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Corporate Net Income Tax Proposals

The IFO responded to a request from Appropriations Committee Chairman Saylor for a dynamic revenue estimate of three corporate net income tax proposals.

Tags: corporate, income, legislative, net, request

Senate Budget Hearing Request

The Independent Fiscal Office (IFO) responded to two questions raised at the office’s budget hearing before the Senate Appropriations Committee. The questions relate to an update of the IFO’s five-year projections for revenues and expenditures that incorporates the proposed initiatives in the Governor’s Executive Budget and an estimate of school district property taxes paid by seniors.

03/21/2022

corporate Net Income Tax Proposals

The IFO responded to a request from Appropriations Committee Chairman Saylor for a dynamic revenue estimate of three corporate net income tax proposals.

03/15/2022

Budget Hearings Packet for Appropriations Committees

The Independent Fiscal Office submitted materials to the House and Senate Appropriations Committees ahead of its scheduled budget hearings. This packet examines the minimum wage, personal and corporate income tax and other proposals included in the FY 2021-22 Executive Budget.

03/04/2021

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 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

Mid-Year Update FY 2017-18

The Independent Fiscal Office (IFO) has released a mid-year update of its revenue estimate for fiscal year (FY) 2017-18. The revised estimate is $34.780 billion, which is $35 million higher than the IFO’s November 2017 estimate. As part of the mid-year update, the IFO also provides an advance look at revenue projections for the next fiscal year. For FY 2018-19, revenues are projected to be $33.914 billion, a decrease of -2.5 percent over the current year. The presentation also addresses the impact of recent federal tax law changes on the Pennsylvania budget. The changes affect estimates for corporate net income, personal income and sales tax revenues in FY 2017-18 and FY 2018-19. The office will update the estimate in its next round of revenue projections to be released in early May. Press Release

01/29/2018

Natural Gas Extraction: An Interstate Tax Comparison

This report compares Pennsylvania's unique natural gas tax structure to other states. The report also considers other taxes that may be levied on natural gas producers such as real and personal property, corporate and personal income, sales and use and miscellaneous fees. Due to the complexity of the analysis, readers are encouraged to thoroughly review the methodology and assumptions contained in Section 1 of this report. Full report Analysis-in-Brief (2 pages) Background on effective tax rates (2 pages, updated 4/4/2014 for the 2013 reporting year impact fee collections)

03/17/2014

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

2007_divestment_complete_report.pdf

cost and effectiveness, the concerns raised by State involvement in foreign affairs and reliance upon private contractors to identify targeted corporations for divestment, and the cost projections of the two State retirement systems if the terror-sponsor legislation were passed. On relative merits or difficulties inherent in the choice between isolation and engagement. A major shareholder can exert substantial influence on corporate policies, but a former investor has no voice in its operations. Still, the threat of divestment may cause a corporation

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Revenue_Proposal_Analysis_2021_04.pdf

ifo.state.pa.us. Sincerely, Dr. Matthew J. Knittel Director - This page intentionally 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 or the Office of the 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

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CNIT-Rate-Cut-2018-04.pdf

APRIL 2018 1 INTRODUCTION 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 that may be pertinent and useful to policymakers as they contemplate changes to the Pennsylvania CNIT rate. SECTION 1: STATE CORPORATE NET INCOME TAX RATES The analysis begins with an itemization of state CNIT rates. Table 1 lists the highest statutory

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Revenue-Proposal-Analysis-2020-04.pdf

state.pa.us - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Tax and Revenue Proposals ...................................................................................................... 3 Corporate Net Income Tax ............................................................................................................... 3 Sales and Use Tax ......................................................................................................................... 14 Cigarette Tax ................................................................................................................................ 14 Personal Income Tax ..................................................................................................................... 15 Gaming Taxes ............................................................................................................................... 15 Raising the Minimum the data sources and 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

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PBB_2020_DOS_REPORT.pdf

Occupational Affairs .................................................................. 15 Activity 5: Professional Health Monitoring Program .............................................................. 19 Activity 6: Enforcement and Investigations .......................................................................... 21 Activity 7: Corporations and Charitable Organizations ........................................................... 23 Activity 8: State Athletic Commission .................................................................................. 25 Activity 9: Administration ................................................................................................... 27 Appendix .......................................................................................................................... 29 Number of Licensees by Board and of State pro- motes the integrity of the electoral process, provides the initial infrastructure for economic development through corporate organizations and transactions, and protects the health and safety of the public. The Department encourages the highest standards of ethics and competence

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Revenue-Proposal-Analysis-2019-03.pdf

state.pa.us - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Tax and Revenue Proposals ...................................................................................................... 3 Corporate Net Income Tax ............................................................................................................... 3 Sales and Use Tax ........................................................................................................................... 8 Personal Income Tax ....................................................................................................................... 9 Resource Enhancement Tax Credit ................................................................................................... 9 Raising the Minimum Wage vided language for the proposed increase in the 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

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Revenue-Proposal-Analysis-2018-04.pdf

J. KNITTEL Director - This page intentionally left blank. - Table of Contents Introduction ................................................................................................................ 1 Tax and Revenue Proposals ......................................................................................... 3 Corporate Net Income Tax ........................................................................................ 3 Natural Gas Severance Tax ....................................................................................... 7 Raising the Minimum Wage ....................................................................................... 15 Minimum Wage Across States ................................................................................. 16 Workers Directly Affected and Revenue Proposals | Page 3 Tax and Revenue Proposals The 2018-19 Executive Budget proposes changes to the corporate net income tax and a new tax levy on the severance of natural gas. By fiscal year (FY) 2022-23, the analysis

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Revenue-Estimate-2020-05.pdf

1.4% -9.4% 3.0% -- Labor Force (millions) 1.8 1.4 -3.6 1.3 -- Domestic Corporate Profits 1.4% -1.9% -7.0% 27.0% -- IHS Markit Real GDP 2.9% 2.3% -7.3% 5.1% 4 4.3% 7.3% Labor Force (millions) 1.8 1.4 -7.1 3.3 3.4 Domestic Corporate Profits 2.4% -1.2% -23.0% 14.3% 6.9% Table 1.2 U.S. Economic Forecasts Source: U.S. Bureau

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RB-2017-5.pdf

The analysis examines the tax rates and trends for the three largest state revenue sources: (1) personal income tax, (2) corporate net income tax and (3) sales and use tax. Those revenue sources are compared to three state economic metrics: (1 remainder of the analysis contains three sections. Tables 1 through 3 display the state tax rates levied on personal income, corporate net income and sales and use. Tables 4 through 6 rank states based on the average annual growth rate of

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Official-Revenue-Estimate-2020-06.pdf

1.4% -9.4% 3.0% -- Labor Force (millions) 1.8 1.4 -3.6 1.3 -- Domestic Corporate Profits 1.4% -1.9% -7.0% 27.0% -- IHS Markit Real GDP 2.9% 2.3% -7.3% 5.1% 4 4.3% 7.3% Labor Force (millions) 1.8 1.4 -7.1 3.3 3.4 Domestic Corporate Profits 2.4% -1.2% -23.0% 14.3% 6.9% Table 1.2 U.S. Economic Forecasts Source: U.S. Bureau

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IFO - Economic and Budget Outlook - January 2012.pdf

projections contained in this report. However, in certain instances, it is also necessary that projections incorporate technical adjustments. For example, corporate net income tax revenues are temporarily low due to conformity with the federal provision that provides for the full expensing months of 2010 and all of calendar year 2011. Because that provision merely pulls tax deductions forward in time, future corporate income tax liability will be higher, all else equal. This unusual pattern is not captured by the economic forecast and

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ACN_SB1071_A10803_text.pdf

contributions, interest and investment earnings. (b) Investment of contributions made by entities other than Commonwealth.--Investment of contributions by any corporation, institution, insurance company, custodial bank or other entity that the board has approved shall not be unreasonably delayed, and in expenses of board members shall be paid or payable during the period in which such duties are not executed. (e) Corporate power and legal advisor.--For the purposes of this part, the board shall possess the power and privileges of a

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TC_2020_Research and Development Tax Credit.pdf

Administration ................................................................................................................................. 6 Historical Data ................................................................................................................................ 7 Section 3: State Comparison .................................................................................................. 13 Research and Development Tax Credit ........................................................................................... 13 Impact on Corporate Effective Tax Rate .......................................................................................... 15 Research and Development Spending Trends .................................................................................. 16 Research and Development Employment Trends ............................................................................. 17 State Comparison Summary ........................................................................................................... 19 Section 4 service firms.  For 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

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2018_Mid-Year_Update.pdf

Domestic Investment -1.2% 3.9% 7.3% 3.6% Government Expenditures -0.6% -0.2% 0.7% 2.9% Corporate Domestic Profits 0.5% 6.2% 3.1% n.a. Pennsylvania Real GDP 0.3% 2.5% 3.2% n Employment Growth (000s) Mid-Year Update Federal Tax Changes 29.Jan.2018 6 Mid-Year Update Changes to U.S. corporate net income tax.  Lower rate and repatriations: higher PA cap gains, dividends, wages.  100% bonus depreciation (and corporate

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Economic_and_Revenue_Update_2021.pdf

Proposal: Impact on Average Effective 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 s Income in the National Income and Product Accounts. It includes sole proprietors, partnerships and self-employed, but excludes S corporations. Wages and Salaries for 2020 Q4 is an estimate by IFO based on adjusted withholding patterns. ▪ Despite finishing CY 2020

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Revenue_Proposal_Analysis_2022_04.pdf

Dr. Matthew J. Knittel Director - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Tax and Revenue Proposals ...................................................................................................... 3 Corporate Net Income Tax ............................................................................................................... 3 Cigarette Tax .................................................................................................................................. 5 Personal Income Tax ....................................................................................................................... 5 Gaming Taxes ................................................................................................................................. 5 Nontax Revenues ............................................................................................................................ 5 Raising the Minimum The report contains two sections. The first section analyzes general tax and revenue proposals, including the proposed expansion of the corporate net income tax base and the lowering of the tax rate. The second section analyzes the proposal to increase the

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Revenue-Update-2020-04.pdf

Office Official Mid-Year Change Official Budget Change General Fund $35,518 $35,738 $220 $35,497 $35,697 $200 Corporate Net Income 3,458 3,433 -25 3,558 3,401 -158 Gross Receipts 1,211 1,197 -14 1 withholding revenues. The non-wage income shown in Table 2 (net profits of sole proprietors, self-employed, partnerships and S corporations, capital gains and dividends) reflect most other income that is reported on the Pennsylvania personal income tax return. Corporate profits

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IFO_Hearing_Materials_Feb_22_2022.pdf

Date ................................................................................ 10 Revenues – General Fund Projections ...................................................................... 11 Impact Fee and Natural Gas Trends ......................................................................... 12 State and Local Tax Burden ..................................................................................... 13 Corporate Net Income Tax State Comparison ........................................................... 14 State Pension Outlook ............................................................................................. 15 Economic Development Incentives ........................................................................... 16 Minimum Wage by State ......................................................................................... 18 PBB Home Mortgage Debt 2.1% 0.2% 2.4% 4.5% 4.2% 6.3% 6.4% 10 U.S. Corporate Profits -20.5% 11.7% 5.3% 29.2% 70.4% 24.7% Feb 24 11 S&P 500 Index

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State and Local Tax Burden Study.pdf

based on the ratio of income tax to personal income for the personal income tax (PIT) and the corporate income tax (CIT). 7 States levy PIT on wages, business income, capital income (e.g., interest, dividends and capital gains), pensions, IRA certain transfer income (e.g., social security, unemployment compensation). States levy CIT on the net income of C corporations. Most states use formulas to apportion federal net income to the state level. For this analysis, the CIT measure also includes revenues

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Revenue-Estimate-2019-05.pdf

is less noticeable for Pennsylvania. However, the tax law change did manifest itself through higher sales tax and corporate net income tax collections, and those impacts are discussed in the next section. 2018.1 2018.2 2018.3 2018.4 2019 e.g., liquor and realty transfer) revenue sources will cause deviation from that baseline growth rate. Consumer behavior, corporate profits, new tax laws or administrative rulings (e.g., taxation of internet sales) and timing issues (e.g., taxpayer response to tax

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NAP-2018-03.pdf

for individuals directly responsible for the provision of services to the benefiting community. Tax credits may be used against the corporate net income, bank shares, insurance premiums and mutual thrift institutions taxes. Credits issued to S corporations, limited liability companies, partnerships and business trusts may be passed through to other entities. Unused credits may be carried forward

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Five_Year_Outlook_2020.pdf

Income Trends .............................................................................................................................. 17 Financial Trends ............................................................................................................................ 19 Section 4: Revenue Outlook .................................................................................................... 21 Personal Income Tax ..................................................................................................................... 22 Sales and Use Tax ......................................................................................................................... 23 Corporate Net Income Tax ............................................................................................................. 24 Other Revenue Sources ................................................................................................................. 25 Section 5: Expenditure Outlook .............................................................................................. 27 Current Services Versus Cost-to-Carry Baselines state Personal Income. Those amounts include forgiven loans received by sole proprietors and part- nerships (Proprietor’s Income) and S corporations (Personal Dividend Income). 2019 2020 Q1 2020 Q2 2020 Q3 2020 Q4 Real GDP 2.4% -5.8% -34.0%

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Revenue_Estimate_2022_06.pdf

0%). Taxpayers remit payments due on non-wage income such as dividends, capital gains and net business profits (excludes C corporations, but includes self-employed earnings) through estimated and final payments. Revenue data through May 2022 show that payments attributable to in Cash Income. Additional 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

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Revenue_Estimate_2022_05.pdf

8%). Taxpayers remit payments due on non-wage income such as dividends, capital gains and net business profits (excludes C corporations, but includes self-employed earnings) through estimated and final payments. Revenue data through May 2022 show that payments attributable to are estimates based on 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

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Revenue_Estimate_2021_05.pdf

forgivable Paycheck Protection Program (PPP) loans in CY 2020: $11.3 billion to pass-through businesses (sole proprietors, partnerships, S corporations), $7.6 billion to C corporations and $1.9 billion to non-profits. The IFO projects that another $10.1 billion in funds will be disbursed

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Revenue-Estimate-2019-05-Presentation.pdf

to forecast Other factors drive large revenue gains for FY 2018-19  Taxation of internet sales (permanent gain)  Corporate profits (both permanent and temporary)  Income shifting and gaming expansion (temporary) Economic fundamentals remain solid, but decelerating  Evidence 4.5% May 2019 -5.4% 1.2% 10.7% 4.3% Note: Data in blue are preliminary or forecasts. Corporate profits are non-financial, domestic profits. Source: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics. PA

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Official-Revenue-Estimate-2019-06.pdf

is less noticeable for Pennsylvania. However, the tax law change did manifest itself through higher sales tax and corporate net income tax collections, and those impacts are discussed in the next section. 2018.1 2018.2 2018.3 2018.4 2019 e.g., liquor and realty transfer) revenue sources will cause deviation from that baseline growth rate. Consumer behavior, corporate profits, new tax laws or administrative rulings and timing issues (e.g., taxpayer response to tax law changes) will also cause divergence

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Official-Revenue-Estimate-2018-06.pdf

and salaries, (2) capital income (interest, dividends, rent-royalties and capital gains), (3) net business profits (partnerships, S corporations and sole proprietors), (4) retirement income (pensions and IRAs) and (5) government transfers (Social Security and income maintenance benefits). Unlike income measures term revenue and economic trends. For the purpose of this official revenue estimate, except as noted in the corporate net income tax discussion, all projections are made on a “current law” basis and exclude any statutory changes or administrative actions proposed

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June_Revenue_Estimate_2021.pdf

forgivable Paycheck Protection Program (PPP) loans in CY 2020: $11.3 billion to pass-through businesses (sole proprietors, partnerships, S corporations), $7.6 billion to C corporations and $1.9 billion to non-profits. The IFO projects that another $10.0 billion in funds will be disbursed

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ITEP-Presentation-11-14-2019.pdf

4.0% 4.5% 5.0% Low 20% 2nd 20% Mid 20% 4th 20% Nxt 15% Next 4% Top 1% Corporate Income Taxes — 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% 0.45% tax credits  Income tax exempts all retirement income  Tax forgiveness credit  Sales tax base excludes groceries State Corporate Income Taxes in Decline  Federal & state corp taxes falling as % of GSP, income, total taxes  Decline is more

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Five_Year_Outlook_2022.pdf

Trends ............................................................................................................................ 15 Revenue Outlook .............................................................................................................................. 17 Tax Revenue Trends and Projections .............................................................................................. 18 Personal Income Tax ..................................................................................................................... 19 Sales and Use Tax ......................................................................................................................... 20 Corporate Net Income Tax ............................................................................................................. 21 Other Revenue Highlights .............................................................................................................. 22 Expenditure Outlook.......................................................................................................................... 25 Technical Notes and Methodology .................................................................................................. 28 Current Services Versus Cost- Plan Act funds is 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

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Five_Year_Outlook_2021.pdf

Inflation and Sales Taxes ................................................................................................21 Financial Trends ............................................................................................................22 Revenue Outlook .............................................................................................................. 23 Personal Income Tax......................................................................................................24 Sales and Use Tax .........................................................................................................25 Corporate Net Income Tax .............................................................................................26 Other Revenue Sources ..................................................................................................27 Expenditure Outlook .......................................................................................................... 29 Current Services Versus Cost-to-Carry Baselines ...............................................................33 General Financial Trends Table 3.9 displays year-over-year growth rates for metrics that track the U.S. stock market, corporate profitability, Pennsylvania home values and consumer debt. Notable trends include the following: ▪ Relative to December 30, 2020, the S&P

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Budget Hearings Packet.pdf

preliminary data or forecasts. For 2016, U.S. economic growth is subdued due to weak exports and business investment. Domestic corporate profits projected to rebound in 2017 after two consecutive years of decline. Growth Rate 2011 2012 2013 2014 2015 2016 4.6% Consumer Price Index 3.2% 2.1% 1.5% 1.6% 0.1% 1.3% 2.5% Domestic Corporate Profits 3.1% 15.0% 1.7% 6.2% -2.2% -1.5% 10.4% S&P 500 Index 12

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Budget Hearings Packet- Web Version.pdf

preliminary data or forecasts. For 2016, U.S. economic growth is subdued due to weak exports and business investment. Domestic corporate profits projected to rebound in 2017 after two consecutive years of decline. Growth Rate 2011 2012 2013 2014 2015 2016 4.6% Consumer Price Index 3.2% 2.1% 1.5% 1.6% 0.1% 1.3% 2.5% Domestic Corporate Profits 3.1% 15.0% 1.7% 6.2% -2.2% -1.5% 10.4% S&P 500 Index 12

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State_Tax_Comparison_2020_11.pdf

states with significant tourism generate substantial sales tax from non-residents. 4 Many business taxes, such as the corporate net income tax, are also shifted to consumers and shareholders who reside in other states. 3 Tax data for state liquor store e.g., Rhode Island). 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

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Pitt_Chamber_Presentation.pdf

cut: $189 billion (Joint Committee on Taxation) i. PA share is roughly 3.5% or $6.6 billion  US corporate income tax cut: $91 billion (Joint Committee on Taxation) i. Unclear what corporations will do with tax cut ii. Could add another $1 billion to PA disposable income  There are ~5.0

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2020_Mid_Year_Update.pdf

3% 4.4% Net Jobs Creation (000s) 46.2 48.8 58.8 65.6 45.6 U.S. Financials Corporate Domestic Profits -1.5% -6.0% -1.0% 0.9% -1.5% 10 Year Note Yield 2.14 1.84 8% 2.0% 16.6% 12.2% 7.6% Note: S&P 500 Index uses average values for entire year. Corporate Domestic Profits for non-financial firms only. Includes S corporations. Source: U.S. Bureau of Economic Analysis, U.S. Bureau

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2012-08 Monthly Economic Summary_Final.pdf

unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly trad- ed corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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State-Tax-Comparison-2020-01.pdf

states with significant tourism generate substantial sales tax from non-residents. 4 Many business taxes, such as the corporate net income tax, are also shifted to consumers and shareholders who reside in other states. 3 Tax data for state liquor store e.g., Rhode Island). 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

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SR2017-03.pdf

For example, states with significant tourism may generate substantial sales tax from non-residents. Many business taxes, such as the corporate net income tax, may also be shifted to consumers and shareholders who reside in other states. In addition, the analysis Rhode Island). Tax Comparison 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

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PICPA Presentation_ June 11, 2019.pdf

to forecast Other factors driving large revenue gains for FY 18-19  Taxation of internet sales (permanent gain)  Corporate profits (both permanent and temporary)  Income shifting and gaming expansion (temporary) Economic fundamentals remain solid, but decelerating  Evidence 4.5% May 2019 -5.4% 1.2% 10.7% 4.3% Note: Data in blue are preliminary or forecasts. Corporate profits are non-financial, domestic profits. Source: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics. PA

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Initial-Revenue-Estimate-2018-05.pdf

and salaries, (2) capital income (interest, dividends, rent-royalties and capital gains), (3) net business profits (partnerships, S corporations and sole proprietors), (4) retirement income (pensions and IRAs) and (5) government transfers (Social Security and income maintenance benefits). Unlike income measures 34,501 8.9% -$244 Total Tax Revenue 31,926 3.8 31,931 3.8 5 Total Corporation Taxes 5,089 5.7 4,906 1.9 -183 Corporate Net Income 3,072 11.7 2,896 5.3 -176

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IFO_Testimony_Feb2018.pdf

because the final outcome is not clear. Second, federal tax law changes make it difficult to discern underlying trends in corporate net income and personal non-withholding taxes because we believe that significant payment and income shifting has occurred, which will any shift. Finally, we have assumed that recent changes to the NOL thresholds will provide a $200 million boost to corporate net income tax revenues, and nearly all of that impact should manifest itself in the final payments over the coming

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IFO_Hearing_Packet_Feb2018.pdf

24 Funded Ratios for PSERS and SERS 25 Miscellaneous Materials Property Tax Projections 26 State Minimum Wage Levels 27 State Corporate Tax Rates and Other Attributes 28 PBB and Tax Credit Review Schedule 29 Independent Fiscal Office Background The office was 9% Wages and Salaries 5.1% 5.1% 2.9% 3.1% 4.8% 3.9% 2.3% 3.9% Corporate Domestic Profits 6.4% -0.5% -2.8% 5.6% 11.7% 14.4% 1.9% 3.6% Labor Market

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Economic_and_Revenue_Update_2020.pdf

Data .............................................................................................................. 24 Minimum Wage Rates 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 2019-20 Revenue Projections Amount Growth Amount Growth $ Diff General Fund $35,738 2.5% $35,697 2.4% $41 Corporate Net Income 3,433 1.0 3,401 0.1 33 Sales - Non-Motor 10,051 4.5 10,035

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Budget_Hearing_Background_Feb2016.pdf

start of December, (2) a manufacturing index that has declined in 10 of the past 12 months and (3) declining corporate profits. However, many underlying economic fundamentals remain solid. For Pennsylvania, positive fundamentals include:  A stable labor market. For 2015 Fee Update. The IFO projects $185.5 million impact fee for calendar year 2015. The U.S. Economy: Recent Trends Corporate domestic profits continue to decline. A dramatic decline in energy prices and appreciation of the U.S. dollar drive very

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State_Tax_Comparison_2022_01.pdf

For example, states with significant tourism generate substantial sales tax from non-residents. 4 Many business taxes, such as the corporate net income tax, are also shifted to consumers and shareholders who reside in other states. 3 Tax data for state S. Weighted Avg. U.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

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QRR_2015Q2.pdf

Overview General Fund revenues for the second quarter of 2015 were $166 million above estimate. 1 Table 1 shows that corporate net income tax collections were $38 million above estimate, sales and use tax deposits were $19 million below estimate and Fund revenues were $96 million above estimate. 2 For the fiscal year, General Fund revenues were $635 million above estimate. Corporate net income collections $328 million above estimate, sales and use tax deposits were $30 million above estimate and personal income

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Official_Revenue_Estimate_Methodology_2022.pdf

and (3) tax liability must be converted into cash flows that could span multiple fiscal years. The personal income and corporate net income taxes use this method. In general, tax return data used for personal and corporate net income tax projections are available with a two-year lag. For this exercise, the latest year of final data

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Official_Revenue_Estimate_Methodology_2021.pdf

and (3) tax liability must be converted into cash flows that could span multiple fiscal years. The personal income and corporate net income taxes use this method. In general, tax return data used for personal and corporate net income tax projections are available with a two-year lag. For this exercise, the latest year of final data

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

tax liability must be converted into cash flows that could span multiple fiscal years. The personal income and corporate net income taxes use this method. In general, tax return data used for personal and corporate net income tax projections are available with a two-year lag. For this exercise, the latest year of final data is tax

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Budget_Hearing_Background-Feb2014.pdf

Tax – Nonmotor 8 Sales and Use Tax – Motor Vehicles 9 Personal Income Tax – Withholding 10 Personal Income Tax – Nonwithholding 11 Corporate Net Income Tax 12 Realty Transfer Tax 13 1 Independent Fiscal Office - Overview Background The office was created by Act Special Reports and Analyses (issued since January 1, 2013): • Proposed Sales Tax Exemption: Aircraft Sales, Parts and Maintenance and Repair • Corporate Tax Base Erosion: Analysis of Policy Options • An Analysis of Medicaid Expansion in Pennsylvania • Pennsylvania Turnpike Toll Revenue Projections: CY

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Presentation-2018-06-PICPA.pdf

9%). FY 18-19: tax revenue growth of +4.2%.  Federal tax cut continues to flow into economy.  Corporate base expansion enhances revenues.  Tight labor market sustains wage growth.  Inflation accelerates above 2%. Helps pricing power. June PA Public Utility Commission. Forecasts by IFO. June.12.2018 8 FY 2017-18 Revenue Forecast June.12.2018 9 Corporate Income: multiple revenue impacts.  TCJA of 2017: rate reduction and base broadening.  Elimination of $5 million NOL cap

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

tax liability must be converted into cash flows that could span multiple fiscal years. The personal income and corporate net income taxes use this method. In general, tax return data used for personal and corporate net income tax projections are available with a two-year lag. For this exercise, the latest year of final data is tax

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Mid_Year_FY16-17_Presentation.pdf

3.0% for FY 16-17 4% average growth Year-Over-Year Growth Rate 2012 2013 2014 2015 2016 Domestic Corporate Profits 15.0% 1.7% 6.2% -2.2% -1.5% Non-Financial 10.7% 6.9% 5.5% -3 8% 4.6% 5.4% 3.5% -2.5% 2015.4 2016.1 2016.2 2016.3 2016.4 Domestic Corporate Profits -13.7% -8.3% -7.7% 0.3% 11.3% Non-Financial -15.9% -6.9% -7.5% -2

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Five_Year_Outlook_2019.pdf

4: Revenue Outlook ............................................................................................... 21 Revenue Versus Economic Growth ..................................................................................22 Personal Income Tax .....................................................................................................24 Sales and Use Tax .........................................................................................................25 Corporate Net Income Tax .............................................................................................26 Gross Receipts Tax ........................................................................................................27 Realty Transfer Tax........................................................................................................27 Other Revenue Sources ..................................................................................................28 Section 5: Expenditure Outlook .......................................................................................... 31 Current million (0.8 percent) 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

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QRR_2014Q4.pdf

Overview General Fund revenues for the fourth quarter of 2014 were $289 million above estimate. 1 Table 1 shows that corporate net income tax collections were $58 million above estimate, sales and use tax deposits were $27 million above estimate and were $187 million above estimate. 2 For the fiscal year through December, General Fund revenues were $297 million above estimate. Corporate net income and sales and use tax revenues were above estimate by $132 million and $69 million, respectively. Personal income

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MTR-2016-02.pdf

FYTD $17,754 $17,508 $246 Growth 1.8% 3.4% -50.8% Dollar amounts are in millions. U.S. CORPORATE PROFITS DECLINE According to the U.S. Department of Commerce, domestic profits of non-financial corporations decreased $56.5 billion (-4.3%) in the third quarter of 2015 on a year-over-year basis. 1 For

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MQRE_FY22_23_August.pdf

estimate to the official estimate certified by the administration (Table 5) is included on the last page. FY 2022-23 Corporate Net Income -$89.7 Insurance Premiums -8.2 Bank Shares -16.2 Mutual Thrift Institutions -0.9 Sales Tax - Non- 848 $2,883 $3,612 $3,533 $2,421 $5,696 $5,221 $3,377 $3,401 $42,187 Total Corporation Taxes 179 116 889 167 177 872 201 121 2,694 649 484 348 6,897 Corporate Net Income 160

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2013 Appropriation Hearings Background Information.pdf

Tax – Nonmotor 7 Sales and Use Tax – Motor Vehicles 8 Personal Income Tax – Withholding 9 Personal Income Tax – Nonwithholding 10 Corporate Net Income Tax 11 Realty Transfer Tax 12 The Pennsylvania Economy and Revenues - Key Forecast Risks 13 Suggested Reading 14 projections. FY 2012-13 IFO Official Revenue Estimate ($ millions) Revenue Source Estimate Growth Total General Fund $28,510 3.0% Corporate Net Income 2,257 11.6% Sales and Use 9,179 4.6% Personal Income 11,220 3.9% All

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TC_2021_Resource_Enhancement_and_Protection.pdf

a prorated basis by the Pennsylvania Department of Revenue (DOR). 9 Tax credits may be utilized against Pennsylvania personal income, corporate net income, bank and trust company shares, title insurance companies shares, insurance premiums and mutual thrift institutions taxes for the that 57.2 percent of 2019 credits issued went to individuals who received 42.6 percent of total credit dollars. Corporations represent 3.1 percent of projects and received 6.1 percent of tax credit funds. As project sponsorship has grown

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TC_2021_Neighborhood_Assistance_Program.pdf

Partnership Program (NPP) comprise the largest share of NAP Tax Credit commitments (roughly 40 percent of the total). Banks and corporations generate roughly 80 percent of credits. Participants in the Enterprise Zone Program (EZP) generally make investments two to four times from $18.0 million to the current $36.0 million. 7 Tax credits may be utilized against Pennsylvania personal income, corporate net income, bank and trust company shares, title insurance companies shares, insurance premiums and mutual thrift institutions taxes for the

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Revenue Trends Report - September 2012.pdf

year; dollar amounts in millions) Revenue Source September 2012 FY 12-13 to Date 3 month aggregate 12 month aggregate Corporate Net Income $89.4 $89.5 $89.5 -$27.8 percent change 28.7% 21.9% 21.9% -1.3% Other Corporate -$19.2 $11.7 $11.7 $186.9 percent change -12.4% 17.8% 17.8% 6.8% SUT – Nonmotor

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Revenue Trends Report - October 2012.pdf

year; dollar amounts in millions) Revenue Source October 2012 FY 12-13 to Date 3 month aggregate 12 month aggregate Corporate Net Income $63.9 $153.4 $142.6 $54.6 percent change 91.5% 32.1% 33.6% 2.6% Other Corporate -$6.8 $4.9 -$16.2 $184.9 percent change -18.2% 2.1% -7.7% 6.7% SUT – Nonmotor

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Revenue Trends Report - May 2013.pdf

be found below and on the following pages.  Tax revenues increased by $134 million (7.3%), due to strong corporate net income tax and sales and use tax receipts.  Corporate net income tax collections increased by $42 million (115%). Approximately $21 million collected in prior months was distributed to this

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Revenue Trends Report - March 2013.pdf

be found below and on the following pages.  Tax revenues increased by $74 million (1.8%) as gains in corporate tax receipts more than offset declines in other tax revenue sources.  Corporation tax revenues increased by $95 million (4.2%) for the month and $372 million (10.2%) for the fiscal year-

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Revenue Trends Report - June 2013.pdf

can be found below and on the following pages. • Tax revenues declined by $79 million (-3.0%). A decrease in corporation tax collections of $138 million (-21.3%) offset increases in other tax revenues. For the fiscal year, tax revenues increased by $919 million (3.4%). The largest increases over the prior year occurred in the corporate net income and personal income taxes. • Corporate net income tax receipts declined by $40 million (-8.5%). For the fiscal

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RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdf

Cuts and Jobs Act (TCJA) was signed into law. The act made significant changes to the federal individual income and corporate net income tax codes that generally became effective for tax year 2018. Recently, the IRS released state level tax data IRAs, taxable Social Security, professional business income (independent contractors, self-employed and sole proprietors) and income from partnerships and S corporations. The sum of these income sources is equal to Total Income. It should be noted that significant income received by

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QRR_2015Q1.pdf

Overview General Fund revenues for the first quarter of 2015 were $173 million above estimate. 1 Table 1 shows that corporate net income tax collections were $158 million above estimate, sales and use tax deposits were $20 million below estimate and were $4 million above estimate. 2 For the fiscal year through March, General Fund revenues were $470 million above estimate. Corporate net income collections $290 million above estimate, sales and use tax deposits were $49 million above estimate and personal income

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QRR_2014Q2.pdf

were approximately $349 million below estimate for the second quarter of calendar year 2014. 1 As shown by Table 1, corporate net income tax and personal income tax revenues were below estimate by $80 million and $185 million, respectively. Sales and revenues were below estimate by $128 million. 2 For the fiscal year, General Fund revenues were $547 million below estimate. Corporate net income tax revenues were $42 million above estimate, but sales and use and personal income taxes were below estimate

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QRR_2013Q4.pdf

were approximately $23 million below estimate for the fourth quarter of calendar year 2013. 1 As shown by Table 1, corporate net income tax revenues were $58 million above estimate in the fourth quarter while sales and use tax and personal below estimate by $35 million. 2 For the fiscal year through December, General Fund revenues were $65 million below estimate. Corporate net income tax revenues were $33 above estimate, but sales and use and personal income taxes were below estimate by

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Public_Data-General_Fund.xlsx

Fiscal Year SUMMARY | DETAIL - CORPORATE TAXES | DETAIL - CONSUMPTION TAXES | DETAIL - OTHER TAXES | DETAIL - NON-TAX REVENUES (dollar amounts in millions) | (dollar amounts in millions) | (dollar amounts in millions) | (dollar amounts in millions) | (dollar amounts in millions) Fiscal Year Total General Fund Total Tax Revenue Total Corporation Taxes Total Consumption Taxes Total Other Taxes Total Nontax Revenue | Corporate Tax Clearing Account Corporate Net Income Capital Stock & Franchise

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

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 2018-19 May.01.2018 2 Dollar Amount Growth Rate IFO 2018 3 FY 2017-18 Gains Driven by Economy Amount IFO Revised Official $34,745 JUA Transfer (Act 44) -200 Corporate Net Income -176 Escheats -109 Gross Receipts -89 Non-Motor Sales 93 Personal Income 110 All Other 128 May 1

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PBB_2023_DOR_REPORT.pdf

with Commonwealth tax laws. In FY 2021-22, there were roughly 6.5 million personal income tax filers, 71,000 corporate filers, 287,000 sales and use tax filers and 362,000 employer withholding filers. Support functions for this activity include are processed on paper, the cost per paper return could increase.  PIT and business returns filed electronically include PIT, corporation tax, sales and use tax and employer withholding.  Many outcome metrics were temporarily impacted by the implementation of the

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IFO_Hearing_Packet_Feb2019.pdf

Contribution Rates for PSERS and SERS ...................................................... 21 Funded Ratios for PSERS and SERS .................................................................................... 22 Minimum Wage Rates by State ............................................................................................. 23 Corporate Net Income Tax by State .................................................................................... 24 Performance-Based Budgeting (PBB) and Tax Credit Schedule ............................ 25 Performance-Based Budgeting (PBB) Timeline Disbursements (February 2018) Owner Occupied Housing Units by Age of Householder (March 2018) Federal Tax Code Conformity Analysis (April 2018) Corporate Net Income Tax Rate Reduction (April 2018) Tax Cut and Jobs Act Update (August 2018) IFO News Stand (select months

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Economic_and_Revenue_Update_2020_10.pdf

Lost Labor Income Table 1.2 Note: Figures in dollar billions. Self-employment estimate excludes distributions to S corporation shareholders because owners do not pay self-employment tax on distributions. It also excludes any reductions in unreported self-employment income. See Rates Mitigation Recovery Mar to Jun Jul to Oct Notes General Fund Tax Revenue -9.2% 0.4% Corporate Net Income -12.3 -5.2 profits holding up well Sales - Non-Motor -7.1 3.2 UC payments, lack of travel

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2022_Mid_Year_Update.pdf

Mid-Year Update FY 2021-22 Independent Fiscal Office January 31, 2022 Today’s Presentation Revenues significantly outperform estimates ▪ Corporate net income, sales tax, personal income, inheritance Main economic issues ▪ What happened to the labor force? ▪ Inflation for 2022 | wage- state income tax. All EIPs are non-taxable. Note: Billions of dollars. PPP includes both pass-through entities and C corporations. Source: US Department of Labor, US Treasury Department, Small Business Administration and PA Department of Labor. Recent Quarterly Trends for

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TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf

an annual maximum of $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 show that approximately 50 percent of awards and a similar share of credits were awarded to Limited Liability Corporations (LLCs). The average award across all groups is roughly $59,000. The maximum award after proration of the credit for the $15

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RTR-2015-01.pdf

unexpected inheritance tax payment and the timing of receipts, the year-to-date growth was $645 million (4.4%).  Corporate net income tax deposits increased by $32 million (35.9%) for the month. Some of the increase is attributable to distributions from the clearing account ($21 million) that were initially posted to that account in December. Corporate net income tax collections have been strong as three-month revenues increased by $85 million (14.6%) and fiscal year-

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RTR-2014-12.pdf

the monthly revenue growth is attributable to a technical factor affecting the timing of personal income tax withholding deposits.  Corporate net income tax deposits increased by $45 million (9.9%) for the month and by $122 million (11.0%) for the fiscal year. Estimated payments for December, which are largely comprised of the last quarterly payment from corporations that file their taxes on a calendar year basis, increased by $37 million (9.6%). For the fiscal year, estimated

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RTR-2014-10.pdf

inheritance tax payment, tax revenues increased by 2.1% for the month and 3.9% for the fiscal year.  Corporate net income tax revenues decreased by $23 million (-16.9%) compared with the prior year, but increased by $69 million (11.3%) over the prior fiscal year-to-date. Final payments in October, which are largely from corporations that obtained extensions for tax returns originally due in April, decreased by $14 million (-15.4%). Estimated payments decreased by

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RTR-2014-06.pdf

the following pages. • Tax revenues for the fiscal year increased by $31 million (0.1%) compared to the prior year. Corporate net income tax receipts increased by $78 million (3.2%), and capital stock and franchise tax collections dropped by $282 Personal income taxes increased by $66 million (0.6%) despite a decline of $155 million (-11.4%) in annual payments. • Corporate net income tax revenues in June increased by $38 million (8.8%) from the prior year. Estimated payments were $61

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RTR-2014-04.pdf

payments. Due to technical factors, withholding increased by $128 million (19.1%) to partially offset the large nonwithholding decline.  Corporate net income tax revenues decreased by $23 million (-6.3%) for the month due to a decline in final payments the past three months, revenues increased by $36 million (4.8%) compared to the same period last year.  Other corporate taxes decreased by $59 million (-35.6%) for the month. o Capital stock and franchise tax declined by $25 million

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RTR-2014-03.pdf

Over the past three months, revenues increased by $14 million (0.2%) compared to the same period last year.  Corporate net income tax revenues increased by $63 million (17.7%) for the month. Most of the increase was in final were $51 million (41.0%) higher than the prior year. Estimated payments increased by $12 million (5.0%).  Other corporate taxes decreased by $125 million (-6.2%) for the month. o Gross receipts tax declined by $18 million (-1.4%

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RTR-2013-12.pdf

pages.  Tax revenues decreased by $53 million (-2.2%). The largest decrease over December 2012 occurred in the other corporate taxes (-$66 million).  Other corporate taxes decreased $169 million (-45.4%) fiscal year-to-date driven mostly by the continued phase out of the capital

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RTR-2013-10.pdf

The largest increases were in the sales and use tax ($28 million) and the personal income tax ($29 million).  Corporate net income tax revenues increased by $3 million (2.4%). Estimated payments for the month declined by $28 million (38 than offset that decline with an increase of $31 million (49.7%). Most final payments in October are received from corporations that obtained extensions for tax returns originally due in April. Any remaining tax due is paid with the submission of

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Revenue Trends Report - July 2013.pdf

by $99 million (5.5%). An increase in personal income tax collections of $117 million (16.9%) offset decreases in corporate tax revenues totaling $34 million (-30.9%). For the most recent three-month period, tax revenues increased by $154 million (2.4%).  Corporate net income tax receipts declined by $7 million (-10.6%). The three-month average declined by $5 million (-0.9%

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Revenue Trends Report - July 2012.pdf

year; dollar amounts in millions) Revenue Source July 2012 FY 12-13 to Date 3 month aggregate 12 month aggregate Corporate Net Income $10.9 $10.9 $133.8 -$112.6 percent change 20.0% 20.0% 30.3% -5.2% Other Corporate $21.1 $21.1 $14.7 $197.5 percent change 89.1% 89.1% 5.8% 7.1% SUT – Nonmotor

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Revenue Trends Report - December 2012.pdf

year; dollar amounts in millions) Revenue Source December 2012 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $134.9 $298.3 $208.8 $246.2 percent change 46.6% 37.6% 54.3% 11.9% Other Corporate -$48.5 -$44.2 -$55.9 $115.1 percent change -28.5% -10.6% -25.2% 4.1% SUT – Nonmotor

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Revenue Trends Report - August 2012.pdf

year; dollar amounts in millions) Revenue Source August 2012 FY 12-13 to Date 3 month aggregate 12 month aggregate Corporate Net Income -$10.7 $0.2 $141.6 -$142.5 percent change -25.0% 0.2% 32.9% -6.6% Other Corporate $9.8 $30.9 $38.0 $208.9 percent change 57.3% 8.2% 18.1% 7.6% SUT – Nonmotor

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RB_2020_12_PPP_Loans_to_PA_Businesses.pdf

of $1.9 billion. Non-profits include schools, social assistance organizations and houses of worship.  Pass through firms (S corporations, partnerships, sole proprietors and LLCs) received $11.3 billion of loans, while C corporations received $7.6 billion.  Construction, manufacturing, retail-wholesale and healthcare firms received more than one-half (52.9 percent

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QRR_2016Q1.pdf

Overview General Fund revenues for the first quarter of 2016 were $195 million above estimate. 1 Table 1 shows that corporate net income tax collections were $28 million above estimate, sales and use tax deposits were $25 million above estimate and were $116 million above estimate. 2 For the fiscal year-to-date, General Fund revenues exceeded estimate by $362 million. Corporate net income was below estimate by $20 million. Sales and use tax, personal income tax and all other General Fund

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QRR_2015Q4.pdf

Overview General Fund revenues for the fourth quarter of 2015 were $94 million above estimate. 1 Table 1 shows that corporate net income tax collections were $20 million below estimate, sales and use tax deposits were $7 million above estimate and were $93 million above estimate. 2 For the fiscal year-to-date, General Fund revenues exceeded estimate by $168 million. Corporate net income and sales and use taxes were below estimate by $47 million and $11 million, respectively. Personal income tax

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Presentation-2019-01-Mid-Year-Update.pdf

4.1% 4.0% Net Jobs (000s) 47.3 50.0 62.9 70.9 58.7 U.S. Financials Corporate Domestic Profits -3.5% -1.1% 2.3% 8.6% 7.7% 10 Year Note 2.14 1.84 2 6% 3.6% 3.0% 2.5% --- Wages-Salaries 4.1% 4.0% 3.4% 4.3% --- U.S. Financials Corporate Domestic Profits 5.7% 6.5% 11.8% 10.2% 11.9% 10 Year Note 2.76 2.92 2

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PICPA_Presentation.pdf

PA April final payments down from last year (-4%).  U.S. April final payments also down (-4%). U.S. corporate profits decline in 2015 and 2016.  Has not occurred outside recession for several decades.  Energy sector hit hard Annual Base Base 2017 Change Growth Change Growth 1 Total General Fund $28,405 $564 2.0% -$84 -0.3% Corporate Net Income 2,130 -181 -7.8% -154 -6.7% Capital Stock 34 -114 n.a. 0 n.a. Gross

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PBB_2021_DMVA_REPORT_ADDENDUM.pdf

0 1.0 4.0 5.0 Non-profit 25,537 306 3.8 3.1 4.1 3.6 Corporation 21,448 261 3.8 3.2 4.1 3.6 Church-related 2,848 30 3.8 3.0 3.0 2.5 4.0 3.0 Partnership 6,848 64 2.6 2.4 3.5 2.5 Corporation 26,888 286 2.5 2.3 3.5 2.5 Total 65,381 687 3.1 2.7 3

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mid-year-FY14-15-presentation.pdf

Jan.2015 IFO General Fund Estimate Revenue Source FY 14‐15 Estimate Growth General Fund ‐ Total $29,957 4.7% Corporate Net Income 2,484 ‐0.7% Sales and Use 9,463 3.7% Personal Income 12,027 5.2% Other 28.Jan.2015 16 Estimate Comparison Fiscal Year Estimate IFO DOR Difference General Fund ‐ Total $29,957 $30,181 ‐$224 Corporate Net Income 2,484 2,501 ‐17 Sales and Use 9,463 9,477 ‐14 Personal Income 12,027 12

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2013-02 Monthly Economic Report.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf

issued in any fiscal 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 fiscal year cannot exceed the $5 million program cap. The credit may be claimed against a taxpayer’s corporate net income tax (CNIT) liability, but may not exceed 50 percent of a taxpayer’s total CNIT liability in any year. Unused

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Smetters_Presentation_Full.pdf

14 Individual (cont.) Revenue Effect 2018-2027 (billions of $) Revenue Effect 2018- 2040 (billions of $) Tax Provision JCT PWBM PWBM Corporate tax rate 21% starting 2019 -1,389 -1,435 -4,185 Net interest deduction capped at 30% of income 253 300 Reforms to certain business tax expenditures 149 148 584 Subtotal -654 -978 -2,443 Penn Wharton Budget Model 15 Corporate Revenue Effect 2018-2027 (billions of $) Revenue Effect 2018-2040 (billions of $) Tax Provision JCT PWBM PWBM Territorial System -224

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RTR-2015-04.pdf

over the prior year’s weak collections and by $271 million (12.1%) for the fiscal year-to-date.  Corporate net income tax revenues increased by $24 million (7.2%) for the month and by $276 million (13.9%) for year; dollar amounts in millions) Revenue Source April 2015 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $24.3 $276.3 $122.5 $282.5 7.2% 13.9% 15.5% 11.3% Other Corporate

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RTR-2015-03.pdf

for one-time transfers and an unexpected inheritance tax payment, the year-to-date growth was $875 million (4.3%). • Corporate net income tax revenues increased by $96 million (22.8%) for the month and $252 million (15.3%) for the year; dollar amounts in millions) Revenue Source March 2015 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $95.7 $252.0 $130.3 $235.6 22.8% 15.3% 24.1% 9.4% Other Corporate

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RTR-2014-09.pdf

159 million (6.6%) compared to September 2013. Fiscal year-to-date tax revenues increased by $276 million (4.6%). • Corporate net income tax deposits increased by $96 million (25.2%) for the month. Quarterly and final payments increased by $81 year; dollar amounts in millions) Revenue Source Sep 2014 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $96.1 $92.4 $92.4 $191.1 percent change 25.2% 19.3% 19.3% 8.0%

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RTR-2014-08.pdf

year-to-date growth rates for nonmotor vehicle and motor vehicle deposits were 4.8% and 6.8%, respectively.  Corporate tax revenues, which typically comprise a relatively small share of August receipts, declined by 17.5% over August 2013. Fiscal year; dollar amounts in millions) Revenue Source Aug 2014 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income -$5.1 -$3.8 $34.5 $75.8 percent change -13.6% -3.9% 6.5% 3.1%

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RTR-2014-05.pdf

the prior fiscal year-to-date. Additional information can be found in the table below and on the following pages. • Corporate net income tax revenues decreased by $32 million (-41.0%) from the prior year, yet remain $40 million (2.0% year; dollar amounts in millions) Revenue Source May 2014 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income -$32.1 $39.9 $8.3 -$0.3 percent change -41.0% 2.0% 1.0% 0.0%

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RTR-2014-02.pdf

million (0.3%) over February 2013 and $121 million (0.8%) over the prior fiscal year-to-date.  Total corporate taxes decreased by $6 million (-9.8%) for the month. Insurance premiums tax revenues were $6 million (55.5%) higher year; dollar amounts in millions) Revenue Source February 2014 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income -$4.1 $31.6 $45.5 $114.4 percent change -11.4% 2.6% 8.6% 4.9%

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RTR-2014-01.pdf

can be found below and on the next page.  Tax revenues increased by $9 million (0.4%). Increases in corporate taxes and sales tax were offset by a decline in personal income tax.  Sales and use tax collections increased year; dollar amounts in millions) Revenue Source January 2014 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income $21.9 $35.7 $53.0 $126.5 percent change 32.4% 3.1% 10.1% 5.4%

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Revenue_Estimate_Presentation_2022_05.pdf

June 2021 Official May 2022 Revised Dollar Change Adjusted Growth General Fund $41,915 $47,730 $5,815 14.8% Corporate Net Income 3,766 5,057 1,291 22.6 Sales - Non-Motor 10,781 12,008 1,227 10 is economic impact payment March 2022 -1.6% YOY nominal -10.7% YOY real nominal real Jan 2020 = 1.00 Corporate Net Income Tax Tax Year 2021 liability increases ~+25% ▪ Both inflationary (temporary) and real (permanent) gains ▪ Savings from remote working

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Revenue Trends Report - April 2013.pdf

5.0%), led by strong gains in the annual payments made with the filing of personal income tax returns.  Corporate net income tax receipts increased by $53 million (17.1%). For the fiscal year, the revenue gain of $401 million year; dollar amounts in millions) Revenue Source April 2013 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $52.5 $400.5 $89.2 $523.4 percent change 17.1% 26.5% 13.5% 27.6%

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QRR_2016Q3.pdf

IFO’s Monthly Trends Report. GENERAL FUND revenues for the third quarter of 2016 were $206.7 million below estimate. Corporate net income, sales and use and personal income tax revenues were below estimate (-$201.0 million). Total General Fund revenues 859 664 1,131 554 2,617 2,786 865 679 1,171 $0 $1,000 $2,000 $3,000 Corporate Net Income Sales and Use Personal Income GF All Other Motor License Fund Lottery Fund Third Quarter Revenue Snapshot Actual

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QRR_2015Q3.pdf

Overview General Fund revenues for the third quarter of 2015 were $74 million above estimate. 1 Table 1 shows that corporate net income tax collections were $27 million below estimate, sales and use tax deposits were $17 million below estimate and 3 Actual 1 Estimate 2 Variance 3 Total General Fund $6,736 $6,662 $74 $6,736 $6,662 $74 Corporate Net Income 573 600 -27 573 600 -27 Sales and Use 2,490 2,507 -17 2,490 2,507

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QRR_2013Q3.pdf

were approximately $42 million below estimate for the third quarter of calendar year 2013. 1 As shown by Table 1, corporate net income tax revenues were $25 million below estimate in the third quarter while sales and use tax and personal c Actual a Estimate b Difference c Total General Fund $6,110 $6,152 -$42 $6,110 $6,152 -$42 Corporate Net Income 478 503 -25 478 503 -25 Sales and Use 2,302 2,317 -15 2,302 2,317

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Presentation-2018-06-Philly-Pitt-Chambers.pdf

Revenues Close to Estimate FYTD Revenues Through May 2018 Amount Change Growth General Fund $31,483 $3,078 10.8% Corporate Net Income 2,318 188 8.8% Gross Receipts 1,143 -65 -5.4% Inheritance 928 72 8.5% Sales Federal Tax Cut FFY 2018-19 ($ billions) Joint Committee U Penn Wharton Individuals and Pass Throughs -$188.8 -$168.5 Corporate – rate and tax base -133.8 -129.2 Corporate - tax on foreign profits 42.6 40.5 Total Tax Cut

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Presentation-2018-06-PASBO.pdf

Revenues Close to Estimate FYTD Revenues Through May 2018 Amount Change Growth General Fund $31,483 $3,078 10.8% Corporate Net Income 2,318 188 8.8% Gross Receipts 1,143 -65 -5.4% Inheritance 928 72 8.5% Sales Federal Tax Cut FFY 2018-19 ($ billions) Joint Committee U Penn Wharton Individuals and Pass Throughs -$188.8 -$168.5 Corporate – rate and tax base -133.8 -129.2 Corporate - tax on foreign profits 42.6 40.5 Total Tax Cut

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MTR-2015-08.pdf

an average of ten banks per year have closed or been acquired, according to data from the Federal Deposit Insurance Corporation (FDIC). Two major economic forces have contributed to consolidation in the banking industry. First, the financial crisis left smaller banks a. -1.9 -5.9 Share of PA Employment 1.4% 1.4% 1.3% Data Sources: Federal Deposit Insurance Corporation (Deposit Market Share Reports) and U.S. Bureau of Labor Statistics (Financial Activities, Depository Credit Intermediation, Pennsylvania). 1 Amounts in

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IFO-Presentation-11-14-2019.pdf

of 16 “leading” states (Pew, Aug 2019) Since 2008, states make fundamental 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 2019 15 Dollar Amount Versus Estimate Actual Growth Adjusted Growth Total General Fund $10,377 $230 3.5% 5.2% Corporate Net - Finals 299 58 20.4% Corporate Net – Estimated 610 16 -2.2% Sales - Non-Motor 3,320 -49 1

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TC_2022_Educational_Tax_Credits.pdf

educational improvement organizations and $12.5 million to the PKTC. 11 Tax credits may be utilized against Pennsylvania personal income, corporate net income, bank and trust company shares, title insurance shares, insurance premiums, mutual thrift institutions, malt beverage and surplus lines Arizona private schools. Two credits are for donations made by individual taxpayers (original and switcher) and two credits are for corporate donations (low income and disabled/displaced). For FY 2019-20, donations totaled $218 million ($106 mil- lion individual donations, $112

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TC_2019_New_Jobs_Tax_Credit_Report.pdf

firm’s control. Tax credits may be used to offset up to 100 percent of the firm’s corporate net income, capital stock and franchise, insurance premiums, gross receipts, bank shares, mutual thrift or personal income tax liabilities. The credit must awards by entity type. More than 75 percent of credits over the past five years were awarded to corporations. Limited liability corporations (LLCs) benefited from 20 percent of credit awards. The remaining amount (less than 5 percent) went to other types

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Senate Budget Hearing Request.pdf

Vulakovich at the recent budget hearing for the Independent Fiscal Office (IFO). Specifically, Senator Vulakovich inquired about the treatment of corporate net operating losses (NOLs) in other states as compared to Pennsylvania. Current federal law allows 20 years of NOL carryforwards have further questions, please do not hesitate to contact my office. Sincerely, Matthew J. Knittel Director Enclosures 2 Table A Corporate Net Operating Loss Carryforward and Carryback Periods Number of Years by State 1 State Carryforward/back State Carryforward/back Alabama

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RTR-2015-02.pdf

year; dollar amounts in millions) Revenue Source February 2015 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $2.5 $156.4 $79.3 $203.0 percent change 7.9% 12.8% 13.8% 8.3% Other Corporate $5.4 -$34.9 -$20.3 -$224.0 percent change 20.4% -12.8% -16.2% -8.7% SUT – Nonmotor

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RTR-2014-11.pdf

year; dollar amounts in millions) Revenue Source November 2014 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $7.9 $77.1 $80.8 $169.2 percent change 20.6% 11.8% 14.5% 7.0% Other Corporate -$1.3 -$14.6 -$13.5 -$280.4 percent change -9.7% -9.9% -12.1% -10.5% SUT – Nonmotor

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RTR-2014-07.pdf

year; dollar amounts in millions) Revenue Source July 2014 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $1.3 $1.3 $7.5 $86.5 percent change 2.3% 2.3% 1.3% 3.6% Other Corporate $3.5 $3.5 -$1.9 -$339.0 percent change 19.7% 19.7% -1.3% -12.4% SUT – Nonmotor

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RTR-2013-11.pdf

year; dollar amounts in millions) Revenue Source November 2013 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income $3.4 -$14.0 -$12.6 $224.8 percent change 9.6% -2.1% -2.2% 10.3% Other Corporate -$0.3 -$103.8 -$67.7 -$284.3 percent change -2.3% -41.3% -37.7% -9.6% SUT – Nonmotor

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Revenue-Estimate-Performance_2022_10.pdf

estimate was $137 million, 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 Act 44 of 2017) that was not received is excluded, then the adjusted difference is $22 million, or 0.1%. Corporate net income tax revenues were Revenue Estimate Performance | Page 3 below forecast likely due to profit shifting out of tax

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Revenue-Estimate-Performance-2021-09.pdf

estimate was $137 million, 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 Act 44 of 2017) that was not received is excluded, then the adjusted difference is $22 million, or 0.1%. Corporate net income tax revenues were below forecast likely due to profit shifting out of tax year 2017 in response to

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Revenue-Estimate-Performance-2020-09.pdf

million, or 0.5 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 2017) that was not received is excluded, then the adjusted difference is $22 million, or 0.1 percent. Corporate net income tax revenues were below forecast likely due to profit shifting out of tax year 2017 in response to the large

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Revenue-Estimate-Performance-2019-07.pdf

million, or 0.5 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 2017) that was not received is excluded, then the adjusted difference is $22 million, or 0.1 percent. Corporate net income tax revenues were below forecast likely due to profit shifting out of tax year 2017 in response to the large

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Revenue-Estimate-Performance-2018-07.pdf

million, or 0.5 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 2017) that was not received is excluded, then the adjusted difference is $22 million, or 0.1 percent. Corporate net income tax revenues were below forecast likely due to profit shifting out of tax year 2017 in response to the large

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Revenue Trends Report - November 2012.pdf

year; dollar amounts in millions) Revenue Source November 2012 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $9.9 $163.4 $163.2 $71.5 percent change 39.8% 32.4% 40.1% 3.4% Other Corporate -$0.6 $4.3 -$26.6 $186.3 percent change -3.9% 1.8% -12.9% 6.7% SUT – Nonmotor

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Revenue Trends Report - January 2013.pdf

year; dollar amounts in millions) Revenue Source January 2013 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $12.9 $311.3 $157.8 $263.1 percent change 23.7% 36.7% 42.8% 12.7% Other Corporate $9.8 -$34.4 -$39.3 $114.7 percent change 23.6% -7.5% -17.4% 4.1% SUT – Nonmotor

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Revenue Trends Report - February 2013.pdf

year; dollar amounts in millions) Revenue Source February 2013 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $8.1 $319.3 $155.9 $277.0 percent change 29.1% 36.5% 41.9% 13.4% Other Corporate -$7.7 -$42.0 -$46.4 $117.4 percent change -21.0% -8.5% -18.7% 4.2% SUT – Nonmotor

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Revenue Trends Report - August 2013.pdf

year; dollar amounts in millions) Revenue Source August 2013 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income $5.5 -$1.4 -$41.6 $400.5 percent change 17.3% -1.4% -7.3% 19.8% Other Corporate -$9.1 -$36.2 -$134.4 -$243.2 percent change -33.6% -50.4% -54.1% -8.2% SUT – Nonmotor

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Revenue Conference Presentation Jan 2013 FINAL.pdf

General Fund 23.Jan.2013 2013 Revenue Conference 11 Revenue Source Estimate Growth Total General Fund $28,510 3.0% Corporate Net Income 2,257 11.6% Sales and Use 9,179 4.6% Personal Income 11,220 3.9% All 13 Snapshot ($ millions) Fiscal Year‐to‐Date Revenue Source Actual Estimate Difference Total General Fund $12,228 $12,216 $12 Corporate Net Income 1,091 996 96 Sales and Use 4,475 4,594 ‐119 Personal Income 4,801 4,784

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QRR_2017Q3.pdf

the same website. revenues were above estimate by $25.4 million for the third quarter of 2017. (See page 2.) Corporate net income, sales and use and personal income tax revenues were above estimate by a com- bined $1.1 million Total Tax Revenue 6,871.3 6,861.9 9.4 6,871.3 6,861.9 9.4 Total Corporation Taxes 617.2 573.4 43.8 617.2 573.4 43.8 Accelerated Deposits 0.0 0.0 0

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QRR_2017Q2.pdf

second quarter of 2017 and below estimate by $840.7 million for the fiscal year-to -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 Total Tax Revenue 8,697.5 9,256.3 -558.8 30,753.0 31,674.9 -921.9 Total Corporation Taxes 1,114.5 1,404.8 -290.3 4,781.0 5,035.9 -254.9 Accelerated Deposits -0

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QRR_2017Q1.pdf

first quarter of 2017 and below estimate by $322.3 million for the fiscal year‐to‐ 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 Total Tax Revenue 8,747.7 8,749.7 -2.0 22,055.5 22,418.6 -363.1 Total Corporation Taxes 2,422.4 2,359.9 62.5 3,696.3 3,636.6 59.7 Accelerated Deposits 1

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QRR_2016Q4.pdf

by $125.8 million for the fourth quarter of 2016 and $332.5 million for the 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 Total Tax Revenue 6,752.3 6,917.8 -165.4 13,307.8 13,668.8 -361.1 Total Corporation Taxes 690.0 693.5 -3.5 1,273.9 1,276.7 -2.8 Accelerated Deposits 0.3 0

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Newsstand_2018_June.pdf

are struggling to find qualified employees to fill job openings and report upward pressure on wages and salaries. U.S. Corporate Profits Increase 4.3% in 2018 Q1 On May 30, the U.S. Bureau of Economic Analysis released preliminary data for U.S. corporate profits for the first quarter of 2018. (See Table 1.12 from the hyperlink.) Total corporate profits increased by 4

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MTR-2017-05.pdf

Office May 2017 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 9.5 million from personal income tax; $8.6 million from sales and use tax; and $7.4 million from corporate net income tax. (The graphs above correct for these transfers.)  The personal income tax withholding collections year-over-year

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MTR-2017-04.pdf

Office April 2017 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 7.7 million from personal income tax; $5.6 million from sales and use tax; and $3.1 million from corporate net income tax. (The graphs above correct for these transfers.)  The personal income tax withholding collections year-over-year

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MTR-2016-06.pdf

In recent months, U.S. economic uncertainty has increased due to weak job growth, tepid business investment and pressure on corporate profits. Those economic indicators can be used to assess the probability of a recession (i.e., a decline in real collections exhibited unexpected weakness for withholding (0.9%) and estimated payments (-11.4%). Positive signs from June include gains in corporate tax payments (8.6%) and realty transfer tax remittances (22.6%). Although certain national indicators show an increased risk of

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MTR-2016-01.pdf

as sole proprietors or independent contractors. It also excludes most partners employed in partnerships as well as owners of S corporations. January 2016 Monthly Trends Report 1 U.S. Bureau of Labor Statistics, State Area Employment Data- base. Data exclude military Office January 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  Transfers from the General Fund to the

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MTR-2015-09.pdf

May-14 Sep-14 Jan-15 May-15 Sep-15 3-month 12-month Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  Personal income tax withholding includes revenue collections year.  The third quarterly installment of estimated taxes for calendar year filers was due in September for both the corporate net income and personal income taxes.  Transfers from the General Fund to the Enhanced Revenue Collection Account occurred: $3

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MRU_2022_04.pdf

the fiscal year-to-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% payments. Adjusting for transfers 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

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MRU-2022-05.pdf

date (FYTD). The monthly 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 final (+$1.49 billion, 83.1%), withholding (+$533.3 million, 5.1%) and quarterly (+$395.9 million, 21.3%) payments. Corporate net income tax revenues for May of $476.6 million exceeded forecasts by $136.9 million (40.3%) due to

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MRU-2020-09.pdf

the Independent Fiscal Office’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 attributable to higher than anticipated third-quarter estimated payments for tax year 2020 ($93.2 million, 24.9 percent), as corporate profits have held up better than projected through the pandemic. FYTD CNIT collections exceed estimate by $157.5 million (16

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MRU-2020-06.pdf

due dates. The impact 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) occurred 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

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MQRE_FY21_22_August.pdf

Table 1. Additional detail regarding the recent enactments can be found in the next section. FY 2021-22 Corporate Net Income -$44.5 Gross Receipts -0.3 Insurance Premiums -6.2 Bank Shares -4.1 Sales Tax - Non-motor -18.7 373 $3,282 $3,149 $2,178 $4,978 $4,514 $2,772 $3,526 $41,915 Total Corporation Taxes 142 75 690 122 143 627 145 99 2,264 410 366 639 5,721 Corporate Net Income 121 69 673

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MQRE-FY19-20-Aug.pdf

Table 1. Additional detail regarding the recent enactments can be found in the next section. FY 2019-20 Corporate Net Income -$14.1 Gross Receipts -3.2 Insurance Premiums -5.7 Bank Shares -3.9 Sales and Use - Non-motor -0 314 $2,966 $3,089 $2,065 $4,767 $4,342 $2,608 $3,220 $35,518 Total Corporation Taxes 98 66 593 123 133 567 165 104 2,352 357 351 642 5,550 Corporate Net Income 93 59 571

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Initial_Estimate_May_2017_Presentation.pdf

rates are year-over-year. Wage growth for 2017 Q1 is an estimate by IFO based on withholding tax revenues. Corporate domestic profits exclude the Federal Reserve. Home price index represents increase in average market value of existing homes. Sources: U IFO Estimate 11 02.May.2017 Gains Losses Capital Stock & Fran. $25 Corp. Net Income -$159 Insurance Premiums $20 Other Corporate -$68 All Tobacco $28 Sales and Use -$290 Liquor Store Profits $75 PIT - Withholding -$62 Transfers $169 PIT - Other -$297

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Econ Summit Presentation Feb 28 2017.pdf

2017-18 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

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2012-12 Monthly Economic Summary FINAL.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2006_surviving_spouse_healthcare_study.pdf

forest lands acquired by gift from Pennsylvania State University or by acquisition from the Curtiss- Wright Corporation whichare locatedat Quehanna, Pennsylvania, or recov- ered through the termination of a lease with Curtiss-Wright Corporation relating to Quehanna, Pennsylvania, and upon which are erected certain industrial buildings constructed by the Curtiss-Wright Corporation for industrial or economic development purposes

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The Payroll Tax Cut Extension FINAL.pdf

of additional sales tax revenues. 3 Additional General Fund tax revenues would also be generated through higher personal income and corporate income tax collections since the additional spending increases the profits of business owners. However, data are not available regarding the business income. That income would be taxed at the individual tax rate for pass through entities such as partnerships, S corporations and sole proprietorships (3.07 percent) or a corporate tax rate (9.99 percent) for C corporations. These impacts represent

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TC_2021_Video_Game_Production.pdf

The program is capped at $1.0 million annually. Tax credits may be utilized against Pennsylvania personal income (excludes withholding), corporate net income, bank and trust company shares, title insurance companies shares, insurance premiums and mutual thrift institutions taxes for the industry. 2 A video game that contains obscene performance or material or a game designed primarily for private, political, industrial, corporate or institutional purposes is not eligible for the VGP Tax Credit. 3 For a full list of qualified video game

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TC_2019_Film_Production_Tax_Credit_Report.pdf

unused credits from prior years. Tax credits may be utilized to offset up to 50 percent of the corporate net income, insurance premiums, bank shares, mutual thrift institution or personal income qualified tax liability. The credits authorized for film production companies  Evidence that the applicant has a valid state tax ID number.  Evidence that all personal service corporations or loan-out companies that will be engaged by the applicant are incorporated, or formed in Pennsylvania, or have registered to do

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Single-Use Plastics Report-2020_06.pdf

report: Kathleen Hall, Revenue Analyst II Ms. Hall joined the IFO in May 2019. Primary responsibilities include forecasting corporate net income tax revenues, business- and economic-related research, performance-based budgeting initiatives and various other projects including the Special Education Funding of the regulation. 12 To estimate the impact, the agency sent a data request on bag usage to corporate offices that represented over 6,500 stores statewide. Data from 1,500 stores showed that over a six-month period prior to

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Revenue_Estimate_2021_05_Presentation.pdf

credit card debt down 14% in 2021 Q1. Note: Billions of dollars. PPP includes both pass-through entities and C corporations. Source: U.S. Department of Labor, U.S. Treasury Department, Small Business Administration. Calculations by the IFO. Impact of Business Dollar Change Updated Estimate Payment Shifts Adjusted Growth General Fund $38,437 $1,674 $40,111 $1,978 9.4% Corporate Net Income 3,775 529 4,304 375 22.7 Sales - Non-Motor 10,640 262 10,903 160 10

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Revenue-Estimate-2020-05-Presentation.pdf

6% Capital Gains 26% -40% -39% 73% 8% -25% 20% Dividends 35% -30% -35% 14% 8% -25% 20% U.S. Corporate Profits -10% -11% -14% 37% -3% -25% 20% S&P 500 Index 4% -39% 24% 10% 20% -7% n.a. Note: Net Profits include income reported by independent contractors, sole proprietors, partners and S corporation shareholders on the state tax return. Capital Gains and Dividends are growth rates from state tax return. Corporate profits include

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REU-2020-02.pdf

percent) for the fiscal-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 Estimate $ Diff General Fund $2,167.5 $2,064.6 $102.9 $20,879.6 $20,581.2 $298.4 Corporate Net Income 83.7 70.8 12.9 1,747.9 1,703.0 44.9 SUT - Non-Motor 709

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REU-2020-01.pdf

are exceeding estimate by $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 Estimate $ Diff General Fund $3,071.0 $3,089.4 -$18.4 $18,712.0 $18,516.6 $195.4 Corporate Net Income 92.0 124.1 -32.1 1,664.3 1,632.2 32.1 SUT - Non-Motor 955

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REU-2019-12.pdf

percent) above estimate for 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 Estimate $ Diff General Fund $2,907.1 $2,965.6 -$58.5 $15,641.1 $15,427.2 $213.9 Corporate Net Income 526.5 546.1 -19.6 1,572.3 1,508.1 64.2 SUT - Non-Motor 845

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REU-2019-11.pdf

million (2.2 percent) 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 Estimate $ Diff General Fund $2,356.5 $2,314.4 $42.1 $12,733.6 $12,461.6 $272.0 Corporate Net Income 137.7 127.7 10.0 1,045.8 962.0 83.8 SUT - Non-Motor 817.5

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REU-2019-10.pdf

The monthly overage was 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 Estimate $ Diff General Fund $2,670.0 $2,526.3 $143.7 $10,377.0 $10,147.2 $229.8 Corporate Net Income 141.1 112.4 28.7 908.1 834.3 73.8 SUT - Non-Motor 897.8 857

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QRE_FY14-15.pdf

pdf . Table 2 General Fund Statutory Adjustment Detail – Acts 1A and 126 ($ millions) Revenue Source FY 2014-15 Corporate Net Income Tax $1.9 Capital Stock and Franchise Tax 1.6 Sales and Use Tax 22.5 Personal Income Tax 12 Tax Revenue 6,231.8 6,336.5 8,104.6 8,250.0 28,922.9 Total Corporation Taxes 580.0 673.7 2,463.0 1,052.9 4,769.6 Corporate Net Income 496.4 598.6 513

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PBB_2021_PSP_REPORT_ADDENDUM.pdf

conjunction with the initial report, and not serve as a replacement for the original measures provided. Troop Patrol Troopers Patrol Corporals Crime Troopers Crime Corporals % Members Assigned to Patrol % Members Assigned to Crime A 148 31 29 7 69.1% 13.9% B 171 33

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Official-Revenue-Estimate-2020-06-Presentation.pdf

6% Capital Gains 26% -40% -39% 73% 8% -20% 13% Dividends 35% -30% -35% 14% 8% -20% 13% U.S. Corporate Profits -10% -11% -14% 37% -3% -20% 13% S&P 500 Index 5% -39% 24% 10% 20% -2% n.a. Note: Net Profits include income reported by independent contractors, sole proprietors, partners and S corporation shareholders on the state tax return. Capital Gains and Dividends are growth rates from state tax return. Corporate profits include

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Newsstand_2018_October.pdf

50,000 for 2016. Finally, tax remit- tances based on the taxable income of pass-through businesses (i.e., S corporations, partnerships and sole proprie- tors) increased by 14.3% in the third quarter. Official government statistics will not be released revenue was up $14 billion (0.4%) from the prior year, constrained by a $92 billion (-31.1%) decline in corporate net income tax. Spending was up $127 billion (3.2%), driven by outlays for interest payments on debt, which increased

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MTR-2019-09.pdf

by $86.2 million 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 Estimate $ Diff General Fund $3,185.0 $3,074.0 $111.0 $7,707.1 $7,620.9 $86.2 Corporate Net Income 610.6 570.5 40.1 767.0 721.9 45.1 SUT - Non-Motor 808.4 807

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MTR-2019-08.pdf

due largely to higher 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 Estimate $ Diff General Fund $2,192.9 $2,125.8 $67.1 $4,522.1 $4,546.9 -$24.8 Corporate Net Income 63.3 58.5 4.8 156.4 151.4 5.0 SUT - Non-Motor 830.6 800

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MTR-2019-07.pdf

4.1 percent) higher 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 Actual Estimate $ Diff Actual Estimate $ Diff General Fund $2,329 n.a. n.a. $2,329 n.a. n.a. Corporate Net Income 93 n.a. n.a. 93 n.a. n.a. SUT - Non-Motor 783 n.a. n.a

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MTR-2018-10.pdf

October and $184.8 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 2018 and unusually large settlement payments for old tax years. The next large payment will be received December 15th, when corporations make their fourth estimated payment for tax year 2018. Total SUT collections for October exceeded estimate ($16.6 million), due

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MTR-2018-05.pdf

and withholding ($56 million) 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 of that shortfall is likely due to profit shifting out of tax year 2017 in response to the significant federal corporate rate reduction in December 2017. For the fiscal year, CNIT revenues are $167 million below estimate, driven by final payments

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MTR-2018-02.pdf

4.6 percent) above estimate. The three largest sources of tax revenue (personal income tax, sales and use tax and corporate net income tax) were all above estimate. Personal income tax (PIT) withholding payments exceeded estimate by $19 million (2.4 vehicle SUT collections came 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

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MTR-2017-11.pdf

temporary gains, collections from 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 Collection Account and Housing Affordability and Rehabilitation Enhancement Fund and (2) issues related to fluctuating payment due dates.  The corporate net income tax collections year-over-year growth rate (next page) was impacted by a change to the filing deadline

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MTR-2017-10.pdf

non-motor vehicle sales 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 6.4 million from personal income tax; $7.5 million from sales and use tax; and $5.7 million from corporate net income tax.  The graphs above correct for all transfers and issues related to fluctuating payment due dates. Sales

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MTR-2017-09.pdf

1.9 percent) and 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 7.8 million from personal income tax; $6.6 million from sales and use tax; and $5.6 million from corporate net income tax. The graphs above correct for all transfers and issues related to fluctuating payment due dates. Sales and

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MTR-2017-03.pdf

Office March 2017 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 5.4 million from personal income tax; $7.0 million from sales and use tax; and -$9.0 million from corporate net income tax. (The graphs above correct for these transfers.)  The personal income tax withholding collections year-over-year

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MTR-2017-02.pdf

Office February 2017 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 6.1 million from personal income tax; $4.1 million from sales and use tax; and $5.2 million from corporate net income tax. (The graphs above correct for these transfers.)  The personal income tax withholding collections year-over-year

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MTR-2017-01.pdf

Office January 2017 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 7.8 million from personal income tax; $6.2 million from sales and use tax; and $5.2 million from corporate net income tax. (The graphs above correct for these transfers.)  The personal income tax withholding collections year-over-year

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MTR-2016-12.pdf

Office December 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 6.5 million from personal income tax; $5.7 million from sales and use tax; and $5.2 million from corporate net income tax. (The graphs above correct for these transfers.)  The personal income tax withholding collections year-over-year

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MTR-2016-11.pdf

Office November 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 8.0 million from personal income tax; $7.4 million from sales and use tax; and $4.6 million from corporate net income tax. (The graphs above correct for these transfers.)  Personal income tax withholding collections year-over-year growth

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MTR-2016-10.pdf

Office October 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page Transfers from the General Fund to the Enhanced Revenue Collection Account were $33.9 million including: $14.8 million from corporate net income tax; $7.3 million from sales and use tax; $7.3 million from personal income tax; and $2

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MTR-2016-09.pdf

OFFICE SEPTEMBER 2016 - MONTHLY TRENDS REPORT SELECT GENERAL FUND TAX REVENUES - ANNUAL GROWTH RATES Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page from the General Fund to the Enhanced Revenue Collection Account were $27.8 million and included: $11.8 million from Corporate Net Income Tax; $6.8 million from Sales and Use Tax; $6.2 million from Personal Income Tax; and $2

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MTR-2016-08.pdf

Office August 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page from the General Fund to the Enhanced Revenue Collection Account were $23.2 million and included: $7.0 million from Corporate Net Income Tax; $1.7 million from Inheritance Tax; $7.5 million from Sales and Use Tax; and $5.8

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MTR-2015-07.pdf

Office July 2015 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  Non-Tax revenues declined from the prior income tax ($11.3 million) accounted for most of the transfer.  July does not contain major due dates for corporate taxes, and it is one of the smaller months for tax collections.  Quarterly employer withholding payments were due on

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MRU_2022_12.pdf

exceeded the monthly forecast. 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 Diff General Fund $4,041.8 $3,612.0 $429.8 $19,699.3 $18,537.7 $1,161.6 Corporate Net Income 994.6 855.0 139.6 2,660.7 2,325.0 335.7 SUT - Non-Motor 1

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MRU_2022_03.pdf

to-date (FYTD). The 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 Diff General Fund $5,557.0 $4,977.8 $579.2 $34,140.0 $31,102.7 $3,037.3 Corporate Net Income 631.7 511.9 119.8 3,249.3 2,433.8 815.5 SUT - Non-Motor 941

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MRU_2022_02.pdf

9.15 billion (+$732.4 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 Diff General Fund $2,434.3 $2,177.6 $256.7 $28,582.9 $26,124.9 $2,458.0 Corporate Net Income 86.6 81.5 5.1 2,617.6 1,921.9 695.7 SUT - Non-Motor 836

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MRU_2021_11.pdf

by $350.8 million (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 Diff General Fund $6,621.5 $6,373.3 $248.2 $18,713.2 $17,516.9 $1,196.3 Corporate Net Income 177.4 138.4 39.0 1,478.9 1,116.0 362.9 SUT - Non-Motor 957

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MRU_2021_10.pdf

to-date (FYTD) estimate. 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 Estimate $ Diff General Fund $2,814.1 $2,580.5 $233.6 $12,091.7 $11,143.6 $948.1 Corporate Net Income 157.9 113.7 44.2 1,301.5 977.6 323.9 SUT - Non-Motor 1,021

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MRU_2021_09.pdf

551.4 million (16.0%) 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 Estimate $ Diff General Fund $4,003.1 $3,451.7 $551.4 $9,277.6 $8,563.1 $714.5 Corporate Net Income 866.3 673.4 192.9 1,143.6 863.9 279.7 SUT - Non-Motor 971.9

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MRU_2021_08.pdf

were $2.57 billion, 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 Estimate $ Diff General Fund $2,574.3 $2,502.8 $71.5 $5,274.5 $5,111.4 $163.1 Corporate Net Income 106.0 69.2 36.8 277.4 190.5 86.9 SUT - Non-Motor 960.0 938

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MRU_2021_07.pdf

payments increased by $10.8 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 Diff Actual Estimate $ Diff General Fund $2,700.2 n.a. n.a. $2,700.2 n.a. n.a. Corporate Net Income 171.4 n.a. n.a. 171.4 n.a. n.a. SUT - Non-Motor 1,074.5

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MRU_2021_05.pdf

for TY 2020). FYTD 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 General Fund $3,947.3 $2,617.8 $1,329.5 $36,623.6 $35,019.7 $1,603.9 Corporate Net Income 417.5 260.0 157.5 3,712.2 3,274.2 438.0 SUT - Non-Motor 995

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MRU_2021_04.pdf

projections. It is anticipated 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 Estimate $ Diff General Fund $3,962.4 $4,239.6 -$277.2 $32,676.4 $32,401.9 $274.5 Corporate Net Income 478.5 260.0 218.5 3,294.7 3,014.2 280.5 SUT - Non-Motor 1

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MRU_2021_03.pdf

Estimate published in January 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 Estimate $ Diff General Fund $4,842.7 $4,558.5 $284.2 $28,714.0 $28,162.3 $551.7 Corporate Net Income 460.0 400.0 60.0 2,816.2 2,754.2 62.0 SUT - Non-Motor 757

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MRU_2021_02.pdf

collections. Fiscal-year-to-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 Estimate $ Diff General Fund $2,683.8 $2,174.2 $509.6 $23,871.3 $23,603.8 $267.5 Corporate Net Income 71.8 70.0 1.8 2,356.1 2,354.2 1.9 SUT - Non-Motor 789

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MRU_2021_01.pdf

Fiscal-year-to-date (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 Estimate $ Diff General Fund $2,658.3 $2,904.1 -$245.8 $21,187.5 $21,429.6 -$242.1 Corporate Net Income 146.0 145.9 0.1 2,284.3 2,284.2 0.1 SUT - Non-Motor 960

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MRU_2020_11.pdf

IFO) June 2020 Official 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 Diff General Fund $2,338.5 $2,247.6 $90.9 $14,845.1 $13,739.4 $1,105.7 Corporate Net Income 138.3 65.9 72.4 1,377.4 1,115.8 261.6 SUT - Non-Motor 848

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MRU-2023-01.pdf

is $555.6 million (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 Diff General Fund $3,565.7 $3,532.9 $32.8 $23,265.0 $22,070.6 $1,194.4 Corporate Net Income 166.8 155.0 11.8 2,827.5 2,480.0 347.5 SUT - Non-Motor 1

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MRU-2022-11.pdf

the forecast by $423.0 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 Estimate $ Diff General Fund $2,753.5 $2,882.5 -$129.0 $15,657.5 $14,925.7 $731.8 Corporate Net Income 174.6 170.0 4.6 1,666.1 1,470.0 196.1 SUT - Non-Motor 1

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MRU-2022-10.pdf

than anticipated, while quarterly (+$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 Estimate $ Diff General Fund $3,124.9 $2,848.1 $276.8 $12,904.0 $12,043.2 $860.7 Corporate Net Income 176.4 160.0 16.4 1,491.5 1,300.0 191.5 SUT - Non-Motor 1

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MRU-2022-09.pdf

286.6 million lower 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 Estimate $ Diff General Fund $4,217.9 $3,795.5 $422.4 $9,779.0 $9,195.1 $583.9 Corporate Net Income 1,062.7 870.0 192.7 1,315.2 1,140.0 175.2 SUT - Non-Motor

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MRU-2022-08.pdf

forecast by $156.6 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 Estimate $ Diff General Fund $2,864.9 $2,761.3 $103.6 $5,561.1 $5,399.6 $161.5 Corporate Net Income 102.0 110.0 -8.0 252.5 270.0 -17.5 SUT - Non-Motor 1,034.9

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MRU-2022-07.pdf

from the same month 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 Diff Actual Estimate $ Diff General Fund $2,696.2 n.a. n.a. $2,696.2 n.a. n.a. Corporate Net Income 150.5 n.a. n.a. 150.5 n.a. n.a. SUT - Non-Motor 1,145.6

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MRU-2022-06.pdf

8%) above estimate. This 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 Diff General Fund $4,244.5 $3,526.0 $718.5 $48,134.2 $41,914.9 $6,219.3 Corporate Net Income 970.0 634.1 335.9 5,323.1 3,765.7 1,557.4 SUT - Non-Motor

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MRU-2022-01.pdf

4 million, 12.4%) 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 Diff General Fund $3,589.4 $3,148.8 $440.6 $26,148.6 $23,947.3 $2,201.3 Corporate Net Income 162.4 108.5 53.9 2,531.0 1,840.4 690.6 SUT - Non-Motor 1

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MRU-2021-12.pdf

FYTD). The monthly overage 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 Diff General Fund $3,846.0 $3,281.6 $564.4 $22,559.2 $20,798.5 $1,760.7 Corporate Net Income 889.6 615.9 273.7 2,368.5 1,731.9 636.6 SUT - Non-Motor 1

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MRU-2021-06.pdf

the Independent Fiscal Office’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 Diff General Fund $3,768.4 $3,417.7 $350.7 $40,392.0 $38,437.4 $1,954.6 Corporate Net Income 711.5 500.4 211.1 4,423.8 3,774.6 649.2 SUT - Non-Motor 1

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MRU-2020-3.pdf

the estimated impact of 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 Estimate $ Diff General Fund $4,434.9 $4,766.6 -$331.8 $25,314.4 $25,347.8 -$33.4 Corporate Net Income 434.9 499.2 -64.3 2,182.8 2,202.2 -19.4 SUT - Non-Motor 718

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MRU-2020-12.pdf

with the Independent Fiscal 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 Diff General Fund $3,681.4 $2,907.0 $774.4 $18,526.5 $16,646.4 $1,880.1 Corporate Net Income 760.9 427.1 333.8 2,138.3 1,542.9 595.4 SUT - Non-Motor 895

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MRU-2020-10.pdf

June 2020 Official Estimate. 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 Diff General Fund $2,592.5 $2,317.3 $275.2 $12,506.5 $11,491.8 $1,014.7 Corporate Net Income 121.0 89.3 31.7 1,239.1 1,049.9 189.2 SUT - Non-Motor 939

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MRU-2020-08.pdf

from the COVID-related 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 Estimate $ Diff General Fund $2,548.4 $2,300.7 $247.7 $6,652.4 $6,260.1 $392.3 Corporate Net Income 287.3 270.8 16.5 524.0 487.1 36.9 SUT - Non-Motor 868.9 735

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MRU-2020-07.pdf

primarily the result of 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 Diff Actual Estimate $ Diff General Fund $4,103.9 n.a. n.a. $4,103.9 n.a. n.a. Corporate Net Income 236.7 n.a. n.a. 236.7 n.a. n.a. SUT - Non-Motor 1,063.6

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MRU-2020-05.pdf

million (-6.4 percent) 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 Variance General Fund $2,105.6 $2,608.2 -$502.6 $29,600.9 $32,298.1 -$2,697.2 Corporate Net Income 118.9 327.8 -208.9 2,437.6 2,824.6 -387.0 SUT - Non-Motor 648

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MRU-2020-04.pdf

the closure of most 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 General Fund $2,180.9 $4,342.1 -$2,161.2 $27,495.4 $29,689.9 -$2,194.6 Corporate Net Income 136.0 294.6 -158.6 2,318.8 2,496.8 -178.0 SUT - Non-Motor 621

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MQRE-FY18-19-July.pdf

Table 1. Additional detail regarding the recent enactments can be found in the next section. FY 2018-19 Corporate Net Income -$7.5 Insurance Premiums -2.0 Bank Shares -1.8 Personal Income - Withholding -25.1 Personal Income - Annual -7.5 183 $2,824 $2,984 $1,982 $4,551 $3,905 $2,599 $3,028 $33,899 Total Corporation Taxes 81 55 549 130 60 533 148 75 2,246 307 345 581 5,111 Corporate Net Income 77 47 527

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MER-2013-11.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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IFO testimony CR Hearing Jan 29 2020.pdf

that form a unitary group are required to file a combined return as if the related entities were a single corporation. The combined return reflects the net income or loss associated with the business operations of all members of the unitary profits to low or 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

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IFO Five-Year Outlook.pdf

15.Nov.2012 Revenues The Economic and Budget Outlook Slide 33 15.Nov.2012 2013 2014 2015 2016 2017 2018 Corporate Net Income 15.0% -4.4% 0.7% 3.1% 2.9% 2.3% Personal Income 3.6% 2.8% income and reduce sales tax revenues. The Economic and Budget Outlook Slide 38 15.Nov.2012 Revenues FY 2012-13: Corporate Net Income Tax  32.1% growth through October (vs. 15% FY prediction).  Growth over depressed levels in the

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Five_Year_Outlook_2020_Presentation_Final.pdf

6% shift to small pickups, used cars prices +10% Realty Transfer +12.8% home values up +8.0% in Q3 Corporate Net Income +12.2% very strong December payment Sales - Non-Motor Vehicle +3.8% appliance purchases, remodels Cigarette +3.2% 03 3.9% $17.87 4.4% Sales and Use 12.17 12.42 2.1% 13.59 2.3% Corporate Net Income 3.40 3.25 -4.5% 4.47 8.3% Inheritance 1.13 1.14 1.1% 1

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Five_Year_Outlook_2017_Presentation.pdf

Other economic fundamentals are sound.  Consumers still cautious about debt, except student loans.  Housing values up 4.4%. Corporate profits appear to rebound. Federal tax reform may have material impact.  Large tax cuts for corporate and pass-through business income.  100% full expensing for 2018 may delay business purchases. November 16, 2017 18 PA

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EPLC Feb 2020 FINAL.pdf

1% Notes: Billions of dollars. AAGR is average annual growth rate. Net Business Income includes sole proprietors, partnerships and S corporations. Capital income includes capital gains, interest and dividends, rent and royalties. Retirement income includes Social Security, IRA withdrawals and DB- are in inheritance tax and escheats  Labor market stronger than expected | inflation weaker  Recent windfalls in sales and corporate net income taxes Expenditures concentrated in three agencies  Education (41%) | Human Services (38%) | Corrections (8%)  All other agencies

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2023_Mid_Year_Update.pdf

13 Dollar Amount YOY Growth Adjusted Growth Notes General Fund Revenues $23,344 -10.7% 6.4% see note below Corporate Net Income 2,829 11.8 Sales - Non-Motor 7,589 6.1 Sales - Motor Vehicle 801 -24.4 5 Growth Adjusted Amount $ Change Adjusted General Fund Revenues $42,187 -12.4% -3.1% $43,713 $1,526 +0.5% Corporate Net Income 4,892 -8.1 -4.4 5,301 409 3.6 Sales - Non-Motor 11,831 -2.0

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2013-08 Monthly Economic Summary.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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TC_2021_Entertainment_Economic_Enhancement_Program.pdf

cost of tour merchandise (if purchased in Pennsylvania and resold at Pennsylvania concerts) and payments made to a personal service corporation representing individual talent. 3 Qualified expenses include employee compensation, transportation costs, food and lodging. 4 Allowable concert venues may include qualified concert tour equipment rented or purchased. 5 Tax credits may be utilized against Pennsylvania personal income (excludes withholding) or corporate net income tax for the tax year the credit is issued. Credits not used in that tax year may be

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

BUSINESS TAX COMPETITIVENESS STATE  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 Conforms to federal treatment New Jersey 0 $0 20 Unlimited New York 3 Unlimited 20 Unlimited Ohio Not applicable (no corporate income tax) West Virginia Conforms to federal treatment Source: Tax Foundation, 2020 State Business Tax Climate Index. PENNSYLVANIA’S TAX

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RTR-May 2012.pdf

3% 9,114.2 3.3% 2.4% 3.5% 3.7% 9.3% 27,258.8 3.6% Total Corporation Taxes 81.3 -28.2% 2,942.0 -1.1% 3.0% -7.5% 2.4% 20.4% 4,815 18.8) -4104.8% (1.3) -159.8% 33265.8% -1015.0% 87.1% -75.1% 3.6 -33.8% Corporate Net Income 36.3 -33.7% 671.6 -21.5% 1.5% -14.5% 1.8% 32.0% 1,880

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RTR-Mar 2012.pdf

9% 7,849.8 2.4% 3.5% 3.7% 9.3% 3.4% 27,043.6 4.8% Total Corporation Taxes 2,274.4 3.6% 2,434.6 3.0% -7.5% 2.4% 20.4% -2.1% 4 15.5 1136.2% 18.4 33265.8% -1015.0% 87.1% -75.1% -99.2% 21.3 -2577.3% Corporate Net Income 328.2 5.1% 410.5 1.5% -14.5% 1.8% 32.0% 3.9% 2,079

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RTR-Jun 2012a.pdf

0% 7,766.0 1.4% 2.4% 3.5% 3.7% 9.3% 27,148.6 2.6% Total Corporation Taxes 651.0 29.5% 1,318.7 2.9% 3.0% -7.5% 2.4% 20.4% 4,963 1.7 n.a. (15.1) n.a. n.a. n.a. n.a. n.a. 7.1 n.a. Corporate Net Income 474.4 42.5% 817.7 -6.7% 1.5% -14.5% 1.8% 32.0% 2,021

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RTR-Feb 2012.pdf

0% 6,093.4 1.9% 3.5% 3.7% 9.3% 3.4% 26,967.7 4.9% Total Corporation Taxes 64.1 -20.1% 620.0 -4.2% -7.5% 2.4% 20.4% -2.1% 4,846.7 1.3 -3830.4% 4.6 -2572.7% -1015.0% 87.1% -75.1% -99.2% 7.1 98.8% Corporate Net Income 27.7 -17.3% 371.8 -11.8% -14.5% 1.8% 32.0% 3.9% 2,063

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RTR-Apr 2012.pdf

8% 8,960.8 4.0% 2.4% 3.5% 3.7% 9.3% 27,133.8 3.5% Total Corporation Taxes 586.3 -11.9% 2,924.8 -0.5% 3.0% -7.5% 2.4% 20.4% 4,847 2.1 383.0% 18.9 1047.1% 33265.8% -1015.0% 87.1% -75.1% 22.9 -1712.9% Corporate Net Income 307.0 -37.1% 662.9 -20.5% 1.5% -14.5% 1.8% 32.0% 1,898

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Revenue_Estimate_Performance_Dec_2017.pdf

million, or 0.5 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 35 -33 54 -10 -23 -123 -146 Table 1 Tax Sources Notes: Figures in dollar millons. CNIT is corporate net income tax, PIT is personal income tax and SUT is sales and use tax. Forecasts made in June are adjusted for

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Revenue_Estimate_2016-06-15_Snapshot.pdf

Snapshot Revenue Source FY15-16 Growth FY16-17 Growth General Fund - Total $30,999 1.3% $31,661 2.1% Corporate Net Income 2,843 1.1% 2,921 2.8% Sales and Use - Total 9,842 3.7% 10,188 year, reducing the expected growth rate for the remainder of 2016 and 2017. Highlights of the FY16-17 forecast include: Corporate Net Income Tax – Revenues are projected to increase by 2.8 percent based on moderate growth rates for domestic, non-

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Revenue_Estimate_2014-06-16_Snapshot.pdf

million lower for FY13-14 and $870 million lower for FY14-15, a two-year difference of $1,442 million. Corporate Net Income Tax – Revenues are expected to be flat in FY14-15. Lower tax liabilities from the expanded net operating loss deduction will offset some of the gains from modestly higher corporate profits. In addition, the unwinding of federal 100 percent bonus depreciation will provide less revenue for FY14- 15 than it

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Revenue Trends Report - January 2012.pdf

2% 6,118.7 1.2% 3.5% 3.7% 9.3% 3.4% 26,786.7 4.3% Total Corporation Taxes 96.1 6.8% 595.4 -3.2% -7.5% 2.4% 20.4% -2.1% 4,862.8 1.6 -239.7% 5.2 -557.6% -1015.0% 87.1% -75.1% -99.2% 5.7 68.6% Corporate Net Income 54.6 -6.9% 369.1 -12.1% -14.5% 1.8% 32.0% 3.9% 2,069

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Response_Letter_9_23_2019.pdf

not consider indirect taxes that are levied on a business and passed through to shareholders, workers or consumers (e.g., corporate net income, insurance premiums and bank shares), mid-sized or smaller tax types (e.g., realty transfer) and taxes not Homeowner SD Property Tax 29.0% 32.0% 8,076 2,342 2,584 8,453 2,451 2,705 Corporate Net Income n.a. n.a. 2,879 n.a. n.a. 3,458 n.a. n.a. Insurance Premiums

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Response_Letter_2021_April.pdf

not consider indirect taxes that are levied on a business and passed through to shareholders, workers or consumers (e.g., corporate net income, insurance premiums and financial institutions), mid-sized or smaller tax types (e.g., realty transfer) and taxes not Homeowner SD Prop Tax 29.0% 32.0% $8,327 $2,415 $2,665 $8,393 $2,434 $2,686 Corporate Net Income n.a. n.a. 3,398 n.a. n.a. 3,400 n.a. n.a. Insurance Premiums

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Public Employee Retirement Laws of PA Local Governments (2009).pdf

trust fund are under the direction and control of the city council, and council may designate city officers, citizens, or corporations located in the city to have custody and manage the pension trust fund. The main sources of revenue for the Township Code (53 P.S. § 66512) gives the township supervi- sors power to contract with any insurance company, nonprofit hospitalization corporation, or nonprofit medical service corporation to insure the township’s supervisors, employees, and their dependents under a policy or policies

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Presentation_PA_Bus_Council_6-22-15.pdf

Bureau of Economic Analysis. 22.Jun.2015 4 Net Change = +$582 million Revised FY 2014-15 IFO Forecast Increases Decreases Corporate Net Income $336 Transfers -$95 Escheats 244 Casino Fees -75 Inheritance 79 Cigarettes -27 Sales and Use 45 Gross Receipts FY 2014-15 FY 2015-16 Amount Growth Amount Growth General Fund $30,540 6.8% $30,722 0.6% Corporate Net Income 2,819 12.7% 2,789 -1.1% Sales and Use 9,508 4.1% 9,840 3

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Presentation_PASBO_Annual_Conference_3-8-2018.pdf

150 million; timing).  Mini-Casino Licenses ($97 million pickup vs. estimate). Nonmotor sales tax, personal income tax withholding and corporate net income tax revenues are meeting or exceeding estimates through February. 25 March 8, 2018 2017-18 Revisions: IFO Official Estimate $ Change Notes on Revisions General Fund Total $35 Corporate Net Income -81 December weakness, income shifting Sales – Non-Motor 14 Solid, but January was flat Sales – Motor Vehicle -16

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perez ppt.pdf

FY 2008- FY 2013 est.) FY 2012 Tax Collections (Compared with the Latest Estimate) Personal Income Tax* General Sales Tax Corporate Income Tax Above Estimate On Target Below Estimate Not applicable Source: NCSL survey of state legislative fiscal offices, Fall 2011 , 2 ) No general sales tax, 5 Source: NCSL survey of state legislative fiscal offices, Fall 2011 FY 2012 Corporate Income Tax Collections (Compared with the Latest Estimate) Above Target, 19 (0 , 2) On Target, 16 (4 , 5

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PBB-Board-Hearing-Jan-22-2020.pdf

and Occupational Affairs 219 47.0% $43.3 50.3% Enforcement and Investigations 133 28.5% 13.5 15.7% Corporations and Charitable Organizations 42 9.0% 6.8 7.8% Administration 35 7.5% 6.7 7.7% Elections and following activities did not receive any General Fund appropriations in FY 19-20: Professional and Occupational Affairs, Professional Health Monitoring, Corporations and Charitable Organizations, and State Athletic Commission. Total line includes a small amount appropriated to the Elections & Notaries Activity ($20

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NFIB_Presentation.pdf

8 8 8 Loan Repayment 12 24 0 0 0 All Other (VGT, Fantasy Sport) 9 6 6 6 6 Corporate Net Operating Loss 207 104 56 24 8 Sales Tax and Other Changes -8 44 41 44 46 Total Revenues 10 Results thru Nov Dollar Difference Amount Growth Last Year Estimate All General Fund $11,237 3.7% $401 $26 Corporate Net Income 760 3.9% 28 9 Sales and Use 4,302 3.9% 162 -9 Personal Income 4,654

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MTR-2019-06.pdf

8 percent) above estimate 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 Total Tax Revenue 3,079.6 2,988.2 34,056.3 32,003.4 3.1 6.4 Total Corporation Taxes 590.1 568.1 5,510.8 4,888.7 3.9 12.7 Accelerated Deposits 0.2 0

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MTR-2019-05.pdf

The overage is partially 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 Total Tax Revenue 2,582.4 2,443.5 30,976.7 29,015.2 5.7 6.8 Total Corporation Taxes 344.7 277.2 4,920.7 4,320.6 24.3 13.9 Accelerated Deposits (1.0) (9

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MTR-2019-04.pdf

date (FYTD). The monthly 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 Total Tax Revenue 4,173.0 3,554.4 28,394.3 26,571.6 17.4 6.9 Total Corporation Taxes 386.0 313.2 4,576.0 4,043.4 23.2 13.2 Accelerated Deposits 1.4 8

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MTR-2019-03.pdf

0 million) and are $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 Total Tax Revenue 4,429.5 4,288.9 24,221.3 23,017.2 3.3 5.2 Total Corporation Taxes 2,273.1 2,212.5 4,190.0 3,730.2 2.7 12.3 Accelerated Deposits (8

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MTR-2019-02.pdf

9%) above estimate for 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 Total Tax Revenue 2,011.0 1,904.6 19,791.8 18,728.3 5.6 5.7 Total Corporation Taxes 116.4 77.0 1,916.9 1,517.7 51.3 26.3 Accelerated Deposits 9.6 2

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MTR-2019-01.pdf

for the fiscal year-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 Total Tax Revenue 2,866.2 2,843.8 17,780.8 16,823.7 0.8 5.7 Total Corporation Taxes 143.1 139.9 1,800.5 1,440.7 2.3 25.0 Accelerated Deposits 0.5 1

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MTR-2018-12.pdf

9%) above estimate for 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 Total Tax Revenue 2,811.5 2,790.1 14,914.6 13,979.9 0.8 6.7 Total Corporation Taxes 577.9 487.9 1,657.4 1,300.8 18.4 27.4 Accelerated Deposits 0.1 0

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MTR-2018-11.pdf

1%) above estimate for 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 Total Tax Revenue 2,178.9 2,158.8 12,103.1 11,189.8 0.9 8.2 Total Corporation Taxes 138.0 103.3 1,079.5 812.9 33.6 32.8 Accelerated Deposits 0.4 0.2

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MTR-2018-1.pdf

of newly authorized mini-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 Total Tax Revenue 2,843.8 2,569.2 16,823.7 15,877.0 10.7 6.0 Total Corporation Taxes 139.9 100.9 1,440.7 1,345.4 38.7 7.1 Accelerated Deposits 1.9 0

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MTR-2018-09.pdf

for the fiscal year-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 Total Tax Revenue 3,005.8 2,722.2 7,479.4 6,871.3 10.4 8.8 Total Corporation Taxes 647.0 496.4 830.3 617.2 30.3 34.5 Accelerated Deposits 0.1 0.2 (0

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MTR-2018-08.pdf

Fund collections were above 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 Total Tax Revenue 2,266.5 2,085.8 4,473.7 4,149.1 8.7 7.8 Total Corporation Taxes 83.7 59.0 183.2 120.8 41.8 51.7 Accelerated Deposits 0.1 (0.6) (0

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MTR-2018-07.pdf

20 million) collections that 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 Total Tax Revenue 2,207.2 2,063.3 2,207.2 2,063.3 7.0 7.0 Total Corporation Taxes 99.5 61.8 99.5 61.8 61.1 61.1 Accelerated Deposits (0.8) 0.4 (0

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MTR-2018-06.pdf

official revenue estimate. Excluding 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 Total Tax Revenue 2,988.2 3,226.5 32,003.4 30,752.3 -7.4 4.1 Total Corporation Taxes 568.1 649.6 4,888.7 4,781.0 -12.5 2.3 Accelerated Deposits 0.8 0

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MTR-2018-04.pdf

by $9 million. Collections 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 Total Tax Revenue 3,554.4 3,214.3 26,571.6 25,269.8 10.6 5.2 Total Corporation Taxes 313.2 235.7 4,043.4 3,902.2 32.9 3.6 Accelerated Deposits 8.9 5

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MTR-2018-03.pdf

small shortfall in motor vehicle receipts (-$6 million) more than offset by an overage in non-motor collections ($22 million). Corporate net income tax payments were below estimate by $80 million (-15.8 percent). The shortfall was entirely attributable to final Total Tax Revenue 4,288.9 4,375.7 23,017.2 22,055.5 -2.0 4.4 Total Corporation Taxes 2,212.5 2,248.6 3,730.2 3,666.5 -1.6 1.7 Accelerated Deposits (1

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MTR-2017-12.pdf

sales and use tax (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 Total Tax Revenue 2,790.1 2,581.1 13,979.9 13,307.8 8.1 5.1 Total Corporation Taxes 487.9 468.9 1,300.8 1,244.5 4.0 4.5 Accelerated Deposits 0.3 0

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MTR-2017-08.pdf

6.3 million from personal income tax; $7.5 million from sales and use tax; and $5.0 million from corporate net income tax.  The personal income tax withholding collections year-over-year growth rate was impacted by a quarterly Total Tax Revenue 2,086 1,996 1,848 4,149 3,930 3,945 4.5 5.6 Total Corporation Taxes 59 36 52 121 97 121 65.9 24.8 Accelerated Deposits (1) 0 (0) (0) 0 (0) (243

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MTR-2017-07.pdf

6.3 million from personal income tax; $6.7 million from sales and use tax; and $7.1 million from corporate net income tax.  The personal income tax withholding collections year-over-year growth rate was impacted by a weekly Total Tax Revenue 2,063 1,934 2,097 2,063 1,934 2,097 6.7 6.7 Total Corporation Taxes 62 61 69 62 61 69 0.9 0.9 Accelerated Deposits 0 0 0 0 0 0 530

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MTR-2017-06.pdf

Office June 2017 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 3,030.8 2,918.7 30,753.0 30,257.8 29,492.3 6.5 1.6 Total Corporation Taxes 648.7 560.5 584.7 4,814.0 5,133.3 5,112.6 15.7 -6.2

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MTR-2016-05.pdf

Office May 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 1,863.6 1,823.2 27,227.0 26,573.6 25,309.5 2.2 2.5 Total Corporation Taxes 80.5 98.6 105.3 4,576.4 4,531.9 4,355.6 -18.4 1.0

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MTR-2016-04.pdf

Office April 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 3,558.5 3,281.2 25,322.2 24,710.0 23,486.3 -3.8 2.5 Total Corporation Taxes 481.9 443.0 443.4 4,496.0 4,433.3 4,250.3 8.8 1.4

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MTR-2016-03.pdf

Office March 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page 4,211.3 4,086.0 21,900.5 21,151.4 20,205.1 4.3 3.5 Total Corporation Taxes 2,357.6 2,369.7 2,307.8 4,014.0 3,990.2 3,806.9 -0

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MTR-2015-11.pdf

Office November 2015 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  Monthly personal income tax withholding collections increased 1,730.4 1,692.1 10,560.7 10,275.3 9,816.8 3.8 2.8 Total Corporation Taxes 61.6 58.4 51.8 873.2 863.1 800.6 5.5 1.2 Accelerated Deposits -11

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MTR-2015-10.pdf

Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 3-month 12-month Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  Monthly personal income tax withholding collections declined 2,210.2 2,066.1 8,764.4 8,544.8 8,124.6 -4.6 2.6 Total Corporation Taxes 161.5 138.2 159.9 811.5 804.7 748.8 16.9 0.9 Accelerated Deposits 12

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MSC_March_31_2022.pdf

outperform estimates ▪ Approximately $6 billion in federal relief supports current year budget ▪ Proposed for FY 22-23: Minimum wage increase | corporate tax changes Main economic issues ▪ What happened to the labor force? ▪ Inflation for 2022 | wage-price spiral taking hold? Natural Dates) March 31, 2022 3 Actual Revenues ($ millions) Amount (e) Growth Notes on Adjustments General Fund $34,129 12.7% Corporate Net Income 3,237 28.7 due date shift Sales - Non-Motor 8,936 14.6 due date shift Sales

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Monthly_Economic_Update_December_2021.pdf

e.g., appliances, cars). Continuous and strong demand for those products created bottlenecks and shortages that resulted in price pressures. Corporate domestic profits (row 6, YOY growth for 2021 Q3) grew at a similar rate as firms have been able to 2% Notes: Home price is median sales price of existing single family home. S&P 500 is average for month. Corporate profits for non-financial firms only. Excludes foreign profits. DD is demand deposits. Natural gas price is $/MMBtu. Sources: U

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MER-2015-06.pdf

of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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MER-2015-04.pdf

of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2015-03.pdf

of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2015-02.pdf

of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2015-01.pdf

of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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MER-2014-12.pdf

of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-11.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-10.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-09.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-08.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-07.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Value for 2014.2 is 4.0%. Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-06.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-05.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-04.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-03.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-02.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2014-01.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of domestic and foreign pro Ðits of U.S. corporations. 1 FHFA

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MER-2013-12.pdf

of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi- ness and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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HTAE_2019_05_15.pdf

58.8 65.6 57.7 Philadelphia CPI-U -0.1% 0.6% 1.3% 1.3% 1.6% Note: Corporate profits are domestic profits only. Includes S corporations. Net new jobs excludes self-employed and independent contractors. Source: U.S. Bureau of Economic Analysis, U.S. Bureau of

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Five_Year_Outlook_Presentation_2022.pdf

000 per firm, temp boost to net profits (taxable) Economics: Pre vs Post-COVID Growth November 15, 2022 12 US Corporate Domestic Profits record levels S&P 500 Index through Nov 11 PA Economy Nominal GDP real and inflation growth PA Non-Withheld 67.0 0.46 0.69 +0.22 Realty Transfer 58.6 0.07 0.10 +0.03 Corporate Net Income 56.7 0.43 0.60 +0.17 Inheritance 47.2 0.13 0.17 +0.04 Sales

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Five_Year_Outlook_Presentation_2021.pdf

November 15, 2021 3 Four Key Assumptions Inflation decelerates, but does not reverse ▪ Nominal sales and use tax, personal and corporate income revenues Some pandemic-induced changes partly reverse ▪ Very high profit margins ▪ Consumer spending: more goods, fewer services, less gasoline YOY Growth Notes Sales - Motor Vehicle -5.7% decline due to shifted sales in prior year Realty Transfer 26.2% Corporate Net Income 50.6% forecast assumes profits up +30% in CY 2021 Sales - Non-Motor 13.5% PIT - Withholding 10

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2013-10 Monthly Economic Summary.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2013-09 Monthly Economic Summary-FINAL.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2013-07 Monthly Economic Summary.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2013-06 Monthly Economic Summary - FINAL.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2013-05_Monthly_Economic_Summary.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2013-04 Monthly Economic Report.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 (2013.1 value is 2.5%) Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2013-03b Monthly Economic Summary.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2013-01 Monthly Economic Report.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2012-11 Monthly Economic Summary- DRAFT 6.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2012-10 Monthly Economic Summary FINAL.pdf

unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly traded corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any in- flationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2012-09 Monthly Economic Summary 7.pdf

unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly trad- ed corporations. Index values are from month end. 8 Consumer Price Index (CPI - U) Year-over-year change in average price level of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations. 1 FHFA House Price

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2012-07 Monthly Economic Summary10.pdf

the Energy Information Administration. S&P 500 Index An index based on the stock prices of 500 top publicly traded corpora- tions. Index values are from month end. Data are from Standard and Poor’s. Consumer Price Index (CPI - U) Year- rents, pensions, business and transfer income. In- cludes any inflationary gains. Data are from the US Bureau of Economic Analysis. Corporate Profits The year-over-year growth rate of domestic and foreign profits of US corporations. Data are from the US

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2002_dbdc_report.pdf

the DC plan, the Systems may be in danger of violating the exclusive benefit rule. See, e.g. Resolution Trust Corporation v. Financial Institutions Retirement Fund, 71 F.3d 1553 (10 th Cir. 1995) (the exclusive benefit rule is violated where formula and is not affected by the investment earnings on plan assets. Conrad M. Siegel, Inc. Actuaries/Benefit Consultants 501 Corporate Circle • P.O. Box 5900 • Harrisburg, PA 17110-0900 PHONE (717) 652-5633 • FAX (717) 540-9106 • www.cmsbenefits.com

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TC_2023_PA_Resource_Manufacturing.pdf

to manufacture ethylene. The credit program has no annual cap. Tax credits may be utilized against Pennsyl- vania personal income, corporate net income, bank and trust company shares, title insurance company shares, insurance premiums and mutual thrift institutions taxes for the employees spend their wage income. 17 At this early stage, it is unclear how much sales and use tax or corporate net income tax would result from the ethylene cracker plant. Assuming the plant consumes ethane at 100,000 barrels a

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TC_2022_Mixed_Use_Development.pdf

submitting a bid application to PHFA. The credit may be utilized by qualified taxpayers against Pennsylvania personal income (excludes withholding), corporate net income, bank and trust company shares, title insurance company shares, in- surance premiums, gross receipts and mutual thrift institutions gible projects are designated as a Major City Project (located within a major city or within ten miles of the corporate boundary of the city) or a General Project (not defined as Major City Project). Projects must meet square footage requirements

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Select Committee Oct 1 2012 FINAL.pdf

HB 1776 and SB 1400 of 2012 – Slide 26 Table 9 Effective and Statutory Tax Rates Property Income Real Personal Corporate Other Sales PA 4.12% 0.00% 9.99% 3.07% 6.00% NJ 1.67% 0.00% 9.00% Transfer and remaining property tax.  Sales Tax to Allegheny County and Philadelphia from base expansion ($100-$200 million).  Corporate Net Income ($30-$40 million).  Not included in revenue estimates since they do not affect revenue neutrality of proposal

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Roundtable_Jan_24_2023.pdf

16.7% 16.0% 20.4% PA Economy vs Financials: Pre vs Post-COVID Growth January 24, 2023 11 US Corporate Domestic Profits record levels S&P 500 Index PA Economy Nominal GDP real and inflation growth PA Home Values but 23 23-24 Growth 27-28 AAGR General Fund Revenues $43.69 $44.85 2.9% $49.61 3.1% Corporate Net Income 5.37 5.28 -1.6 5.85 2.6 Rate Cut/Base Expand -0.20 -0.28

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Revenue_Estimate_2015-06-15_Snapshot.pdf

98 million higher for FY15-16, a two-year increase of $461 million. Highlights of the FY15-16 forecast include: Corporate Net Income Tax – Revenues are projected to register a small decline based on weakness in estimated payments for March and Source FY14-15 1 Growth FY15-16 1 Growth General Fund - Total $30,540 6.8% $30,722 0.6% Corporate Net Income 2,819 12.7% 2,789 -1.1% Sales and Use - Total 9,508 4.1% 9,840

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Revenue_and_Economic_Update_Presentation_2020_10.pdf

2020-21 October 29, 2020 9 IFO Official Admin Official Dollar Difference General Fund $35,874 $34,631 $1,243 Corporate Net Income 3,188 2,828 360 Sales - Non-Motor 9,893 9,769 124 Sales - Motor Vehicle 1,559 home improvement | limited travel | tap home equity  Lost car sales in April and May (dealers closed) have been recouped Corporate profits more resilient than anticipated  Some analysts now project no reduction in profits for CY 2020  But, a

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RB_2022_08 County Income Patterns.pdf

BEA statewide total of $5.2 billion to estimate county-level breakouts. These amounts do not include loans to C corporations ($7.6 billion) and S corporations ($5.5 billion). Note: Excludes estimated impacts of 2020 COVID-19 pandemic relief programs. Independent Fiscal Office Page 3 Pandemic

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

2 billion. That potential reduction reflects four full quarters of COVID-19 impact. 5 These growth rates assume that S corporation dividends to shareholders comprise 30 percent of net profits and are excluded since those dividends are not included in the All projections by IFO. Note: Personal income tax data assume that 30 percent of net profits is attributable to S corporation shareholder dividends and those amounts are excluded from growth rate computations because they are not included in the local EIT

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QRR_2015Q3_preliminary.pdf

General Fund revenues were $74 million above estimate. The following bullets briefly discuss some of the highlights for the quarter. • Corporate net income tax revenues were $27 million below estimate due to lower-than- expected estimated payments. • Non-motor sales tax Actual Estimate Estimate Total General Fund $6,735.7 $6,662.1 $73.6 1.8% 0.7% 0.4% Corporate Net Income 572.6 599.7 -27.1 0.4% 5.2% -0.8% Sales and Use - Total 2,489

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QRE_FY15-16.xlsx

6 Total Tax Revenue 6,620.1 6,505.7 8,498.9 8,553.5 30,178.2 Total Corporation Taxes 660.3 733.0 2,547.8 1,066.0 5,007.1 Corporate Net Income 599.7 682.5 604.5 902.0 2,788.7 Capital Stock & Franchise 36.2 22.5

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QRE_FY15-16.pdf

6 Total Tax Revenue 6,620.1 6,505.7 8,498.9 8,553.5 30,178.2 Total Corporation Taxes 660.3 733.0 2,547.8 1,066.0 5,007.1 Corporate Net Income 599.7 682.5 604.5 902.0 2,788.7 Capital Stock & Franchise 36.2 22.5

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Presentation_PICPA_12-3-2014.pdf

121 3.4 PIT – Other 566 570 4 0.7 Sales and Use 3,808 3,998 190 5.0 Corporate Income 653 730 77 11.8 Inheritance 355 450 95 26.8 All Other Tax 932 904 -28 -3.0 PIT – Withholding 3,633 3,624 -9 PIT – Other 590 570 -21 Sales and Use 3,927 3,998 71 Corporate Income 654 730 76 Inheritance 354 450 95 All Other Tax 895 904 8 All Non-Tax 173 87 -86

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Presentation_Phil_Chamber_2-12-2015.pdf

I. Official General Fund Revenue Estimates FY 2014-15 IFO DOR Difference General Fund - Total $29,957 $30,181 -$224 Corporate Net Income Tax 2,484 2,501 -17 Sales and Use Tax 9,463 9,477 -14 Personal Income Tax Tax Revenues FY 2014-15 (through January) Revenue Source Actual Estimate Difference General Fund - Total $15,698 $15,280 $418 Corporate Net Income 1,348 1,164 184 Sales and Use 5,647 5,578 69 Personal Income 6,322 6

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Presentation_2017_02_10_EPLC.pdf

Estimated FYTD Actual FYTD Variance Projected Growth Actual Growth General Fund $16,456 $16,097 -$359 3.5% 1.2% Corporate Net Income 1,329 1,243 -86 -2.8% -9.1% Sales and Use 6,105 5,894 -211 4 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

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Presentation_2016-06-08_GPNP_Budget_Outlook.pdf

8.Jun.2016 8  FY 2016‐17 revenue estimate increased by $61 million in the May 3 rd release. • Corporate net income tax increased by $101 million and non‐tax sources increased by $51 million. • Personal income tax decreased by tax, increased by $22 million.  The next revenue update will be on June 15 th . • More recent data on corporate profits suggest weakness. • Wage/salary withholding collections have underperformed. • Sales tax collections have been strong in recent months. • The jobs

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Presentation-2019-3-1-EPLC.pdf

S. Census Bureau. Forecasts by IFO. FY 18-19 Revenues Thru February March 1, 2019 11 Gain Thru February Notes Corporate Net Income +$233 profit shifting, older tax years Sales - Non-Motor +$168 very strong growth +7.6% Sales - Motor Vehicle 2019 12 IFO Official Mid-Year Update Estimate Amount $ Change Growth General Fund $33,899 $34,272 $373 -0.9% Corporate Net Income 3,075 3,280 206 13.9% Sales - Non-Motor 9,324 9,562 239 6.4% Sales

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PBB_2022_DLI_REPORT.pdf

have intentionally failed to pay prevailing wages they are subject to debarment. Upon debarment, that person/firm and any firm, corporation or partnership affiliated with them may not be awarded a public contract for a period of three years. The department PennSERVE PennSERVE supports national service efforts that engage Pennsylvanians to strengthen communities. The department receives annual funding from the federal Corporation for National and Community Service (CNCS) and supports on average 1,300 AmeriCorps members who serve in local AmeriCorps programs

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PBB_2022_DHS_REPORT_ADDENDUM.pdf

Agencies on Aging (AAAs) operate and maintain a statewide hotline to intake reports, while a third-party agency (Liberty Healthcare Corporation) investigates allegations and provides protective services to vulnerable adults. Court petitions may be filed to ensure the provision of appropriate are listed in the year the expenditure was recorded. Adult Protective Services | Page 32 Notes on Measures ▪ When Liberty Healthcare Corporation receives a report, they must make a determination within 15 days to prioritize workloads and ensure those most in need

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PA_Chamber_June_17_2021.pdf

for any fraud that flows out of state. Note: Billions of dollars. PPP includes both pass-through entities and C corporations. Source: U.S. Department of Labor, U.S. Treasury Department, Small Business Administration. Growth of PA Cash Income Peaks in 2021 10 Initial Estimate Dollar Change Percent Change Adjusted Growth General Fund $37,960 -$2,152 -5.4% 0.7% Corporate Net Income 3,707 -597 -13.9% -5.6% Sales - Non-Motor 10,789 -114 -1.0% 0.4% Sales

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Newsstand_2019_April.pdf

amount paid was down 3.1% and the average refund was down 1.3%. State-level data are not available. Corporate Non-Financial Profits Up 10.4% for 2018 On March 26, the U.S. Bureau of Economic Analysis (BEA) released preliminary profits data for 2018 Q4. For cal- endar year 2018, domestic profits of non-financial corporations increased by 10.7% on a pre-tax basis. (See Table 6.16d in the link.) For the four quarters

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Newsstand_2018_December.pdf

as leading indicators for building permits and sales of new and existing homes have declined in recent months. U.S. Corporate Profits Record Strong Growth in 2018 Q3 On November 28, the U.S. Bureau of Economic Analysis released preliminary data for third quarter U.S. corporate profits. (Table 6.16d in the link.) On a year-over-year basis, domestic profits grew by 10.8% in

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MSC_March_31_2021.pdf

for Delayed Due Dates) March 31, 2021 4 Actual Revenues ($ millions) Amount Growth Notes General Fund $28,706 3.6% Corporate Net Income 2,808 11.5% anticipate weak final payments Sales - Non-Motor 7,958 4.2% strong online growth 0.11 USw 0.40 USw 2.48 USw 2.53 USuw 0.44 USuw 2.24 USuw 2.46 Corporate Income Personal Income Sales and Use Note: Average Tax Rate (ATR) is the ratio of the state-local tax revenue

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MQRE_FY20_21_Revised_Feb.pdf

595 $2,338 $3,681 $2,904 $2,174 $4,559 $4,240 $2,618 $3,418 $38,437 Total Corporation Taxes 239 292 607 125 140 769 181 86 2,079 314 287 501 5,621 Corporate Net Income 237 287 594 121 138 761 146 70 400 260 260 500 3,775 Gross Receipts 1 3

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MQRE-FY20-21-Aug.pdf

248 $2,907 $2,799 $2,191 $4,515 $3,914 $2,577 $3,233 $35,874 Total Corporation Taxes 221 278 489 98 69 444 115 136 2,089 294 305 524 5,060 Corporate Net Income 216 271 474 89 66 427 79 120 411 243 271 522 3,188 Gross Receipts 3 4 6 7

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Initial_Estimate_May_2017_Press_Release.pdf

expected to increase by $914 million (3.0 percent) from the prior year. “The three largest General Fund revenue sources, corporate net income, sales and use and personal income taxes, are underperforming in FY 2016-17,” Knittel noted. “The downward revision in the estimate is largely attributable to a decline in corporate profits and weak consumer spending. Income shifting from 2016 to 2017 in anticipation of lower federal tax rates may have

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IFO_Response_Letter_March_7_2022.pdf

several years, and then $15 million after several more years. • HB 1960 increases the share of taxable income that C corporations can offset through net operating loss deductions from 40% to 80% over four years. The IFO estimates that the bill not possible to directly model the impact of the proposal, then the IFO may use the impact from a general corporate net income tax rate reduction to inform the potential size of the dynamic impact. If you have further questions regarding

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IFO ppt.pdf

Outlook 2012 Revenue Conference Profits Are Strong 0% 5% 10% 15% 1986 1991 1996 2001 2006 2011 Domestic, Nonfinancial Only Corporate Profits / GDP January 18, 2012 Independent Fiscal Office Economic & Budget Outlook 2012 Revenue Conference Profits Margins at Historical Highs $0 growth, with motor vehicle sales showing particular strength. January 18, 2012 Independent Fiscal Office Economic & Budget Outlook 2012 Revenue Conference Corporate Net Income Tax • Actual year-to-date collections show a significant decline over the prior year. • 100% bonus depreciation is

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HAC testimony Feb 2019.pdf

tax. The year-to- date net overage is attributable to three sources: sales and use tax ($205 million over estimate), corporate net income ($191 million) and gaming expansion ($64 million). Those amounts were partially offset by a shortfall in personal income estimate of this provision increases revenues by roughly $200 million. This is a permanent gain.  The IFO believes the corporate net income tax gains are due to (1) more profit shifting than originally estimated (due to federal tax law changes

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GPNP July 10, 2012 final.pdf

GPNP Conference Official Revenue Estimate, FY 2012-13 $ millions Preliminary Projected Change Revenue Source FYE 2012 FYE 2013 Dollar Percent Corporate Income 2,022 2,302 280 13.8% Capital Stock 837 536 -301 -36.0% Sales and Use Non-Motor Jul.2012 8 2012 GPNP Conference General Fund Tax Growth Rates corp. other sales personal all FYE Total net inc. corporate and use income other 2000-01 1.4% -13.8% -3.1% 2.6% 6.0% -0.2% 2001-02

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EPLC_3_4_2022_update.pdf

Due Dates) March 4, 2022 17 Actual Revenues ($ millions) Amount Growth Notes on Adjustments General Fund $28,583 12.3% Corporate Net Income 2,618 27.3 due date shift Sales - Non-Motor 7,990 13.4 due date shift Sales Dollar Change Percent Change Adjusted Growth or Notes General Fund $45,322 $43,319 -$2,003 -4.4% -0.8% Corporate Net Income 4,866 4,654 -212 -4.4 no stimulus, wages Sales - Non-Motor 11,668 11,300 -368

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EPLC-2-19-21.pdf

for Delayed Due Dates) February 19, 2021 16 Actual Revenues ($ millions) Amount Growth Notes General Fund $21,187 2.5% Corporate Net Income 2,284 14.7% anticipate weak final payments Sales - Non-Motor 6,414 3.3% strong online growth 03 3.9% $17.87 4.4% Sales and Use 12.17 12.42 2.1% 13.59 2.3% Corporate Net Income 3.40 3.25 -4.5% 4.47 8.3% Inheritance 1.13 1.14 1.1% 1

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Economic_and_Revenue_Update_Presentation_August_2020.pdf

21 August 19, 2020 6 IFO Admin $ Diff IFO $ Shifts General Fund $35,874 $34,631 $1,243 $1,995 Corporate Net Income 3,188 2,828 360 350 Gross Receipts 1,005 1,010 -5 Sales - Non-Motor 9,893 Shifts Adjusted July 2020 July 2019 Percent Change General Fund $4,104 $1,620 $2,484 $2,444 1.6% Corporate Net Income 237 130 107 93 14.6 Gross Receipts 1 1 4 n.a. Sales - Non-Motor 1,064

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2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

pensions, so that more affluent retirees can contribute to limiting poverty among other retirees; a portion of revenues from closing corporate tax loopholes, given that financial games contribute both to the erosion of pension security in the private sector and to corporations paying lower taxes than commensurate with their real profitability and operations in Pennsylvania; or a higher tax rate on some

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2004_srpvffinal.pdf

located within their boundaries. Fire protection for these local governmental units is provided by a company or companies outside their corporate limits. In these cases, service is normally provided through formal or informal cooperative agreements. Service may also be rendered on of funds. Act 84 requires that a relief association conduct its affairs as a separate legal entity, either as a corporation or an unincorporated association governed by a constitution and bylaws. Accordingly, FRAs are required to maintain separate relief association accounts

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Independent Fiscal Office

House Appropriations Committee. The question relates to the impact of the COVID-19 pandemic on employment by race. ... (Full Report) Corporate Net Income Tax Proposals Economics and Other March 15, 2022 The IFO responded to a request from Appropriations Committee Chairman Saylor for a dynamic revenue estimate of three corporate net income tax proposals. ... (Full Report) Pennsylvania Electricity Update Economics and Other March 14, 2022 This research brief uses data

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TC_2023_Waterfront_Development.pdf

awards are made on a first- come, first-served basis. 4 Tax credits may be utilized against Pennsylvania personal income, corporate net income, bank and trust company shares, title insurance company shares, insurance premiums and mutual thrift institutions taxes for the

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TC_2023_Rural_Jobs_Investment.pdf

in the CDE. The investments made in the CDE’s are used to finance businesses in underserved low-income communities. Corporate investors can receive a 39% tax credit (taken over seven years) for qualified equity investments made in the CDE. Many

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TC_2023_Manufacturing.pdf

from the start date. Tax credits may be used to offset up to 100% of the firm’s personal income, corporate net income, bank and trust company shares, title insurance companies share, insurance premiums, gross receipts, and mutual thrift institutions tax

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TC_2022_Coal_Refuse_Energy_Reclamation.pdf

is oversubscribed, then the amount awarded to each facility is prorated. Tax credits may be utilized against Pennsylvania personal income, corporate net income, bank and trust company shares, title insurance company shares, insurance premiums, gross receipts and mutual thrift institutions taxes

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TC_2021_Keystone_Special_Development_Zones_Update.pdf

to offset qualified tax liability attributable to business activity within the KSDZ and may be utilized against Pennsylvania personal income, corporate net income, bank and trust company shares, title insurance companies shares and mutual thrift institutions taxes for the tax year

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TC_2020_Organ and Bone Marrow Donation Tax Credit.pdf

program cap or maximum credit amount. Tax credits may be utilized against Pennsylvania personal income tax (excludes withholding), corporate net income tax, bank/trust company shares tax, domestic title insurance companies shares tax, insurance pre- miums tax or mutual thrift tax

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TC_2019_Historic_Preservation_Tax_Credit_Report.pdf

a 2011 report on the proposed Pennsylvania HPTC. See “Economic Benefits of Historic Preservation Activities in Pennsylvania,” Econsult Corporation and partners (December 2011). 33 For simplicity, the example assumes the same amount of federal and state QRE. Economic Analysis and Issues

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TCJA-Update-August-2018.pdf

000. • Over 1.1 million filers reported business income on Schedule C, partnership income or a distribution from an S corporation. Many filers report income from two or all three of those sources, so that the number of unique filers is

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SUT Exemption for Aircraft - January 2013.pdf

488190), and is largely comprised of firms that supply MRO services. The 16 In February 2009, Sikorsky Aircraft Corporation announced the creation of a new business unit, Sikorsky Global Helicopters, to be located in Coatesville, Pennsylvania. The new unit expanded production

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Supplemental_Table.pdf

914 $34,752 $33,972 $28 -$58 Total Tax Revenue 31,922 33,180 32,158 33,361 -237 -181 Corporate Net Income 2,991 3,318 3,010 3,075 -19 243 Gross Receipts 1,241 1,186 1,229

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SERS_Stress_Test_Impact_Analysis_2022.pdf

beyond are assumed to grow at a rate of 2% per annum. Estimates include the phase-in of the reduced corporate net income tax rate through tax year 2031. The IFO analysis also projects the share of pension contributions that will

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Senate_Appropriations_Committee_Response_Letter_2021.pdf

i.e., sales and use tax and withholding) as well as activity attributable to tax year 2020 (i.e., final corporate net income and personal income tax payments). Neither the IFO estimate nor the estimate published in the Executive Budget include

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Revenue_Estimate_2015-06-15_Release.pdf

the IFO’s official estimate occurs before June sales tax remittances and the quarterly estimated payments for personal income and corporate income taxes are recorded. Accordingly, the estimate for the current fiscal year is based on collections through May and the

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Revenue_Estimate_2015-05-04_Release.pdf

or slightly exceeding expectations,” Knittel noted. “The upward revision in the estimate is largely because of unexpected revenue from the corporate net income tax and unclaimed property.” FY 2015-16 unrestricted General Fund revenues are projected to be $30.72 billion

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Revenue_Estimate_2014-06-16_Release.pdf

the IFO’s official estimate occurs before June sales tax remittances and the quarterly estimated payments for personal income and corporate income taxes are recorded. Accordingly, the estimate for the current fiscal year is based on collections through May and the

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RB-2016-02.pdf

It also offers loans for industrial park development and multi‐tenant building construction, acquisition and renovation to local Industrial Development Corporations. Pennsylvania Energy Development Authority PEDA Loans and Grants $42 $391 Provides grants and loans to projects that develop and use

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PSBA-Property-Tax-Update-March-2020.pdf

2017 Tax Type Rank ETR Rank ETR Rank ETR Personal Income 18 2.58% 19 2.69% 19 2.62% Corporate Net Income 11 0.51% 12 0.51% 12 0.44% Sales and Use 37 2.04% 40 1.96%

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PSBA Presentation - Final.pdf

64% -0.68% Personal Income Tax 2.69% 2.49% 0.20% Property Tax 2.96% 3.18% -0.22% Corporate Net Income Tax 0.51% 0.43% 0.08% Gaming-Liquor-Tobacco Taxes 0.66% 0.39% 0.27% All

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Property-Tax-Update-August-2018.pdf

45% Personal Income Tax 2.66% 17 2.42% 2.16% Property Tax 3.00% 21 3.16% 3.08% Corporate Net Income Tax 0.48% 11 0.39% 0.40% Gaming-Liquor-Tobacco 0.64% 8 0.37% 0.43%

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Presentation_PICPA_9-24-2013.pdf

Transfer Tax Revenues and PA Home Price Index (HPI) 24 . Sept . 2013 20 Other Tax Revenues 2013 Q3 As expected, Corporate Net Income revenues flat or declining slightly. o Impact of bonus depreciation after FY 2012-13. o Full phase-in

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Presentation_Lancaster_Chamber_2017-07-14.pdf

PA April final payments down from last year (-4%).  U.S. April final payments also down (-4%). U.S. corporate profits decline in 2015 and 2016.  Has not occurred outside recession for several decades.  Energy sector hit hard

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Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdf

Revenue Estimates 2015‐16 2016‐17 Amount Growth Amount Growth General Fund $31,022 1.4% $31,586 1.8% Corporate Net Income 2,837 0.9% 2,876 1.4% Sales and Use 9,840 3.6% 10,183 3

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Presentation-2019-04-House-Financial-Rescue-Caucus.pdf

1% 6.1% Motor Vehicle Sales -0.9% 4.8% -3.7% 7.1% 9.9% 8.6% 3.9% Corporate Net Income 11.0% -3.3% 6.4% 5.7% 31.5% 23.7% 8.1% Personal Income - Withholding 4

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Presentation-2018-11-19-CCAP.pdf

Census Bureau. Forecasts by IFO. FY 18-19 Revenues Strong Thru October November 19, 2018 9 Gain Thru October Notes Corporate Net Income +$96 profit shifting, older tax years Sales - Non-Motor +$67 very strong growth +8.7% Sales - Motor Vehicle

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Presentation-2018-10-House-Financial-Rescue-Caucus.pdf

0% 5.3% 8.3% Motor Vehicle SUT 9.7% 0.8%-0.9%4.8%-3.7%7.1% 9.9% Corporate Net Income-12.3%3.9%11.0%-3.3%6.4% 5.7%31.0% PIT - Withholding 4.0% 3.7% 4.4%

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

average annual growth rate. Cash Income is all income received that could be spent or saved. Business Income includes S corporations, partnerships and sole proprietors. Income Maintenance includes unemployment compensation, SNAP, veterans’ benefits and disability programs. Source: Computations by the IFO

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PICA_Presentation_2020_11.pdf

to Jun Recovery Period Jul to Oct Notes General Fund Tax -9.2% 0.4% year-over-year growth rate Corporate Net Income -12.3% -5.2% much better than expected Sales - Non-Motor -7.1% 3.2% UC payments, lack

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Pennsylvania_Aging_Presentation.pdf

0% +1.7% Personal Income $12,697 41.3% +1.5% Sales and Use $9,950 32.3% +1.6% Corporate Net Income $2,786 9.1% -2.0% Tobacco Products $1,360 4.4% +49.2% All Other $3,982

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PBB_2022_PDE_REPORT_Amended.pdf

library facilities in Pennsylvania, as well as library staff in cooperative organizations that support libraries, state agencies, schools, colleges, museums, corporations, and private organizations throughout Pennsylvania. The State Library of Pennsylvania collects and preserves the stories of Pennsylvania and supports the

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PBB_2020_DHS_REPORT_Final_Updated.pdf

1 Other includes laboratory, residential treatment facility, home and community habilitation, community residential rehabilitation, x- ray clinics, school corporations, tobacco cessation and certain other providers. Health Information Exchange | Page 29 Activity 8: Health Information Exchange The Office of Medical Assistance Programs

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PBB_2019_DOBS_Report.pdf

some entities to register in the state that offers the lowest fee. Benchmarks For 2017, Federal Deposit Insurance Corporation (FDIC) data indicate that Pennsylvania ranks 13 th in the number of federal and state-chartered banking institutions and 19 th in

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PA_Assoc_of_Community_Bankers_Presentation_2020_12.pdf

to Jun Recovery Period Jul to Nov Notes General Fund Tax -9.2% 1.2% year-over-year growth rate Corporate Net Income -12.3% -4.2% much better than expected Sales - Non-Motor -7.1% 3.4% UC payments, lack

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PACB_Presentation_2021_8.pdf

8b CTC $1.7b forecast PA 2021 Q2 auto debt up +12.7% EIP #1 $11.0b Recent Surge in Corporate Net Income Tax August 25, 2021 5 600 800 1,000 1,200 1,400 1,600 Q3 Q4 Q1

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Newsstand_2018_May.pdf

4.7%), taxable interest (-2.6%), rent/royalties (-3.4%), sole proprietors/self-employed (-2.0%) and partner- ships/S corporations (-1.1%). The broad decline was highly unusual given the solid economic growth for the U.S. and most states

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Municipal_Analysts_Presentation.pdf

Q1 Results from Q1 Dollar Difference Amount Growth Last Year Estimate All General Fund $6,933 4.8% $319 $25 Corporate Net Income 587 11.0% 58 37 Sales and Use 2,591 3.9% 97 -22 Personal Income 2,837

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Monthly_Economic_Update_Table_December_2020.pdf

3.2% 10.7% 7.1% Wages and Salaries 9 3.9% 4.5% 3.2% -3.9% 1.0% Corporate Profits 13 -1.9% 1.2% -8.0% -17.9% 9.6% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_September_2022.pdf

7.5% -2.8% 4.5% Wages and Salaries 10 13.4% 11.4% 10.7% 12.2% 11.0% Corporate Profits 14 53.8% 21.4% 23.5% 12.8% 6.1% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_September_2021_Indicators.pdf

4.8% 16.1% 1.1% Wages and Salaries 10 -3.2% 0.9% 3.4% 2.9% 12.2% Corporate Profits 14 -17.4% 6.5% 2.6% 23.3% 50.5% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_September_2021.pdf

4.8% 16.1% 1.1% Wages and Salaries 10 -3.2% 0.9% 3.4% 2.9% 12.2% Corporate Profits 14 -17.4% 6.5% 2.6% 23.3% 50.5% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_September_2020.pdf

3.5% 3.2% 10.4% Wages and Salaries 9 5.0% 3.9% 4.5% 3.2% -4.6% Corporate Profits 13 2.6% -1.9% 1.2% -8.0% -18.5% Sources and Notes: 11. Year-over-year growth

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Monthly_Economic_Update_October_2022.pdf

6.9% -3.5% 3.4% Wages and Salaries 10 12.7% 10.6% 9.9% 10.9% 9.6% Corporate Profits 14 50.7% 19.1% 25.5% 13.0% 5.5% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_October_2021_Indicators.pdf

4.8% 16.1% 1.1% Wages and Salaries 10 -3.2% 0.9% 3.4% 2.9% 12.3% Corporate Profits 14 -17.4% 6.5% 2.6% 23.3% 53.8% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_October_2021.pdf

4.8% 16.1% 1.1% Wages and Salaries 10 -3.2% 0.9% 3.4% 2.9% 12.3% Corporate Profits 14 -17.4% 6.5% 2.6% 23.3% 53.8% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_October_2020.pdf

3.5% 3.2% 10.4% Wages and Salaries 9 5.0% 3.9% 4.5% 3.2% -4.6% Corporate Profits 13 2.6% -1.9% 1.2% -8.0% -17.9% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_November_2022.pdf

3.5% 3.4% 4.3% Wages and Salaries 10 10.6% 9.9% 10.9% 9.6% 8.5% Corporate Profits 14 19.1% 25.5% 13.0% 5.5% n.a. Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_November_2021.pdf

16.1% 1.1% 4.3% Wages and Salaries 10 0.9% 3.4% 2.9% 12.3% 9.7% Corporate Profits 14 6.5% 2.6% 23.3% 53.8% n.a. Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_November_2020_Final.pdf

3.2% 10.4% 6.8% Wages and Salaries 9 3.9% 4.5% 3.2% -4.6% -0.3% Corporate Profits 13 -1.9% 1.2% -8.0% -17.9% 9.6% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_May_2022.pdf

5.3% 7.2% -3.0% Wages and Salaries 10 2.9% 13.4% 11.4% 10.0% 11.3% Corporate Profits 14 23.3% 53.8% 21.4% 23.5% n.a. Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_May_2021.pdf

6.8% 4.0% 15.6% Wages and Salaries 10 3.2% -3.9% 0.3% 1.3% 1.8% Corporate Profits 14 -8.0% -17.9% 9.2% 3.6% n.a. Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_May_2020.pdf

4.2% 4.1% 3.1% Wages and Salaries 9 5.0% 4.8% 4.1% 4.5% 2.0% Corporate Profits 13 -2.4% -1.1% -3.7% -0.3% n.a. Notes: 11. Year-over-year growth rate of

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Monthly_Economic_Update_March_2022.pdf

1.6% 5.3% 7.2% Wages and Salaries 10 3.4% 2.9% 13.4% 11.4% 10.0% Corporate Profits 14 2.6% 23.3% 53.8% 21.4% n.a. Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_March_2021.pdf

10.7% 6.8% 4.0% Wages and Salaries 10 4.5% 3.2% -3.9% 0.3% 1.3% Corporate Profits 14 1.2% -8.0% -17.9% 9.2% n.a. Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_June_2022.pdf

5.3% 7.2% -3.0% Wages and Salaries 10 2.9% 13.4% 11.4% 10.0% 11.3% Corporate Profits 14 23.3% 53.8% 21.4% 23.5% 13.1% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_June_2021_Indicators.pdf

6.8% 4.7% 16.6% Wages and Salaries 10 3.2% -3.9% 0.3% 3.0% 4.0% Corporate Profits 14 -8.0% -17.9% 9.2% 3.6% 19.7% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_June_2021.pdf

6.8% 4.7% 16.6% Wages and Salaries 10 3.2% -3.9% 0.3% 3.0% 4.0% Corporate Profits 14 -8.0% -17.9% 9.2% 3.6% 19.7% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_June_2020.pdf

4.2% 4.2% 3.2% Wages and Salaries 9 5.0% 4.8% 4.1% 4.8% 2.3% Corporate Profits 13 -2.4% -1.1% -3.7% -0.3% -10.3% Notes: 11. Year-over-year growth rate of

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Monthly_Economic_Update_July_2022.pdf

5.3% 7.5% -2.8% Wages and Salaries 10 2.9% 13.4% 11.4% 10.7% 12.2% Corporate Profits 14 23.3% 53.8% 21.4% 23.5% 12.8% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_July_2021_Indicators.pdf

6.8% 4.7% 16.6% Wages and Salaries 10 3.2% -3.9% 0.3% 3.0% 4.0% Corporate Profits 14 -8.0% -17.9% 9.2% 3.6% 23.3% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_July_2021_Final.pdf

6.8% 4.7% 16.6% Wages and Salaries 10 3.2% -3.9% 0.3% 3.0% 4.0% Corporate Profits 14 -8.0% -17.9% 9.2% 3.6% 23.3% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_July_2020.pdf

4.2% 4.2% 3.2% Wages and Salaries 9 5.0% 4.8% 4.1% 4.8% 2.3% Corporate Profits 13 -2.4% -1.1% -3.7% -0.3% -9.1% Notes: 11. Year-over-year growth rate of

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Monthly_Economic_Update_January_2023.pdf

3.5% 3.2% 4.1% Wages and Salaries 10 10.6% 9.9% 10.9% 9.1% 7.9% Corporate Profits 14 19.1% 25.5% 13.0% 5.5% 5.0% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_January_2022.pdf

16.1% 1.6% 5.2% Wages and Salaries 10 0.9% 3.4% 2.9% 13.4% 11.1% Corporate Profits 14 6.5% 2.6% 23.3% 53.8% 21.4% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_January_2021_Indicators.pdf

3.2% 10.7% 7.1% Wages and Salaries 10 3.9% 4.5% 3.2% -3.9% 1.1% Corporate Profits 14 -1.9% 1.2% -8.0% -17.9% 9.2% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_January_2021.pdf

3.2% 10.7% 7.1% Wages and Salaries 10 3.9% 4.5% 3.2% -3.9% 1.1% Corporate Profits 14 -1.9% 1.2% -8.0% -17.9% 9.2% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_Indicators_February_2022.pdf

1.6% 5.2% 7.0% Wages and Salaries 10 3.4% 2.9% 13.4% 11.1% 9.4% Corporate Profits 14 2.6% 23.3% 53.8% 21.4% n.a. Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_February_2022.pdf

1.6% 5.2% 7.0% Wages and Salaries 10 3.4% 2.9% 13.4% 11.1% 9.4% Corporate Profits 14 2.6% 23.3% 53.8% 21.4% n.a. Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_February_2021_Indicators.pdf

10.7% 7.1% 4.3% Wages and Salaries 10 4.5% 3.2% -3.9% 1.1% 2.2% Corporate Profits 14 1.2% -8.0% -17.9% 9.2% n.a. Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_February_2021.pdf

10.7% 7.1% 4.3% Wages and Salaries 10 4.5% 3.2% -3.9% 1.1% 2.2% Corporate Profits 14 1.2% -8.0% -17.9% 9.2% n.a. Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_December_2022.pdf

3.5% 3.2% 4.1% Wages and Salaries 10 10.6% 9.9% 10.9% 9.1% 7.9% Corporate Profits 14 19.1% 25.5% 13.0% 5.5% 3.3% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_December_2020.pdf

3.2% 10.7% 7.1% Wages and Salaries 9 3.9% 4.5% 3.2% -3.9% 1.0% Corporate Profits 13 -1.9% 1.2% -8.0% -17.9% 9.6% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_August_2022.pdf

7.5% -2.8% 4.6% Wages and Salaries 10 13.4% 11.4% 10.7% 12.2% 10.9% Corporate Profits 14 53.8% 21.4% 23.5% 12.8% n.a. Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_August_2021.pdf

7.1% 4.8% 16.1% Wages and Salaries 10 4.1% -3.2% 0.9% 3.4% 2.8% Corporate Profits 14 -6.0% -17.4% 6.5% 2.6% 23.3% Sources and Notes: 12. Year-over-year growth

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Monthly_Economic_Update_August_2020.pdf

3.5% 3.2% 7.3% Wages and Salaries 9 5.0% 3.9% 4.5% 3.3% -7.1% Corporate Profits 13 2.6% -1.9% 1.2% -8.0% n.a. Notes: 4. Annual change in average price level

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Monthly_Economic_Update_April_2022.pdf

1.6% 5.3% 7.2% Wages and Salaries 10 3.4% 2.9% 13.4% 11.4% 10.0% Corporate Profits 14 2.6% 23.3% 53.8% 21.4% 23.5% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_April_2021_Indicators.pdf

10.7% 6.8% 4.0% Wages and Salaries 10 4.5% 3.2% -3.9% 0.3% 1.3% Corporate Profits 14 1.2% -8.0% -17.9% 9.2% 3.6% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_April_2021.pdf

10.7% 6.8% 4.0% Wages and Salaries 10 4.5% 3.2% -3.9% 0.3% 1.3% Corporate Profits 14 1.2% -8.0% -17.9% 9.2% 3.6% Sources and Notes: 4. Annual change in average

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Monthly_Economic_Update_April_2020.pdf

4.2% 4.1% n.a. Wages and Salaries 9 5.0% 4.8% 4.1% 4.5% n.a. Corporate Profits 13 -2.4% -1.1% -3.7% -0.3% n.a. Notes: 4. Annual change in average price level

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mid-year-FY14-15-press-release.pdf

IFO’s revenue estimate. Revisions to the IFO’s FY 2014-15 Revenue Estimate ($ millions) Revenue Source Revision Notes Increases Corporate Net Income $230 Strong final payments for 2013. Sales and Use 160 Lower gasoline prices and stronger consumer confidence. Inheritance

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Kling_Presentation.pdf

 CBO compared its estimates of subsidies provided under the Affordable Care Act with those of government actuaries, the RAND Corporation, and the Lewin Group  CBO compared its estimates of the economic effects of the 2017 tax act with those

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IFO_Response_Letter_Jan_20_2023.pdf

Fund tax revenues. Based on the REMI output, state General Fund tax revenues (mainly personal income, sales and use and corporate net income) increase by approximately $85 million per annum. Overall, the analysis finds that that proposal would reduce General Funds

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IFO_Hearing_8-30-2017.pdf

Only (millions) 2015-16 2016-17 2017-18 2015-16 2016-17 2017-18 2017-18 Growth IFO Est. $ Diff Corporate Net Income $2,842 $2,751 $2,855 1.1% -3.2% 3.8% $96 17.3% $92 $3 Sales

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House_Maj_Policy_Com_Testimony_June_8_2022.pdf

34,056 $43,073 26.5% 8.1% Personal Income - Non-Wage $3,652 $5,992 64.1% 17.9% Corporate Net Income $3,398 $5,057 48.8% 14.2% Inheritance $1,054 $1,576 49.6% 14.4% Sales

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Five_Year_Outlook_2016_IFO_PPT.pdf

Manufacturing Local Gov't Mining Long Run Growth Rate Discrepancy 11/15/2016 21 Revenue Growth Pers. Income 4.6% Corporate Net 4.3% Sales-Use 3.4% All Other 2.7% Cigarette -3.4% TOTAL 3.6% Agency Growth DHS

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CompetePA_March_11_2021.pdf

0.11 USw 0.40 USw 2.48 USw 2.53 USuw 0.44 USuw 2.24 USuw 2.46 Corporate Income Personal Income Sales and Use Note: Average Tax Rate (ATR) is the ratio of the state-local tax revenue

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Budget_Hearing_Testimony-Feb2014.pdf

estimate is 1.8 percent. The January through June growth rates for major General Fund revenue sources are as follows: • Corporate net income tax: 1.7 percent (vs. 1.3 percent in the first half). • Sales and use tax: 3.9

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