, Act 26 of 1991, Act 3 of

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RB_2021_11_Economic_Development_Incentives.pdf

the PIDA Loan Program ($26.1 million) and the Machinery and Equipment Loan Program ($12.8 million) increased by a combined $9.8 million in FY 2020-21. Small Business First Loans ($5.7 million) decreased $62.4 million from the

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RB_2021_02 County Income Patterns.pdf

demographic and income trends at the county level. The brief starts with demographic trends, then presents income trends and finally combines the two metrics to analyze per capita income trends and levels from 2016 to 2019 (latest data available). (See page

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RB_08_2023_County_Income_Patterns.pdf

that illustrate recent demographic and income trends at the county level. The brief presents demographic and income trends, and then combines the two metrics to analyze per capita income trends from 2018 to 2021 and levels for 2021 (latest county income

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RB-2020-03 County Income Patterns.pdf

demographic and income trends at the county level. The brief starts with demographic trends, then presents income trends and finally combines the two metrics to analyze per capita income trends and levels for the latest two years that data are available

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RB-2015-04.pdf

in their hourly wage, while adults would realize an average gain of roughly 12 percent. These Pennsylvania‐speci Ðic parameters, combined with the elasticities from the CBO report, motivate the projected impact on employment levels. Table 5 displays the results of

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RB-10-2020-Economic_Development_Incentives.pdf

through the PIDA Loan Program ($24.4 million) and the Machinery and Equipment Loan Program ($4.7 million) fell a combined $20.6 million in FY 2019-20. Small Business First Loans ($68.1 million) increased $60.0 million over the

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RB 2019 County Income Patterns.pdf

demographic and income trends at the county level. The brief starts with demographic trends, then presents income trends and finally combines the two metrics to analyze per capita income trends and levels for the latest two years that data are available

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QRR_2017Q2.pdf

date (See page 2.). Corporate net income, sales and use and personal income tax revenues were below estimate by a combined $553.1 million for the second quarter and below estimate by $820.2 million for the fiscal year-to-date

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QRR_2017Q1.pdf

date (See page 2.). Corporate net income, sales and use and personal income tax revenues were above estimate by a combined $59.0 million for the first quarter and below estimate by $267.2 million for the fiscal year‐to‐date

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QRR_2016Q4.pdf

fiscal year-to-date. Corporate net income, sales and use and personal income tax revenues were below estimate by a combined $125.2 million for the fourth quarter and $326.2 million for the fiscal year-to-date. General Fund revenues

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press release - economic and budget outlook.pdf

65 and over will increase by nearly 27 percent over this same period. A decline in the working-age population, combined with a dramatic increase in the elderly, will diminish tax revenues while placing additional pressure on Medical Assistance expenditures. 

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Presentation_Rotary_Club_of_York_7-15-2015.pdf

Valuation (January 2015) 7/15/2015 9 Unfunded Liability History -$20 -$10 $0 $10 $20 $30 $40 $50 $60 $ Billions Combined SERS (CY) / PSERS (FY) 2008-2009 Recession Sustained Underfunding 2001 Benefit Expansion Act 120 Collars 2001 Recession Actuarial Surplus Sources

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Presentation_Pension_Town_Hall_3-26-2015.pdf

Valuation (January 2015) 3/26/2015 9 Unfunded Liability History ‐$20 ‐$10 $0 $10 $20 $30 $40 $50 $60 $ Billions Combined SERS (CY) / PSERS (FY) 2008‐2009 Recession Sustained Underfunding 2001 Benefit Expansion Act 120 Collars 2001 Recession Actuarial Surplus Sources

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Presentation_PA_Bus_Council_6-22-15.pdf

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 amounts

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Presentation_Harrisburg_Rotary_4-11-2016.pdf

SERS Comprehensive Annual Financial Reports; PSERS Actuarial Valuations; multiple years. ‐60 ‐50 ‐40 ‐30 ‐20 ‐10 0 10 20 $ Billions Combined UAL ‐ SERS (CY) and PSERS (FY) Actuarial Surplus Sustained Underfunding 2008‐2009 Recession Act 120 Collars 2001 Benefit Expansion 2001‐

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PICPA_Presentation.pdf

Total $944 $1,554 $1,516 $1,426 $1,395 Note: Dollar amounts are in millions. Corporate net income includes combined reporting, rate reduction and NOL threshold. Sales tax includes taxation of custom programming and certain business storage services. Source: Analysis

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Pennsylvania_Aging_Presentation.pdf

Programs Demographic Growth Age 65+ 2.5% - 2.5% Price Inflation or Growth in Average Cost 2.5% - 5.0% Combined 5.0% - 7.5% Note: The figures on this slide do not represent a forecast or specific computations. They are

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PBB_Board_Hearing_Apr_28_2021.pdf

Youth ChalleNGe Program ($1.5 million), Armory Maintenance and Repair ($1.1 million) and numerous other smaller appropriation line items (combined total = $1.1 million). DMVA Metric Highlights U.S. Centers for Medicare and Medicaid Services (CMS) rates nursing homes ▪ PA

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PBB_Board_Amend_03_09_22.pdf

12 Education Activity, add an analysis or cite research that compares Pennsylvania to the average state in terms of the combined state and local funding available to high poverty districts versus low poverty districts. 5. In the K-12 Education Activity

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PBB_2022_PDE_REPORT_Amended.pdf

re- submitted to “add an analysis or cite research that compares Pennsylvania to the average state in terms of the combined state and local funding available to high poverty districts versus low poverty districts.” For this purpose, the IFO requested that

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PBB_2022_AGING_REPORT_Addendum.pdf

users include those with a prescription for 91+ days. A high dosage is above 120 morphine milligram equivalents (MME). 7 Combined metric from questions regarding healthy physical and mental health days over last 30 days. Pharmaceutical Assistance (Addendum) | Page 14 stay

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PBB_2021_DMVA_REPORT_ADDENDUM.pdf

is Education Assistance Program. Data are only for the Army National Guard and provided by DMVA. It was created by combining past Guard members and PHEAA EAP rosters. Army NG Members Using EAP Spend More Time in Service than Members Not

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PBB_2020_PEMA_REPORT.pdf

training efforts. Moreover, PEMA’s activities are directed towards the prevention of relatively infrequent and random events. When combined, these two characteristics make it challenging to develop meaningful out- come metrics without long-term data collection efforts. 3 Local governments are

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PBB_2019_DGS_Report.pdf

is computed by the IFO based on data supplied by DGS.  COSTARS administrative annual savings. This measure combines computed transactional sav- ings and commodity savings. Transactional savings are realized by public entities as a result of not having to formally

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Official_Revenue_Estimate_Methodology_2022.pdf

taxable income (approximately 76%), while business net income (11%) and dividends, capital gains, interest and other taxable income sources (13% combined) comprise the residual amount. Tax on wage and salary income is largely remitted through employer withholding. Tax on business net

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Official_Revenue_Estimate_Methodology_2021.pdf

taxable income (approximately 76%), while business net income (11%) and dividends, capital gains, interest and other taxable income sources (13% combined) comprise the residual amount. Tax on wage and salary income is largely remitted through employer withholding. Tax on business net

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Official-Revenue-Estimate-2020-06.pdf

year-over-year growth rates for recent months for each category of Lottery game. For January and February combined, all Lottery games recorded positive growth with the exception of numbers games, which were largely flat. In March, sales began to decline

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NGQU_2023_Q4.pdf

2023. Ranked in order of production, the table shows (1) the top-five producing counties, (2) the next five counties combined into one group and (3) remaining counties as a third group. The five counties shown accounted for 72.8% of

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NCSL_PA_IFO_11_15_21.pdf

LEGISLATURES 8 More on Tranches • 31 states subject to split • 19 states and the District of Columbia received full disbursement. • Combined - $154.4 billion out the door initially. • $40.9 billion coming in 2022. NATIONAL CONFERENCE OF STATE LEGISLATURES 9 NATIONAL

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MTR-2016-08.pdf

for electricity displayed nearly flat growth (-0.1% per annum), while average prices grew moderately (2.6%). The flat demand combined with moderate price growth caused total revenues from electricity sales to grow at a rate of 2.4% per annum

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MRU_2023_11.pdf

9%). Adjusting for the processing issue that occurred in November 2022, withholding revenues increased 1.3% from the prior year. Combined quarterly and annual PIT collections for the month exceeded estimate by $5.3 million (+8.9%). FYTD PIT collections are

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MRU_2023_06.pdf

PIT collections were $17.63 billion, or $261.7 million (1.5%) above the forecast. For the fiscal year, the combined strength of quarterly (+$206.6 million, 8.3%) and annual (+$165.0 million, 7.8%) payments exceeded the shortfall in

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MRU_2021_05.pdf

Inheritance tax collections for May were $29.2 million (27.4%) higher than the estimate. All other tax revenue sources combined climbed $8.0 million above estimate for May, mostly due to cigarette (+$8.4 million), realty transfer (+$6.8 million

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MRU-2021-06.pdf

collections were $9.6 million (17.4%) more than estimated. All other tax revenue sources for the month showed a combined shortfall of $27.1 million, compared to the forecast, mostly due to inheritance (-$18.8 million) and minor and repealed

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Monthly_Economic_Update_September_2020.pdf

while charitable contribution deductions declined by one-third. Child tax credits (refundable and non-refundable) increased by $2.5 billion. Combined with lower rates and other changes, the TCJA reduced total federal income tax liability (excludes miscellaneous taxes such as SECA

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Monthly_Economic_Update_November_2020_Final.pdf

Current homeowners want larger homes and more millennials are entering the home buying market. The desire for more household space combined with low mortgage rates drives demand in an already competitive housing market. The National Association of Realtors (NAR) reported that

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Monthly_Economic_Update_August_2021.pdf

2014 As noted in a recent WSJ article, natural gas production restraint in the Appalachia region and strong demand have combined to push natural gas prices to their highest levels in years. The near-month settlement price of gas on the

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Mid_Year_FY16-17_Presentation.pdf

2017 16 PA Consumer Debt Growth Year-Over-Year Growth Rates (Quarterlies) Tax Year Q1 Q2 Q3 Q4 Total Annuals Combined 2014 4.2% 0.1% 2.8% 0.1% 1.5% 6.8% 3.7% 2015 13.3% 17.2%

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MER-2014-12.pdf

cfm?id=19191 3 http://www.eia.gov/todayinenergy/detail.cfm?id=19211 4 http://www.bls.gov/cex/2013/combined/income.pdf 2.00 2.50 3.00 3.50 4.00 Monthly Average Retail Gasoline Prices ‐ U.S. and

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MER-2014-08.pdf

consumption expenditures (PCE) by state. The PCE data represent the goods and services purchased by or on behalf of households, combined with the pur‐ chases of nonpro Ðit institutions serving households. The state PCE statistics are available annually, from 1997 to

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Impact-Fee-Update-Outlook-2020.pdf

decline in market value. The ETR for CY 2016 declined as the result of a decrease in impact fee collections combined with an increase in market value. For CY 2017, the ETR declined by 1.8 percentage points driven by a

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Impact-Fee-Update-Outlook-2019-06.pdf

generate 36 percent of total electricity in Pennsylvania, compared to just 15 percent in 2010. This robust growth in demand, combined with increased pipeline capacity, allowed prices to continue to recover from the low levels of previous years. If these trends

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IFO_Testimony_Min_Wage_Feb_16_2021.pdf

wage from the Executive Budget in late March or early April. That report will also include an analysis of the combined reporting and personal income tax revenue proposals. Thank you. I would be happy to answer any questions that you may

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IFO_Response_Letter_April_5_2023.pdf

rate increase of 0.5 percentage points (total state rate of 3.57%) could also fund the proposal. • Alternatively, a combined SUT rate increase of 0.5 percentage points and a PIT rate increase of 0.25 percentage points would provide

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IFO-Presentation-11-14-2019.pdf

changes to business taxes  15 states reduce corporate net income rate (3 increase)  7 states have enacted mandatory combined reporting  19 reduce personal income tax rate on pass-throughs (9 increase) Intense competition for increasingly mobile businesses 

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IFO ppt.pdf

Office to convene a revenue estimating conference by January 31 st of each year. • For this year, the Office has combined two events. January 18, 2012 Independent Fiscal Office Economic & Budget Outlook 2012 Revenue Conference Five–Year Outlook Report • Report and

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GPNP July 10, 2012 final.pdf

Brief Economic Update.  What do tax data show? 10.Jul.2012 1 2012 GPNP Conference IFO Concept  IFO combines two federal agencies.  Congressional Budget Office.  Annual budget projections.  Special studies on revenues or expenditures.  Joint

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Five_Year_Outlook_2014_Press_Release.pdf

fiscal condition through FY 2019-20. Based on assumptions used in the report, the evaluation finds that various factors will combine to generate a long-term fiscal imbalance. Additional findings include: • FY 2014-15 includes $572 million in non-recurring revenues

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EPLC Feb 2020 FINAL.pdf

additional detail. Wrap Up Executive Budget relies on policy options, funding shifts and one-time measures to close gap  Combined reporting ($240 million) | Minimum wage ($133 million)  State Police Fee ($136 million)  Unclear whether they will be enacted

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Econ_Budget_Outlook_Hearing_Response_Letter_02_2023.pdf

Grove requested the projected drawdown of fund balances over time. The FY 2022-23 projected ending balance ($6.7 billion) combined with the Budget Stabilization Reserve Fund balance ($5.0 billion) is sufficient to offset projected budget deficits through FY 2026-

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Budget Hearings Packet.pdf

Unfunded Pension Liabilities The most recent actuarial valuations for PSERS (6/30/2016) and SERS (12/31/2015) reveal a combined unfunded actuarial liability of $62.2 billion. Unfunded liability projections after the most recent actuarial valuations are based on attainment

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Budget Hearings Packet- Web Version.pdf

Unfunded Pension Liabilities The most recent actuarial valuations for PSERS (6/30/2016) and SERS (12/31/2015) reveal a combined unfunded actuarial liability of $62.2 billion. Unfunded liability projections after the most recent actuarial valuations are based on attainment

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Analysis of Recent Collective Bargaining Agreements.pdf

Other State Funds (includes Lottery, State Stores and Restricted Accounts/Augmentations/Other Funds) and Federal Funds. 1 The IFO has combined the analysis of these collective bargaining agreements due to the small number of employees (generally less than 500) covered under

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ACN_SB1071_A10803_text.pdf

403(b) or 457 if the written agreement for the administration of the School Employees' Defined Contribution Plan is not combined with any other written agreement for the administration of a school district's 403(b) plan or 457 plan. Each

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2021_Impact_Fee_Estimate.pdf

of the impact fee. This is due to a moderate rebound in statewide production growth (+7.2% year-over-year) combined with the highest regional prices in over three years. Operating Collections Year 1 Horizontal Vertical Horizontal Vertical ($ millions) 1 518

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2021-SD-Property-Tax-Forecast.pdf

recent trends. The estimated decline in current-year collections in FY 2020-21 is the result of flat millage rates combined with a projected tax base reduction of 1.5 percent due to economic distress related to the COVID-19 pandemic

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2018_Mid-Year_Update.pdf

18: -$100 million | FY 18-19: +$20 million. Federal 100% bonus depreciation (full expensing).  Conformity: ~-$500 to -$600 million combined FY 17-18 + FY 18-19.  Corp Revenue Bulletin 2017-02: decouples and denies deductions.  FY 17-18

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2006_surviving_spouse_healthcare_study.pdf

The projection shown was developed by professional actuaries, and is derived from a comprehensive examination of healthcare benefit cost experience, combined with certain economic assumptions. The healthcare trend assumption reflects the current best professional judgment of the Commission’s consulting actuary

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2004_srpvffinal.pdf

the following calendar year be deposited in the SRPVF fund as soon as practicable after the budget is adopted and combined with the available balance in the reserve account for local contributions to determine the total monies available for prorated allocation

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