Summary of Tax Credit ReviewsNew IFO report highlights findings from the 20 tax credit reviews published during the first five-year evaluation cycle (2019 to 2023). Tags: credit, review, summary, tax |
2023 Tax Credit ReviewsIFO presentation of the Manufacturing, Pennsylvania Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credit Reviews. Tags: credit, tax |
Resource Manufacturing Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credits. Click on the link to access the Resource Manufacturing Tax Credit Report. Tags: credit, tax |
Manufacturing Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credits. Click on the link to access the Manufacturing Tax Credit Report. Tags: credit, tax |
Rural Jobs and Investment Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credits. Click on the link to access the Rural Jobs and Investment Tax Credit Report. The report was amended on February 17, 2023 to include updates to Table 3.1 on page 14. Following publication of the RJITC report, the IFO became aware of a data discrepancy contained within a referenced study. As a result, the RJITC report was updated to exclude references to the “Evaluation of Alabama’s Entertainment Industry Incentive Program and New Markets Development Program” on February 23, 2023. Tags: credit, tax |
Waterfront Development Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credits. Click on the link to access the Waterfront Development Tax Credit Report. Tags: credit, tax |
Tax Credit ReviewsIFO presentation of the Mixed-Use Development, Brewers’, Coal Refuse Energy and Reclamation and Educational Tax Credit Reviews. Tags: credit, tax |
Mixed-Use Development Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fourth year, the IFO reviewed the Brewers', Coal Refuse Energy and Reclamation, Educational and Mixed-Use Development Tax Credits. Click on the link to access the Mixed-Use Development Tax Credit Report. Tags: credit, tax |
Brewers' Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fourth year, the IFO reviewed the Brewers', Coal Refuse Energy and Reclamation, Educational and Mixed-Use Development Tax Credits. Click on the link to access the Brewers’ Tax Credit Report. Tags: credit, tax |
Educational Tax CreditsAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fourth year, the IFO reviewed the Brewers', Coal Refuse Energy and Reclamation, Educational and Mixed-Use Development Tax Credits. Click on the link to access the Educational Tax Credits Report. Tags: credit, tax |
Coal Refuse Energy and Reclamation Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fourth year, the IFO reviewed the Brewers', Coal Refuse Energy and Reclamation, Educational and Mixed-Use Development Tax Credits. Click on the link to access the Coal Refuse Energy and Reclamation Tax Credit Report. Tags: credit, tax |
Pennsylvania Economic Development IncentivesThis research brief presents data on Pennsylvania economic development incentives for fiscal years (FY) 2015-16 through FY 2020-21. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. The brief also highlights recent changes to incentive programs spending or utilization. Tags: brief, credits, development, economic, incentives, research, tax |
PBB Addendums and Updated KSDZ Tax Credit Report PresentationThe IFO presented the PBB Addendums and revised KSDZ Tax Credit report to the Performance Based Budget Board. Tags: based, budget, credit, performance, tax |
Keystone Special Development Zone Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credits. Click on the link to access the Keystone Special Development Zone Tax Credit Report. Tags: credit, tax |
NAP, REAP, EEEP, VGP and KSDZ Tax Credit ReviewsIFO presentation of the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credit Reviews. Tags: credit, eeep, ksdz, nap, reap, review, tax, vgp |
Resource Enhancement and Protection Program Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credits. Click on the link to access the Resource Enhancement and Protection Program Tax Credit Report. Tags: credit, tax |
Entertainment Economic Enhancement Program Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credits. Click on the link to access the Entertainment Economic Enhancement Program Tax Credit Report. Tags: credit, tax |
Neighborhood Assistance Program Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credits. Click on the link to access the Neighborhood Assistance Program Tax Credit Report. Tags: credit, tax |
Video Game Production Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credits. Click on the link to access the Video Game Production Tax Credit Report. Tags: credit, tax |
Pennsylvania Economic Development IncentivesThis research brief presents data on Pennsylvania economic development incentives for fiscal years (FY) 2014-15 through FY 2019-20. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. The brief also highlights recent changes to incentive programs spending or utilization. Tags: brief, credits, development, economic, incentives, research, tax |
Film Production Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New Jobs Tax Credits. Click on the link to access the Film Production Tax Credit Report. Tags: credit, tax |
Film, Historic Preservation and New Jobs Tax Credit ReviewsIFO presentation of the Film Production, Historic Preservation and New Jobs Tax Credit Reviews. Tags: credit, film, historic, jobs, preservation, review, tax |
New Jobs Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New Jobs Tax Credits. Click on the link to access the New Jobs Tax Credit Report. Tags: credit, jobs, tax |
Historic Preservation Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New Jobs Tax Credits. Click on the link to access the Historic Preservation Tax Credit Report. Tags: credit, historic, preservation, tax |
Tax credits and Economic Development IncentivesThis report presents data on Pennsylvania tax credits and economic development incentives for fiscal years (FY) 2018-19 through FY 2023-24. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. Fiscal year 2023-24 amounts are budgeted, authorized or projected and may differ from final amounts expended or awarded for the year. The report also highlights recent changes to incentive program spending or utilization. 01/09/2024 |
Summary of Tax credit ReviewsNew IFO report highlights findings from the 20 tax credit reviews published during the first five-year evaluation cycle (2019 to 2023). 10/10/2023 |
Senate Budget Hearing RequestThe Independent Fiscal Office (IFO) responded to questions raised at the office’s budget hearing before the Senate Appropriations Committee. The questions relate to net migration for Pennsylvania, U3 and U6 unemployment rates, tax burden and labor force participation rates for Pennsylvania and border states, Pennsylvania’s declining workforce and the Pennsylvania Child and Dependent Care Enhancement Tax credit. 04/05/2023 |
2023 Tax credit ReviewsIFO presentation of the Manufacturing, Pennsylvania Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax credit Reviews. 01/10/2023 |
Resource Manufacturing Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax credits. Click on the link to access the Resource Manufacturing Tax credit Report. 01/05/2023 |
Manufacturing Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax credits. Click on the link to access the Manufacturing Tax credit Report. 01/05/2023 |
Rural Jobs and Investment Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax credits. Click on the link to access the Rural Jobs and Investment Tax credit Report. The report was amended on February 17, 2023 to include updates to Table 3.1 on page 14. Following publication of the RJITC report, the IFO became aware of a data discrepancy contained within a referenced study. As a result, the RJITC report was updated to exclude references to the “Evaluation of Alabama’s Entertainment Industry Incentive Program and New Markets Development Program” on February 23, 2023. 01/05/2023 |
Waterfront Development Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax credits. Click on the link to access the Waterfront Development Tax credit Report. 01/05/2023 |
Tax credits and Economic Development IncentivesThis research brief presents data on Pennsylvania tax credits and economic development incentives for fiscal years (FY) 2017-18 through FY 2022-23. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. Fiscal year 2022-23 amounts are budgeted, authorized or projected and may differ from final amounts expended or awarded for the year. The brief also highlights recent changes to incentive program spending or utilization. This research brief was reposted on December 21 to correct a text error on page 1. 12/15/2022 |
Evaluating the Effectiveness of Tax Incentives Without ROIMichaela Miller gave a brief presentation at the FTA Revenue Estimation and Tax Research Conference on evaluating the effectiveness of tax incentives without ROI. The REAP tax credit was used as a case study. 10/26/2022 |
Tax credit ReviewsIFO presentation of the Mixed-Use Development, Brewers’, Coal Refuse Energy and Reclamation and Educational Tax credit Reviews. 01/24/2022 |
Mixed-Use Development Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fourth year, the IFO reviewed the Brewers', Coal Refuse Energy and Reclamation, Educational and Mixed-Use Development Tax credits. Click on the link to access the Mixed-Use Development Tax credit Report. 01/20/2022 |
Brewers' Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fourth year, the IFO reviewed the Brewers', Coal Refuse Energy and Reclamation, Educational and Mixed-Use Development Tax credits. Click on the link to access the Brewers’ Tax credit Report. 01/20/2022 |
Educational Tax creditsAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fourth year, the IFO reviewed the Brewers', Coal Refuse Energy and Reclamation, Educational and Mixed-Use Development Tax credits. Click on the link to access the Educational Tax credits Report. 01/20/2022 |
Coal Refuse Energy and Reclamation Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fourth year, the IFO reviewed the Brewers', Coal Refuse Energy and Reclamation, Educational and Mixed-Use Development Tax credits. Click on the link to access the Coal Refuse Energy and Reclamation Tax credit Report. 01/20/2022 |
Pennsylvania Economic Development IncentivesThis research brief presents data on Pennsylvania economic development incentives for fiscal years (FY) 2015-16 through FY 2020-21. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. The brief also highlights recent changes to incentive programs spending or utilization. 11/29/2021 |
PBB Addendums and Updated KSDZ Tax credit Report PresentationThe IFO presented the PBB Addendums and revised KSDZ Tax credit report to the Performance Based Budget Board. 09/28/2021 |
Keystone Special Development Zone Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax credits. Click on the link to access the Keystone Special Development Zone Tax credit Report. 09/24/2021 |
Performance-Based Budget Board Hearing RequestThe IFO responded to a question raised during the Performance-Based Budget Board hearing on April 26, 2021 by providing Neighborhood Assistance Program and the Resource Enhancement and Protection Program Tax credit awards by region or county. 05/04/2021 |
NAP, REAP, EEEP, VGP and KSDZ Tax credit ReviewsIFO presentation of the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax credit Reviews. 04/26/2021 |
Resource Enhancement and Protection Program Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax credits. Click on the link to access the Resource Enhancement and Protection Program Tax credit Report. IFO Letter to the SCC 04/23/2021 |
Entertainment Economic Enhancement Program Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax credits. Click on the link to access the Entertainment Economic Enhancement Program Tax credit Report. 04/23/2021 |
Neighborhood Assistance Program Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax credits. Click on the link to access the Neighborhood Assistance Program Tax credit Report. 04/23/2021 |
Video Game Production Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax credits. Click on the link to access the Video Game Production Tax credit Report. 04/23/2021 |
Pennsylvania Economic Development IncentivesThis research brief presents data on Pennsylvania economic development incentives for fiscal years (FY) 2014-15 through FY 2019-20. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. The brief also highlights recent changes to incentive programs spending or utilization. 10/15/2020 |
Impact of the TCJA on Pennsylvania TaxpayersThis research brief uses newly released IRS tax data to examine how the Tax Cuts and Jobs Act of 2017 impacted Pennsylvania federal income taxpayers. The analysis finds that tax law changes likely reduced federal income taxes by roughly $8.5 to $9.0 billion. This research brief was originally posted on October 2 but was updated and reposted on October 13 so that refundable tax credits and certain miscellaneous taxes (AMT and net investment tax) are reflected in average tax rate and estimated tax cut computations. Previously, those amounts were itemized separately. 10/13/2020 |
OBMD, MTBI, R&D, and KIZ Tax credit Reviews and PBB Overview for DCED, DOH and DHSIFO presentation of Organ and Bone Marrow Donation, Mobile Telecommunications Broadband Investment, Research and Development and Keystone Innovation Zone Tax credit Reviews and Performance-Based Budget highlights for the Department of Community and Economic Development, Department of Health and Department of Human Services. 01/22/2020 |
Performance-Based Budget Board Hearings Agenda- Year 2The IFO has posted the agenda for upcoming performance-based budget and tax credit review hearings. 01/21/2020 |
Research and Development Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax credits. Click on the link to access the Research and Development Tax credit Report. 01/21/2020 |
Keystone Innovation Zone Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax credits. Click on the link to access the Keystone Innovation Zone Tax credit Report. 01/21/2020 |
Mobile Telecommunications Broadband Investment Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax credits. Click on the link to access the Mobile Telecommunications Broadband Investment Tax credit Report. 01/16/2020 |
Organ and Bone Marrow Donation Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax credits. Click on the link to access the Organ and Bone Marrow Donation Tax credit Report. 01/16/2020 |
Tax Incentive ExpansionIn response to a legislative request, the Independent Fiscal Office analyzed new or expanded tax credits and special zones approved by the General Assembly since 2009. 12/11/2019 |
Performance-Based Budget Board Hearings Agenda- RevisedThe IFO has posted a revised agenda for the upcoming performance-based budget and tax credit review hearings. 01/22/2019 |
Film Production Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New Jobs Tax credits. Click on the link to access the Film Production Tax credit Report. 01/18/2019 |
Film, Historic Preservation and New Jobs Tax credit ReviewsIFO presentation of the Film Production, Historic Preservation and New Jobs Tax credit Reviews. 01/18/2019 |
New Jobs Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New Jobs Tax credits. Click on the link to access the New Jobs Tax credit Report. 01/18/2019 |
Historic Preservation Tax creditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New Jobs Tax credits. Click on the link to access the Historic Preservation Tax credit Report. 01/18/2019 |
Performance-Based Budget Board Hearings AgendaThe IFO has posted the agenda for upcoming performance-based budget and tax credit review hearings. 01/16/2019 |
Performance-Based Budget Board Hearings ScheduleThe IFO has posted the schedule for upcoming performance-based budget and tax credit review hearings. 12/14/2018 |
Neighborhood Assistance Program Tax creditThe IFO responds to a request regarding the Neighborhood Assistance Program Tax credit. 04/02/2018 |
Performance-Based Budget and Tax credit Review ScheduleThe IFO has posted the schedule for upcoming performance-based budgets and tax credit reviews. 01/30/2018 |
Uncapping the Film Production Tax credit: A Fiscal and Economic AnalysisThis report presents the results of an analysis performed by the Independent Fiscal Office (IFO) on the fiscal and economic impacts of eliminating the cap on Pennsylvania’s film production tax credit (FPTC). The report also considers stand-alone tax credits for post-production and digital interactive media services. 05/31/2013 |
ACN_SB1071_A10803_text.pdfof Independent Fiscal Office; and for retirement for State employees and officers, in the areas of preliminary provisions, of membership, credited service, classes of service and eligibility for benefits, of contributions, of benefits, of State employees' defined contribution plan and of 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 multiplier," "compensation," "creditable nonschool service," "credited service," "date of termination of service," "distribution," "domestic relations order," "final average salary," "inactive member," "intervening military Hits: 656 |
TC_2019_Historic_Preservation_Tax_Credit_Report.pdfCover: Historic Preservation Tax Credit project: “The Millworks” located in Harrisburg, Pennsylvania. About the Independent Fiscal Office The Independent Fiscal Office (IFO) provides revenue projections Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the first year, the IFO reviewed three tax credits: the Historic Preservation, Film Production and Jobs Hits: 451 |
TC_2020_Research and Development Tax Credit.pdfSenate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the second year, the IFO reviewed four tax credits: the Research and Development, Key- stone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits. The act Hits: 360 |
TC_2019_Film_Production_Tax_Credit_Report.pdfSenate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the first year, the IFO reviewed three tax credits: the Historic Preservation, Film Production and Jobs Creation tax credits. The act requires the IFO to submit tax credit reviews to the Hits: 334 |
Summary_Tax_Credit_Reviews_Oct_2023.pdfPage 1 Introduction Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review the various Pennsylvania state tax credits every five years. 1 The IFO must submit all tax credit reviews to the Performance-Based Budget (PBB) Board for approval and make the reports available to the public on the Hits: 330 |
TC_2021_Entertainment_Economic_Enhancement_Program.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the third year, the IFO reviewed five tax credits: the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Hits: 328 |
TC_2021_Neighborhood_Assistance_Program.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the third year, the IFO reviewed five tax credits: the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Hits: 310 |
TC_2021_Video_Game_Production.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the third year, the IFO reviewed five tax credits: the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Hits: 299 |
TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdfSenate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the second year, the IFO reviewed four tax credits: the Research and Development, Key- stone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits. The act Hits: 286 |
TC_2021_Keystone_Special_Development_Zones_Update.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the third year, the IFO reviewed five tax credits: the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Hits: 243 |
TC_2019_New_Jobs_Tax_Credit_Report.pdfSenate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the first year, the IFO reviewed three tax credits: the Historic Preservation, Film Production and Jobs Creation tax credits. The act requires the IFO to submit tax credit reviews to the Hits: 242 |
TC_2022_Educational_Tax_Credits.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the fourth year, the IFO reviewed four tax credits: the Educational, Coal Refuse Energy and Reclamation, Brewers’ and Mixed-Use Development Tax Credits. The act requires the IFO to Hits: 236 |
TC_2021_Resource_Enhancement_and_Protection.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the third year, the IFO reviewed five tax credits: the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Hits: 231 |
TC_2022_Coal_Refuse_Energy_and_Reclamation.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five-year period. For the fourth year, the IFO reviewed four tax credits: the Educational, Coal Refuse En- ergy and Reclamation, Brewers’ and Mixed-Use Development Tax Credits. The act requires the IFO Hits: 228 |
TC_2022_Brewers.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the fourth year, the IFO reviewed four tax credits: the Educational, Coal Refuse Energy and Reclamation, Brewers’ and Mixed-Use Development Tax Credits. The act requires the IFO to Hits: 204 |
TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdfSenate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the second year, the IFO reviewed four tax credits: the Research and Development, Key- stone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits. The act Hits: 203 |
TC_2023_Rural_Jobs_Investment.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the fifth year, the IFO reviewed four tax credits: Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credits. The act requires the IFO to submit tax Hits: 191 |
TC_2023_PA_Resource_Manufacturing.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the fifth year, the IFO reviewed four tax credits: the Manufacturing, Resource Manufac- turing, Rural Jobs and Investment, and Waterfront Development Tax Credits. The act requires the IFO to Hits: 185 |
TC_2022_Mixed_Use_Development.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the fourth year, the IFO reviewed four tax credits: the Educational, Coal Refuse Energy and Reclamation, Brewers’ and Mixed-Use Development Tax Credits. The act requires the IFO to Hits: 180 |
TC_2023_Manufacturing.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the fifth year, the IFO reviewed four tax credits: Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credits. The act requires the IFO to submit tax Hits: 166 |
TC_2020_Organ and Bone Marrow Donation Tax Credit.pdfSenate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the second year, the IFO reviewed four tax credits: The Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Mar- row Donation Tax Credits. The act Hits: 141 |
TC_2023_Waterfront_Development.pdfHouse and Senate Finance Committees: Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review various state tax credits over a five- year period. For the fifth year, the IFO reviewed four tax credits: the Manufacturing, Resource Manufac- turing, Rural Jobs and Investment, and Waterfront Development Tax Credits. The act requires the IFO to Hits: 129 |
NAP-2018-03.pdfAssistance Program (NAP) encourages businesses to invest in projects that serve distressed areas or support neighborhood conservation. 1 This tax credit program is administered by the Pennsylvania Department of Community and Economic Development (DCED) and consists of five components: (1) the Neighborhood Assistance Program Tax Credit, (2) the Special Program Priorities, (3) the Neighborhood Partnership Program, (4) the Charitable Food Program and (5) the Enterprise Zone Hits: 70 |
index.cfmRevenue Estimates Revenue & Economic Update Performance Budgeting Energy Pension Analysis Property Tax Wage Contracts Tax Credit Review Economics and Other Featured Releases More Older Pennsylvanians Working Economics and Other April 17, 2024 This research brief uses labor market minimum wage is likely in the range of $10.50 to $11.00 per hour. ... (Full Report) Tax Credits and Economic Development Incentives Economics and Other January 09, 2024 This report presents data on Pennsylvania tax credits and economic Hits: 57 |
Tax_Credit_and_PBB_Overview_2019-01-24.pdfTax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 Act 48 of 2017 – Tax Credit Duties The tax credit review: Identify the purpose for which the tax credit was established. Is the credit Hits: 44 |
TaxCredit and PBB Overview- 2019-01-24.pptxTax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 1/24/2019 0 Act 48 of 2017 – Tax Credit Duties The tax credit review: ▪ Identify the purpose for which the tax credit was established. ▪ Is the credit accomplishing its Hits: 44 |
TaxCredit and PBB Overview- 2019-01-24.pdfTax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 Act 48 of 2017 – Tax Credit Duties The tax credit review: Identify the purpose for which the tax credit was established. Is the credit Hits: 44 |
IFO_Hearing_Materials_Feb_22_2022.pdfof monthly reports on the state economy and revenue collections, periodic revenue estimates, publication of performance-based budgeting and tax credit evaluation reports, coordinating analyses and issuing actuarial notes for legislation that proposes changes to public employee pension or retirement plans 14 State Pension Outlook ............................................................................................. 15 Economic Development Incentives ........................................................................... 16 Minimum Wage by State ......................................................................................... 18 PBB – Agency Reviews ............................................................................................ 19 PBB - Tax Credit Evaluations .................................................................................... 20 PBB – Five-Year Schedule ........................................................................................ 21 - This page intentionally left blank. - Independent Fiscal Office 1 February 2022 Independent Fiscal Hits: 39 |
PBB_2022_PHMC_REPORT.pdfThe State Museum ......................................................................................................... 13 Activity 4: Historic Preservation ....................................................................................................... 15 Activity 5: Administration ................................................................................................................ 19 Appendix ....................................................................................................................................... 21 Performance-Based Budgeting and Tax Credit Review Schedule ..................................................... 21 Agency Response ....................................................................................................................... 22 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 38 |
PBB_Board_Hearing_Apr_26_2021.pdfTax Credit Reviews Presentation to the Performance-Based Budget Board April 26, 2021 Tax Credit Reviews for Year 3 Theme: improving the lives of PA residents ▪ NAP – incentivizes investment in distressed communities ▪ REAP – reduces water Hits: 37 |
PBB-Board Hearing Jan 23 2020.pptxTax Credit Reviews Organ and Bone Marrow Donation Mobile Telecom Broadband Research and Development Keystone Innovation Zones DCED PBB Highlights Presentation to the Performance-Based Budget Board January 23, 2020 2/27/2020 0 Tax Credit Reviews - Overview Tax credit reviews have four objectives ▪ Identify the purpose for which the tax credit was establishe d ▪ Is Hits: 37 |
ACN_SB1_A01354_A01558_2017_06_03a.pdfthe product of three components: (1) a member’s final average salary, (2) a member’s years of accumulated service credit and (3) a benefit accrual rate, or multiplier. For ex- ample, a retiree with 30 years of service, a final is based on the three highest non-overlapping years of service. Vesting occurs after accumulating 10 years of service credit. Bill Summary A01354 and A01558 to SB 1 3 Independent Fiscal Office Superannuation, or normal retirement age, is (1 Hits: 37 |
TC_Board_Hearing_Jan_24_2022.pdfAnnual Tax Credit Reviews Mixed-Use Development Brewers’ Coal Refuse Energy and Reclamation Educational Presentation to the Performance-Based Budget Board January 24, 2022 Tax Credit Reviews for Year 4 Statute: Did the tax credits accomplish their legislative intent? ▪ Mixed-Use – Qualified Yes, unclear if it Hits: 34 |
Tax_Credit_and_Other_Incentives_2022.pdfThis research brief presents Pennsylvania tax credit and other incentives for fiscal years (FY) 2017-18 through FY 2022-23. The brief separates incentives into four categories: tax credits, state spending or grants, job training programs and state loan programs. The amount reported for each incentive is an estimate Hits: 32 |
RB_2021_11_Economic_Development_Incentives.pdffor fiscal years (FY) 2015-16 through FY 2020-21. The brief divides economic development incentives into four categories: tax credits, state spending or grants, job training programs and state loan programs. The dollar amounts reported in the table for each incentives claimed or awarded for each fiscal year. The estimates represent a mix of conventions and data sources. Most tax credit data were provided by the Department of Revenue and reflect the utilization of tax credits (i.e., the application against Hits: 30 |
2006_surviving_spouse_healthcare_study.pdffor policy and benefit structure relating to the REHP. Eligibility for the Commonwealth's REHP is based upon years of credited service and/or age at retirement. The eligibility criteria and associated premiums are not established by statute, but are subject Commonwealth-subsidized premium assistance varies depending primarily on the retiree’s date of retirement, age at retirement and years of credited service. Under current law, any Commonwealth-subsidized premium assistance for postretirement healthcare coverage ceases upon the death of an REHP Hits: 30 |
TC_Board_Hearing_Jan_10_2023.pdfAnnual Tax Credit Reviews Manufacturing PA Resource Manufacturing Rural Jobs and Investment Waterfront Development Presentation to the Performance-Based Budget Board January 10, 2023 Tax Credit Reviews for Year 5 Statute: Did the tax credits accomplish their legislative intent? ▪ Manufacturing – Unlikely due to low level of Hits: 28 |
Tax_Credits_and_Other_Incentives_2024.pdfThis report presents Pennsylvania tax credit and other incentives for fiscal years (FY) 2018-19 through FY 2023-24. It is separated into four categories: tax credits, spending or grants, job training programs and loan programs. The amount reported is an estimate of the dollars claimed or Hits: 28 |
RB-10-2020-Economic_Development_Incentives.pdfincentives for fiscal years (FY) 2014-15 through FY 2019-20. The brief divides economic development into four categories: tax credits, state spending or grants, job training programs and state loan programs. The dollar amounts reported in the table for each incentives claimed or awarded for each fiscal year. The estimates represent a mix of conventions and data sources. Most tax credit data were provided by the Department of Revenue and reflect the utilization of tax credits (i.e., the application against Hits: 28 |
2000_cost_of_living_adjustments.pdfIn general, actuarial funding provides for set increments of the actuarially determined costs to be financed contemporaneously with the service credit accrual under the retirement plan. For retirement benefits established before retirement occurs, actuarial funding accumulates the total financing required to 1996 represents a good example. Act 167 granted a postretirement adjustment to certain pre-1984 annuitants who had military service credit that was determined to be ineligible for purchase by SERS and PSERS because it would also be used to qualify Hits: 28 |
MQRE-FY19-20-Aug.pdflowable deduction was 25 percent, which could be utilized over a period of five years. Fiscal Analysis Program credits are issued only after the application is approved, the investment is complete and the De- partment of Community and Economic Development (DCED 20 PIT withholding revenues by $20.0 million. FY 2019-20 Monthly and Quarterly Estimates | Page 6 Tax Credits Related to Beginning Farmers (Act 65) The act provides a new tax credit for owners of agricultural assets who sell or rent Hits: 27 |
PBB_2020_DCED_REPORT.pdf33 Activity 8: Local Government Operational Support................................................................35 Activity 9: Community and Citizen Development ..................................................................37 Activity 10: Tax Credit Administration .................................................................................41 Activity 11: Office of Open Records ....................................................................................43 Activity 12: Small Business Advocate ..................................................................................45 Activity 13: Administration .................................................................................................47 Appendix ..........................................................................................................................49 Regional and County Map ...............................................................................................49 Performance-Based Budgeting and Tax Credit Review Schedule .........................................51 Agency Response...........................................................................................................52 - This page intentionally left blank. - Background and Methodology | Page 1 Background and Methodology Act 48 of Hits: 25 |
Economic_and_Revenue_Update_2020.pdfFY 2020-21 budget proposal. For the upcoming year, new statutory duties related to performance-based budgeting (PBB) and tax credit reviews will engage much of the office’s resources. A schedule for PBB plans and tax credit reviews, developed jointly with the Office of the Budget, can be found at the end of this submission. In January Hits: 25 |
RB-2016-02.pdfIncentives Economic development incentives attempt to stimulate economic growth through various direct (e.g., expenditures) and indirect (e.g., tax credits) spending mechanisms. Many states publish comprehensive reports that detail their spending on economic development incentives. In Pennsylvania, the information is afford qualified taxpayers special treatment within the tax structure. Tax incentives reduce tax liabilities and may take the form of credits, deductions, exemptions or exclusions. The tax incentives below allocate resources through the tax system instead of through the annual budget Hits: 24 |
Revenue_Proposal_Analysis_2023_05.pdfIntroduction .............................................................................................................................. 1 Tax and Revenue Proposals ...................................................................................................... 3 Adult Use Cannabis ......................................................................................................................... 3 Mobile Telecommunications Service Exemption ................................................................................. 4 Recruitment and Retention Tax Credit .............................................................................................. 5 Deposit of Funds in the Public Safety and Protection Fund (PSPF) ...................................................... 6 Elimination of the Enhanced Revenue Collections Account cut estimate assumes that the proposal reduces the average bill for cellular service by roughly 9%. Recruitment and Retention Tax Credit The Executive Budget proposes a Recruitment and Retention Tax Credit (RRTC) for newly certified nurses, teachers and police officers. This Hits: 22 |
PBB_Board_Hearing_Sept_28_2021.pdfPBB Addendums Updated Keystone Special Development Zone Tax Credit Review Presentation to the Performance-Based Budget Board September 28, 2021 PBB Addendum Requests Pennsylvania Department of Transportation ▪ Activity 12 and trials September 28, 2021 2 Keystone Special Development Zones (KSDZ) Incentivizes private investment in former industrial sites ▪ $2,100 credit per new FTE in zone | July 1, 2012 - June 30, 2035 ▪ Can claim credit up to 10 years | must maintain Hits: 21 |
2004_srpvffinal.pdfSURVEY FINDINGS -8- TABLE I – Selected Provisions of Membership Contributions State Admin. Plan Type # Members Eligibility Funding Sponsor Member Service Credit Arizona Local DB unknown Any Vol. State Fire In- surance Tax Local Gov’t Contributions Yes Yes 1 for 1 unknown Any Vol. State Contri- butions Special Other Yes Yes 1 for 1, w/up to 3 years prior service credit CaliforniaStateDB3,200 Active State Contri- butions Yes No 1 for 1 as certified by dept. w/up to 8 years Hits: 21 |
Revenue-Proposal-Analysis-2020-04.pdftipped workers effectively receive the new, higher minimum wage once tips are included (referred to as the tip credit). Since 2015, the IFO has published five analyses of various minimum wage proposals, with the most recent analysis released March 2019. The unclear if it directly translates, dollar-for-dollar, into a higher standard of living for households. Certain tax credits and many safety-net programs (e.g., Supplemental Nutrition Assistance Program (SNAP) bene- fits, child care subsidies and subsidized healthcare) will phase Hits: 20 |
RB_2022_06_Act_105_Pre-Funding_Impact.pdf31, 2024 and (2) deposited into the fund by May 1, 2025. Pursuant to the agreement, SERS computes annual setoff credits that will be applied to the employer’s computed contribution over the next 30 years. The annual setoff credit schedule is computed so that at the end of the 30-year period, the overall SERS UAL would be unaffected Hits: 20 |
2002_drop_report.pdfmonthly retirement payment into a separate account that earns interest at a rate specified by statute or ordinance and ceases crediting the additional compensation and service for retirement benefit purposes. DROP participants generally do not make contributions to the pension plan deferred” and both employee and employer contributions continue to be made until the end of the DROP period. Methods for crediting interest to the participant’s account also vary widely. Interest may be credited at a fixed rate, a formula rate Hits: 20 |
RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdfinterest on home mortgage debt below $750,000, charitable contributions and other miscellaneous deductions. 1 Increased the child tax credit from $1,000 to $2,000 (refundable up to $1,400), raised income eligibility limits (for married filing joint, the credit phases-out for Adjusted Gross Income above $400,000; previously $110,000) and created a new $500 credit for other Hits: 19 |
PBB_2019_DOBS_Report.pdf15 Activity 4: Education and Outreach ..................................................................................... 17 Activity 5: Administration ................................................................................................... 21 Appendix .......................................................................................................................... 23 Performance-Based Budgeting and Tax Credit Review Schedule .........................................23 Agency Response...........................................................................................................24 - This page intentionally left blank. - PBB Background and Methodology | Page 1 PBB Background and Methodology Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies under the Hits: 19 |
IFO_Hearing_Materials_March_2023.pdfof monthly reports on the state economy and revenue collections, periodic revenue estimates, publication of performance-based budgeting and tax credit evaluation reports, coordinating analyses and issuing actuarial notes for legislation that proposes changes to public employee pension or retirement plans any revenue proposals included in the Executive Budget, (4) publish performance-based budgeting reports for executive agencies, (5) publish tax credit review reports, (6) dynamic modeling and (7) at the request of members of the General Assembly, provide economic, revenue or Hits: 19 |
Economic_and_Revenue_Update_2021.pdfof monthly reports on the state economy and revenue collections, periodic revenue estimates, publication of performance-based budgeting and tax credit evaluation reports, coordinating analyses and issuing actuarial notes for legislation that proposes changes to public employee pension or retirement plans Trends ....................................................................... 16 State and Local Tax Burden: Average Tax Rate and Rank ........................................ 17 SERS and PSERS Financial Data ............................................................................. 18 Tax Credit and Economic Development Incentives ................................................... 19 Minimum Wage Rates by State .............................................................................. 21 PA Worker Distribution by Hourly Wage Rates ......................................................... 22 PIT Hits: 18 |
RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdfEconomic Impact Payments (EIPs), commonly referred to as stimulus checks. ▪ Expanded unemployment compensation (UC) programs. ▪ Expansion of the Child Tax Credit for tax year (TY) 2021. ▪ Emergency allotments to the Supplemental Nutrition Assistance Program (SNAP). The analysis concludes with a limited included a third round of larger, but more targeted, EIPs and modifications to several tax provisions, notably the Child Tax Credit for TY 2021. For CY 2020, the IFO estimates that $38.4 billion of direct federal stimulus flowed to individuals Hits: 17 |
IFO_Hearing_Materials_02_2024.pdfany revenue proposals included in the Executive Budget, (4) publish performance-based budgeting reports for executive agencies, (5) publish tax credit review reports, (6) dynamic modeling and (7) at the request of members of the General Assembly, provide economic, revenue or NYFRB and Freddie Mac. U.S. Checking Savings Balance Change Payroll Jobs (000s) Change All Jobs (000s) Auto Loan Debt Credit Card Debt % All Debt 90+ days late U.S. Effective Credit Card Rate CPI-U - All Items (100%) Shelter (37 Hits: 16 |
Senate_Appropriations_Committee_Response_Letter_2023.pdf2025 and 302,800 by 2030. Senator Street requested how expansion of the Pennsylvania Child and Dependent Care Enhancement Tax Credit could impact economic growth. The new Pennsylvania child and dependent care enhancement tax credit is equal to 30% of the credit claimed for federal tax purposes. For tax year 2020 (latest published data), 189 Hits: 15 |
Revenue_Estimate_2023_06.pdfbelieve there is significant potential that the forecast could deteriorate rapidly due to high interest rates, an expected contraction of credit and lending, the resumption of student loan repayments and the end of funds still flowing from certain stimulus programs (e.g., employee retention credit). U.S. Economic Forecasts Table 1.1 displays the most recent U.S. economic forecast published by IHS Markit, Wells Hits: 15 |
Revenue-Estimate-2023-05.pdfbelieve there is significant potential that the forecast could deteriorate rapidly due to high interest rates, an expected contraction of credit and lending, the resumption of student loan repayments, a potential debt ceiling impasse and the end of funds still flowing from certain stimulus programs (e.g., employee retention credit). U.S. Economic Forecasts Table 1.1 displays the most recent U.S. economic forecast published by IHS Markit, Wells Hits: 15 |
MQRE_FY22_23_August.pdf1.5 million. Pennsylvania Child and Dependent Care Enhancement Program (Act 53) The act provides for a new refundable PIT credit for eligible taxpayers who receive the federal child and dependent care tax credit. The credit is equal to (1) 30% of the expenses incurred and claimed for purposes of the federal credit or Hits: 15 |
2007_divestment_complete_report.pdfbusinesses and individuals that may be under-served by traditional financial services. Through local organizations, community investors provide access to credit, equity, and capital that may otherwise be unavailable. DIVESTMENT Divestment, also known as “divestiture” or “disinvestment,” refers to a form companies that sell arms to the Govern- ment of Iran, and financial institutions that extend $20 million or more in credit to the Government of Iran for 45 days or more. H. R. 2347 also directs the Secretary of the Treasury Hits: 15 |
Public Employee Retirement Laws of PA Local Governments (2009).pdfCourt of Pennsylvania. Whenever the court orders restitution or establishes the amount of restitution due after petition, all sums then credited to the convicted individual member’s account or payable to that individual, including member contributions, must be available to satisfy order to participate they must pay into the system all member contributions plus the regular interest that would have been credited to those contributions had they participated in the plan from their date of hire. If a municipality determined to change Hits: 14 |
FTA_Presentation_Oct_24_2022.pdfnon-partisan Duties span a wide range of issues: ▪ Revenue estimates (how much revenues are available?) ▪ Performance based budgeting | Tax credit reviews ▪ Special Studies: property tax reform, natural gas, minimum wage October 24, 2022 1 Act 48 Tax Credit Reviews Statute: Did the tax credits accomplish their legislative intent? ▪ Submit reviews to Performance-Based Budget Board ▪ Annual legislative hearing Hits: 14 |
Revenue_Estimate_2021_05.pdftransfer another $21.4 billion to state residents in CY 2021. ▪ The ARP made significant changes to the Child Tax Credit (CTC) for tax year (TY) 2021, includ- ing: increase in value from $2,000 to $3,000 ($3,600 for children under age six), removal of the minimum income threshold and the credit is now fully refundable (previously only $1,400 was refundable). The maximum credit is available to qualifying filers with incomes Hits: 12 |
June_Revenue_Estimate_2021.pdftransfer another $21.4 billion to state residents in CY 2021. ▪ The ARP made significant changes to the Child Tax Credit (CTC) for tax year (TY) 2021, includ- ing: increase in value from $2,000 to $3,000 ($3,600 for children under age six), removal of the minimum income threshold, and the credit is now fully refundable (previously only $1,400 was refundable). The maximum credit is available to qualifying filers with incomes Hits: 12 |
IFO_Hearing_Packet_Feb2019.pdfyear 2019-20 budget proposal. For the upcoming year, new statutory duties related to performance-based budgeting (PBB) and tax credit reviews will engage much of the office’s resources. A schedule for PBB plans and tax credit reviews, developed jointly with the Office of the Budget, can be found at the end of this submission. In January Hits: 12 |
Pensionsentitle members of the System who are granted leave for military service on or after July 1, 2013, to receive credit in PSERS and to purchase the service as "nonintervening" military service, as provided in the Retirement Code. Legislative Session 2011 a member employed in a position for which a class of service other than Class A or Class AA is credited or could be elected, to become a member of Class A-3 beginning January 1, 2011 (or if a member Hits: 12 |
PBB_2021_DHS_REPORT_ADDENDUM.pdfHealth Programs (Addendum) .................................................................... 59 Activity 12: State Hospitals ................................................................................................................ 61 Activity 13: Licensing ........................................................................................................................ 65 Appendix .......................................................................................................................................... 67 Performance-Based Budgeting and Tax Credit Review Schedule ....................................................... 67 Agency Response .......................................................................................................................... 68 - This page intentionally left blank. - Background on Performance-Based Budgeting | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 11 |
IFO_Hearing_Packet_Feb2018.pdfbudget proposal. For the upcoming year, the fulfillment of new statutory duties related to performance-based budgeting (PBB) and tax credit reviews will engage much of the office’s resources. A schedule for PBB and tax credit reviews, developed jointly with the Office of the Budget, can be found at the end of this submission. It is Hits: 11 |
2002_dbdc_report.pdfthe State Employees’ Retirement Code, full retirement benefits are payable when the member attains age 60 with three years of credited service or any age with 35 years of service, with members of the General Assembly and certain public safety employees the normal retirement age (“30 and out”). Active members of both systems may purchase certain types and amounts of service credit for which they receive retirement credit that may then be used by the member to qualify for regular retirement, early Hits: 11 |
Five_Year_Outlook_2022.pdfan average rate of 2.6% per annum, or 3.1% excluding the CNIT rate cut and new/expanded tax credits enacted with the FY 2022-23 state budget. During that time, the state economy continues to partially revert to pre- areas, but is also decelerating. ▪ Auto loan debt surged in CY 2021, but growth decelerated in CY 2022. By contrast, credit card debt expanded rapidly and debt balances now exceed pre-pandemic levels. 2021.2 2021.3 2021.4 2022.1 Hits: 10 |
MTR-2017-03.pdfNew York (FRBNY) publishes quarterly state data on consumer debt. The data span major loan types, such as mortgage, auto, credit card and student loan, and provide insight as to whether consumers are accumulating or paying down debt. For Pennsylvania and and New Jersey fell by more than 1% per annum, but recent data show modest gains. Similar to mortgage debt, credit card debt peaked in 2008 for the states below. However, credit card debt grew more quickly than mortgage debt from Hits: 9 |
Monthly_Economic_Update_Nov_2023.pdfCredit Cards Drive 3.0% Rise in Pennsylvania Consumer Debt On November 7th, the Federal Reserve Bank of New York released its Report on Household Debt and Credit for 2023 Q3. The report includes per capita debt balances for the population of residents who have a credit report Hits: 9 |
Five_Year_Outlook_2021.pdfand long-term assumptions: ▪ Although Congress may enact or extend new social spending programs (e.g., the expanded Child Tax Credit), the forecast does not include new programs or extensions. Based on analyses from Moody’s and the Penn Wharton Budget CY 2022 to account for changes in household size and incomes. ▪ There were significant changes made to the Child Tax Credit (CTC) for tax year (TY) 2021, in- cluding: increase in the maximum amount from $2,000 to $3,000 ($3 Hits: 9 |
Econ_Budget_Outlook_Hearing_Response_Letter_02_2023.pdfconsumer debt by income level as it overlaps with first-time homebuyers and/or renters. This response focuses on average credit card balances, because (1) that has been the largest source of debt increases over the last year by a significant margin and (2) credit card balances most reflect consumers’ ability to cover current expenses. In November 2022, the New York Federal Reserve released an Hits: 9 |
Official_Revenue_Estimate_Methodology_2022.pdfIntroduction | Page 2 to project tax liability, (2) overpayments of tax liability are common and may be pushed forward as credits into future tax years and (3) tax liability must be converted into cash flows that could span multiple fiscal years year liabilities are adjusted for the application of Innovate PA and Pennsylvania Life and Health Insurance Guaranty Association (PLHIGA) tax credits and converted to fiscal year cash collections based on historical data. 5 A retaliatory tax is imposed on companies incorporated Hits: 8 |
Official_Revenue_Estimate_Methodology_2021.pdfIntroduction | Page 2 to project tax liability, (2) overpayments of tax liability are common and may be pushed forward as credits into future tax years and (3) tax liability must be converted into cash flows that could span multiple fiscal years year liabilities are adjusted for the application of Innovate PA and Pennsylvania Life and Health Insurance Guaranty Association (PLHIGA) tax credits and converted to fiscal year cash collections based on historical data. 5 A retaliatory tax is imposed on companies incorporated Hits: 8 |
Official-Revenue-Estimate-Methodology-2020-6.pdfmade to project tax liability, (2) overpayments of tax liability are common and may be pushed forward as credits into future tax years and (3) tax liability must be converted into cash flows that could span multiple fiscal years. The personal mutual thrift institutions is levied on net income. Transfers None. Exemptions Shares held by tax-exempt entities and credit unions are not subject to tax. Methodology The bank and trust company tax forecast utilizes a structural model, which incorporates the growth Hits: 8 |
Official-Revenue-Estimate-Methodology-2019-06.pdfmade to project tax liability, (2) overpayments of tax liability are common and may be pushed forward as credits into future tax years and (3) tax liability must be converted into cash flows that could span multiple fiscal years. The personal mutual thrift institutions is levied on net income. Transfers None. Exemptions Shares held by tax-exempt entities and credit unions are not subject to tax. Methodology The bank and trust company tax forecast utilizes a structural model, which incorporates the growth Hits: 8 |
IFO_Letter_to_the_SCC.pdfIn response to Senator Browne’s directive to develop performance measures for the Resource Enhancement and Protection Program (REAP) Tax Credit, the Independent Fiscal Office (IFO) offers the following guidance for your consideration. Ideally, the State Conservation Commission (SCC) would annually environmental model to project the pollution reduction that results from actual best management practices (BMPs) funded by the REAP Tax Credit during that year. The model would account for the type and geographic location of each BMP implemented. If the SCC Hits: 8 |
IFO - Economic and Budget Outlook - January 2012.pdf2012). 2 Therefore, projections assume that technical factors such as compliance rates, tax base erosion, and utilization of available tax credits remain constant, unless those factors are reflected in the economic assumptions. 1 For the purposes of this report, it does the dollar value of outstanding mortgages has declined at an average rate of -1.9 percent per annum, while consumer credit debt has declined by -1.0 percent per annum. Although these reductions seem minor, they reveal a substantial deleveraging process Hits: 8 |
HAC testimony Feb 2019.pdfalso like to make some brief comments regarding the IFO’s recently published performance-based budget (PBB) plans and tax credit reviews. Revenue Update for FY 2018-19 Through January, actual revenues exceed the IFO official revenue estimate by $321 million Q4 reduced personal income tax estimated payments. The IFO also speculates that taxpayers likely had a large stock of overpayment credits from the prior tax year that they opted to apply to the fourth estimated payment. This shortfall is temporary. Pennsylvania Hits: 8 |
2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdfof scale and reduce the per member administrative costs incurred by the current conglomeration. Each municipality would continue to be credited with its own fund, not unlike the Pennsylvania Municipal Retirement System today. Under the Municipal Pension Plan Funding Standard and that are minor in comparison to what was accomplished here in Pennsylvania. The General Assembly has not received nearly enough credit for passage of Pennsylvania’s pension reform legislation: Act 120 of 2010. This is probably because many policymakers do not Hits: 8 |
Pensionswhich a member must commence employment with the city following military service in order to be eligible to purchase service credit for nonintervening military service and mandating that the City permit eligible active members to purchase up to five years of nonintervening military service credit. Act 2014 - 64 (Senate Bill Number 703, Printer's Number 708). Signed into law on June 18, 2014, Act 64 Hits: 8 |
Official_Revenue_Estimate_Methodology_2023_06.pdfIntroduction | Page 2 to project tax liability, (2) overpayments of tax liability are common and may be pushed forward as credits to future tax years and (3) tax liability must be converted into cash flows that could span multiple fiscal years year liabilities are adjusted for the application of Innovate PA and Pennsylvania Life and Health Insurance Guaranty Association (PLHIGA) tax credits and converted to fiscal year cash collections based on historical data. 5 A retaliatory tax is imposed on companies incorporated Hits: 7 |
Five_Year_Outlook_2020.pdfincome (e.g., Social Security, pensions received, IRA disbursements) and income assistance (SSI, veterans benefits, unemployment compensation, SNAP, refundable tax credits). 4 Unlike state Personal Income published by the U.S. Bureau of Economic Analysis, it does not include imputed dividend prior year. Per capita consumer debt data from the New York Federal Reserve Board reveal unexpected re- ductions in credit card and home equity line of credit debt for Pennsylvania consumers. Mortgage debt more than 90 days delinquent declined Hits: 7 |
EPLC_April_2024.pdfRevenue estimates | Economic & demographic trends • Economic analysis of executive revenue proposals • 5-Year Economic & Budget Outlook • Performance-based budgeting | Tax credit reviews • Pension analysis | Dynamic modeling | Economic impact • Analyze impact of collective bargaining agreements Special Studies and Legislative Requests • Property tax Jobs 2019 Q4 vs 2023 Q4 All Jobs +13k Payroll Jobs +30k 000s jobs Education Policy & Leadership Center Slide 11 • Credit card debt currently above trend • Typically grows by $40 billion (roughly 3.6%) per annum • 2023 grows ~$100 billion (8 Hits: 7 |
Revenue-Proposal-Analysis-2019-03.pdf3 Corporate Net Income Tax ............................................................................................................... 3 Sales and Use Tax ........................................................................................................................... 8 Personal Income Tax ....................................................................................................................... 9 Resource Enhancement Tax Credit ................................................................................................... 9 Raising the Minimum Wage .................................................................................................... 11 Minimum Wage Across States ........................................................................................................ 12 Recent Minimum Wage Studies ...................................................................................................... 14 Workers Affected by a $12 per and the sales and use tax to various funds and an expansion of the Resource Enhance- ment Tax Credit. This analysis projects that the proposals will reduce General Fund revenues by $192 million in fiscal year (FY) 2019-20. The reduction Hits: 6 |
Response_Letter_9_23_2019.pdfexempt exempt North Carolina fully taxable fully taxable exempt North Dakota fully taxable fully taxable same as federal Ohio $200 credit $200 credit exempt Oklahoma $10,000 $10,000 exempt Oregon limited exemption $6,250 credit exempt Pennsylvania exempt exempt exempt Rhode Island Hits: 6 |
RB_2024_03_Child_Care.pdforder to reduce the burden of child care costs, Act 34 of 2023 expanded the Child and Dependent Care Enhancement Credit from 30% of the federal tax credit to 100%. Eligible filers can claim a maximum credit of $1,050 (one dependent) or $2,100 (two or more Hits: 6 |
PBB_2022_AGRICULTURE_REPORT.pdfDevelopment ............................................................................. 33 Activity 7: Plant Industry and Health .................................................................................................. 37 Activity 8: Administration ................................................................................................................... 39 Appendix .......................................................................................................................................... 43 Performance-Based Budgeting and Tax Credit Review Schedule ....................................................... 43 Agency Response .......................................................................................................................... 44 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 6 |
MQRE_FY21_22_August.pdf3.84 billion. FY 2021-22 Monthly and Quarterly Estimates | Page 7 Various Taxes Mixed-Use Development Tax Credit (Act 25) The act increases the annual cap on the tax credit to $4.5 million effective for fiscal years beginning after June 30, 2021. Prior Law Under prior law, the annual cap was Hits: 6 |
MQRE-FY23-24_Revised_Jan.pdf0 million. Personal Income Tax Pennsylvania Child and Dependent Care Enhancement Program (Act 34) The act expands the refundable PIT credit for eligible taxpayers who receive the federal child and depend- ent care tax credit. The credit is now equal to (1) 100% (formerly 30%) of the expenses incurred and claimed for purposes of the Hits: 6 |
2023_Mid_Year_Update.pdfProgram 20.7 10.0 0.0 Extra SNAP/CTC/Rent Assistance 1.3 7.3 4.9 Employee Retention Credit (ERC) 0.0 1.0 2.2 Direct State Govt Support $5.9 $20.3 $0.2 Direct Local Govt Sick and Family Leave ($0.4 billion, self-employed) and expanded Child and Dependent Care ($0.5 billion) refundable tax credits. Credits were attributable to tax year 2021 but received as a refund in CY 2022. Estimates for PA assume state Hits: 6 |
PICPA_Presentation.pdfprofits continue to lag. Limited borrowing by PA consumers. Mortgage debt falls in first quarter. Increases to credit card, auto and student loans. Recent PA Economic Trends Recent Economic Trends June 7, 2017 11 2016.2 2016.3 2014 2015 2016 2017.1 Auto Loans (10%) 6.6% 1.6% 8.3% 8.6% 5.2% 6.0% Credit Card (7%) -1.8% -2.2% 0.0% 5.2% 3.5% 4.3% All Mortgage (66%) -1.7% -4 Hits: 5 |
PBB_2022_DHS_REPORT_ADDENDUM.pdfParty Liability ........................................................................ 81 Activity 14: Hearings and Appeals ...................................................................................................... 85 Activity 15: Administration ................................................................................................................. 87 Appendix .......................................................................................................................................... 91 Performance-Based Budgeting and Tax Credit Review Schedule ....................................................... 91 Agency Response .......................................................................................................................... 92 - This page intentionally left blank. - Background on Performance-Based Budgeting | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 5 |
PBB_2020_DEP_Report.pdfPrograms ............................................................................................. 41 Activity 16: Laboratory Services.......................................................................................... 43 Activity 17: Administration ................................................................................................. 45 Appendix .......................................................................................................................... 47 Performance-Based Budgeting and Tax Credit Review Schedule .........................................47 Agency Response...........................................................................................................48 - This page intentionally left blank. - Background and Methodology | Page 1 Background and Methodology Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies under the Hits: 5 |
Monthly_Economic_Update_November_2020_Final.pdfPennsylvania sales tax revenues, as many goods are taxed but services are generally exempt. Consumer Debt Increases from Prior Year, Credit Card Balances Continue to Decline The New York Federal Reserve Bank released consumer debt data for 2020 Q3. Pennsylvania consumer debt declined 0.9% from the prior year to $42,700 per capita due to declines in credit card debt (-8.9%) and home equity line of credit debt (-11.9%). Nationally, consumer debt increased to $14.35 Hits: 5 |
jackson ppt.pdfa boost. • State and local budget crunch (reduced revenues, more need for many services, can’t put it on a credit card) adding to job losses, among other things. PA Faring Better than US During and Post-Recession 7 © 2012, IHS a drop-off in household formation. • Sustained job growth is needed for revival. • Record affordability of homes should boost demand. • Credit conditions remain tight across regions. • Mortgage foreclosures are adding to excess supply, thereby depressing prices and holding back new construction Hits: 5 |
ITEP-Presentation-11-14-2019.pdf1%: 39 th highest PA Tax Fairness: Behind the Numbers Flat-rate income tax No refundable income 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 Hits: 5 |
State_Tax_Comparison_2022_01.pdf61.8 billion in federal income tax. 14 That amount has not been reduced for $3.2 billion of refundable credits paid to Pennsylvania residents, such as the Earned Income Tax Credit and the Additional Child Care Tax Credit. It also excludes $2.9 billion of Premium and Advance Premium Tax Credits Hits: 4 |
State_Tax_Comparison_2020_11.pdfbillion in federal income tax. 16 That amount has not been reduced for $3.2 billion of refundable credits paid to Pennsylvania residents, such as the Earned Income Tax Credit and the Additional Child Care Tax Credit. It also excludes $3.8 billion of Premium and Advance Premium Tax Credits for qualified Hits: 4 |
Revenue_Estimate_2022_06.pdfResidual amounts of funding support from Economic Impact Payments (stimulus checks), ex- panded federal unemployment benefits and expanded child tax credits provides nearly $400 million to Pennsylvania residents in CY 2022. 2020 2021 2022 Total Payments to Individuals or Businesses State 1.8 1.5 4.2 Economic Impact Payments 11.0 21.0 0.2 32.2 Expanded Child Tax Credits -- 3.4 0.1 3.5 Rental and Homeowner Assistance -- 2.0 0.0 2.0 Paycheck Protection Program (PPP Hits: 4 |
Revenue_Estimate_2022_05.pdfResidual amounts of funding support from Economic Impact Payments (stimulus checks), ex- panded federal unemployment benefits and expanded child tax credits provides nearly $400 million to Pennsylvania residents in CY 2022. 2 See “Is the Student Loan Moratorium Affecting Employment?” (March 1.8 1.5 4.2 Economic Impact Payments 11.0 21.0 0.2 32.2 Expanded Child Tax Credits -- 3.4 0.1 3.5 Rental and Homeowner Assistance -- 2.0 0.0 2.0 Paycheck Protection Program (PPP Hits: 4 |
PMTA_Presentation_April_2023.pdf9 $0.1 -- -- Economic Impact Payments 11.2 22.1 0.8 -- -- Paycheck Protection 20.7 10.0 -- -- -- Child Tax Credit and ERC -- 4.4 2.9 -- -- SNAP and P-EBT 1.3 3.4 2.2 $0.4 $0.2 employers ▪ 2024 rates: NY = $14.60 | NJ = $15.00 | OH = $10.40 | MD = $14.00 2 Recruitment and retention tax credit ▪ Effective Jan. 1, 2023 | 3-year $2,500 annual credit from personal income tax ▪ Newly certified and licensed: nursing, teaching Hits: 4 |
PBB_Board_Hearing_Request_May_4_2021.pdfbreakdown of the Neighborhood Assistance Program (NAP) and a county breakdown of the Resource Enhancement and Protection Program (REAP) Tax Credits as requested as follow-up during the Performance-Based Budget Board hearing on April 26, 2021. If you have any Director, Office of Performance through Excellence Joshua Phoebus, Director of Performance and Transformation, Office of Performance through Excellence NAP Tax Credit Awards by Region for FY 2019-20 Source: Reprinted from DCED's annual report on the Neighborhood Assistance Program. County Hits: 4 |
PBB_2023_EO_REPORT.pdfPennsylvania Council on the Arts...................................................................................... 33 Activity 8: PA Human Relations Commission ..................................................................................... 35 Appendix ....................................................................................................................................... 39 Performance-Based Budgeting and Tax Credit Review Schedule ..................................................... 39 Agency Response ....................................................................................................................... 40 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 4 |
PBB_2021_PennDOT_REPORT_ADDENDUM.pdfand Technology Initiatives .................................................... 51 Activity 12: Administration ....................................................................................... 55 Activity 12: Administration (Addendum) ................................................................... 57 Appendix ................................................................................................................ 61 Performance-Based Budgeting and Tax Credit Review Schedule .............................. 61 Agency Response ................................................................................................. 62 - This page intentionally left blank. - Background on Performance-Based Budgeting | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 4 |
PACB_Presentation_2021_8.pdfscenario. Payroll jobs figure for 2021.3 reflects July only. Federal stimulus includes PPP loans, expanded SNAP, advance child tax credit payments, expanded UC benefits and economic impact payments. All rates or changes are year-over-year except Real GDP. Wage of dollars $950m Note: EIP is economic impact payment. UC is extra federal Unemployment Compensation. CTC is advance child tax credit payments. Data shifts $160 million of delayed tax revenues from June-July 2020 to April-May 2020. EIP #3 $15 Hits: 4 |
Newsstand_February_2020.pdfNEWS STAND Mortgage Originations Grow 87% as Homeowners Refinance The Federal Reserve Bank of New York released household debt and credit data for 2019 Q4. Mortgage origi- nations grew by 87% year-over-year from $402 billion in 2018 Q4 to their home. Mortgage balances delin- quent for 30 days or more fell to 1.0%—the lowest level on record. Credit card balances and credit limits each grew over the prior year, 6.6% and 5.7%, respectively. Credit card balances Hits: 4 |
Memo-2019-03-Income-and-Property-Tax-Burden-for-Retirees.pdfexempt exempt North Carolina fully taxable fully taxable exempt North Dakota fully taxable fully taxable same as federal Ohio $200 credit $200 credit exempt Oklahoma $10,000 $10,000 exempt Oregon limited exemption limited exemption exempt Pennsylvania exempt exempt exempt Rhode Island $15 Hits: 4 |
Initial_Revenue_Update_May_2023_Final.pdfThousands of payroll jobs. Data not seasonally adjusted. Excludes self-employed. Source: U.S. Bureau of Labor Statistics. U.S. Credit Card Debt Reverts, But on Pace to Surpass Trend May 24, 2023 9 Dec 2022 debt level reverts to pre- cards w/ balance 16.2% 16.7% 16.0% 20.9% Dec peak trendline NY FRB 2023 Q1 Per Capita Credit Card Debt PA $3,310 US $3,490 FY 2022-23 Revenues Through May (preliminary) May 24, 2023 10 Dollar Hits: 4 |
Initial_Revenue_Estimate_Presentation_May_2023_Final.pdfThousands of payroll jobs. Data not seasonally adjusted. Excludes self-employed. Source: U.S. Bureau of Labor Statistics. U.S. Credit Card Debt Reverts, But on Pace to Surpass Trend May 24, 2023 9 Dec 2022 debt level reverts to pre- cards w/ balance 16.2% 16.7% 16.0% 20.9% Dec peak trendline NY FRB 2023 Q1 Per Capita Credit Card Debt PA $3,310 US $3,490 FY 2022-23 Revenues Through May (preliminary) May 24, 2023 10 Dollar Hits: 4 |
Electricity_Update_2024.pdfgeneration. Generation Emissions Independent Fiscal Office Page 3 A factor that likely impacts that outcome is the Commonwealth provides tax credits to eligible facilities that generate electricity with coal refuse. The annual cap for the Coal Refuse Energy and Reclamation tax credit is $20 million, and the entire amount was awarded in FY 2022-23. For 2021, an IFO report found that Hits: 4 |
2013-03b Monthly Economic Summary.pdfFederal Reserve Bank of New York (FRBNY) pub- lishes quarterly tabulations on average consumer debt levels. The debt includes auto, credit card, mortgage and student loan debt and corresponds to all individuals who have a credit card. Although high debt levels may in- hibit consumer spending, an individual’s ability to ser- vice that debt provides Hits: 4 |
State_Tax_Comparison_2023_02.pdf60.6 billion in federal income tax. 16 That amount has not been reduced for $2.9 billion of refundable credits paid to Pennsylvania residents, such as the Earned Income Tax Credit ($1.6 billion) and the Additional Child Tax Credit ($992 million). In general, wealthier states have higher average tax rates Hits: 3 |
State-Tax-Comparison-2020-01.pdfin federal income tax. That amount has not been reduced for the approximately $2.1 billion of refundable credits paid to Pennsylvania residents, such as the Earned Income Tax Credit and the Education Credit. Due to the progressive federal rate structure, state rankings for federal income tax will be a function of Hits: 3 |
SR2017-03.pdf7 billion in federal income tax. That amount has not been reduced for the approximately $2.1 billion of refundable credits paid to Pennsylvania residents, such as the Earned Income Tax Credit and the Education Credit. Due to the progressive federal rate structure, state rankings for federal income tax will be a Hits: 3 |
Smetters_Presentation_Full.pdf765 New pass-through business deduction -415 -542 -758 Pass-through business loss limits 150 140 114 Expand Child Tax Credit (CTC) and new non-child dependent credit -573 -511 -532 Penn Wharton Budget Model 13 Individual Revenue Effect 2018-2027 (billions of $) Revenue Effect 2018-2040 (billions Hits: 3 |
Senate Appropriations Response Letter 3-6-2020.pdf25 states offer tuition-free college for in-state students. The amount of funding and eligibility requirements (e.g., minimum credits, grade point average and residency) vary by state. The programs typically cover the cost of tuition after need- based aid 3.0 1.0 -20.5 4.7 2.6 -11.1 . Source: Federal Reserve Bank of New York Consumer Credit Panel / Equifax as of March 2020. Table 3A: Mortgage Debt Characteristics in Comparison States Balance per Capita Note: Dollars in Hits: 3 |
Roundtable_Jan_2024_Final.pdf7.5% -0.1% -3.0% -1.0% Consumer Debt PA Auto Loans 4.8% 3.3% 3.5% -- PA Credit Cards 13.0% 13.2% 14.2% -- US Credit Cards 13.8% 11.4% 10.7% 7.9% Wealth Metrics PA Home Value Index 5.2% 5.3% 8 Hits: 3 |
Revenue_Estimate_Presentation_2022_05.pdf8 1.5 4.2 Economic Impact Payments (EIPs) 11.0 21.0 0.2 32.2 Expanded Child Tax Credit -- 3.4 0.1 3.5 Paycheck Protection Program 20.7 10.0 0.0 30.7 Total Individual Programs 5 8.1 14.6 PA Auto Loan Debt 12.7 9.9 8.9 7.4 -- 17.0 PA Credit Card Debt -6.2 -2.8 3.1 8.9 -- -5.5 PA Mortgage Debt 4.2 6.3 6 Hits: 3 |
Response_Letter_2021_April.pdf000 exempt exempt North Carolina fully taxable limited exemption exempt North Dakota fully taxable limited exemption income dependent Ohio $200 credit limited exemption exempt Oklahoma $10,000 $10,000 exempt Oregon limited exemption limited exemption exempt Pennsylvania exempt exempt exempt Rhode n.a. n.a. Tennessee n.a. n.a. n.a. Texas n.a. n.a. n.a. Utah $450 credit $450 credit same as federal Vermont fully taxable fully taxable income dependent Virginia fully taxable fully taxable exempt Washington n Hits: 3 |
RB_08_2023_County_Income_Patterns.pdfstate amounts above “normal” payments), economic impact payments (EIPs, $23 billion), emergency SNAP benefits ($4 billion), expanded child care tax credits (CTC, $3 billion), Paycheck Protection Program (PPP) loans to certain businesses ($4 billion) and non-profits ($1 billion), and distributions EBT include emergency SNAP benefits and the P-EBT program and CTC is the expanded portion of the Child Tax Credit. Source: Pandemic relief program monies (excluding PPP data) and population data are from the U.S. Bureau of Economic Analysis Hits: 3 |
PBB_TaxCredits_Schedule_2022_Update.pdfPerformance-Based Budgeting and Tax Credit Review Schedule Year Performance-Based Budgets 1 Corrections Board of Probation and Parole PA Commission on Crime & Delinquency Juvenile Court and Industry 5 Drug and Alcohol Programs Insurance Revenue Executive Offices Environmental Hearing Board Conservation and Natural Resources Year Tax Credits 1 Film Production New Jobs Historic Preservation Incentive 2 Research and Development Keystone Innovation Zones Mobile Telecom and Broadband Organ Hits: 3 |
PBB_Board_Hearing_Jan_24_2022.pdfsites accounted for 74% of visitors (Lancaster, Erie, Allegheny, Centre counties) PHMC administers federal and state historic programs and tax credits ▪ $2.0 billion in qualified rehabilitation expenditures (FY 16-17 to FY 20-21) ▪ Most historic preservation projects that receive state tax credits receive federal tax credits January 24, 2022 13 CreationDate: 2022-01-24 14:19:01 Creator: Microsoft® PowerPoint® for Microsoft Hits: 3 |
PBB_2023_PID_REPORT.pdf17 Activity 5: Liquidations, Rehabilitations and Special Funds ................................................................... 21 Activity 6: Administration ................................................................................................................... 25 Appendix .......................................................................................................................................... 29 Performance-Based Budgeting and Tax Credit Review Schedule ....................................................... 29 Agency Response .......................................................................................................................... 30 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 3 |
PBB_2023_DOR_REPORT.pdfActivity 4: Property Tax and Rent Rebate (PTRR) .............................................................................. 23 Activity 5: Administration ................................................................................................................ 27 Appendix ....................................................................................................................................... 29 Performance-Based Budgeting and Tax Credit Review Schedule ..................................................... 29 Agency Response ....................................................................................................................... 30 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 3 |
PBB_2023_DDAP_REPORT.pdfActivity 3: Quality Improvement ......................................................................................................... 27 Activity 4: Licensing .......................................................................................................................... 31 Activity 5: Administration ................................................................................................................... 35 Appendix .......................................................................................................................................... 37 Performance-Based Budgeting and Tax Credit Review Schedule ....................................................... 37 Agency Response .......................................................................................................................... 38 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 3 |
PBB_2023_DCNR_REPORT.pdf4: Facility Design and Construction ......................................................................................... 23 Activity 5: Administration and Geological Survey ................................................................................. 27 Appendix .......................................................................................................................................... 31 Performance-Based Budgeting and Tax Credit Review Schedule ....................................................... 31 Agency Response .......................................................................................................................... 32 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 3 |
PBB_2022_PDE_REPORT_Amended.pdfState Library .................................................................................. 55 Activity 9: Student Support Services ................................................................................................... 57 Activity 10: Administration ................................................................................................................. 61 Appendix .......................................................................................................................................... 63 Performance-Based Budgeting and Tax Credit Review Schedule ....................................................... 63 Agency Response .......................................................................................................................... 64 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 3 |
PBB_2022_DLI_REPORT.pdfand Relations ......................................................................................... 57 Activity 14: PennSERVE ..................................................................................................................... 59 Activity 15: Administration and Support .............................................................................................. 61 Appendix .......................................................................................................................................... 63 Performance-Based Budgeting and Tax Credit Review Schedule ....................................................... 63 Agency Response .......................................................................................................................... 64 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 3 |
PBB_2022_AGING_REPORT_Addendum.pdfAssurance ..................................................................... 33 Activity 6: Advocate for Older Adults ................................................................................................ 37 Activity 7: Administration ................................................................................................................ 39 Appendix ....................................................................................................................................... 41 Performance-Based Budgeting and Tax Credit Review Schedule ..................................................... 41 Agency Response ....................................................................................................................... 42 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 3 |
PBB_2021_PSP_REPORT_ADDENDUM.pdfActivity 10: Administration and Support .................................................................. 45 Activity 10: Administration and Support (Addendum) ............................................... 48 Appendix ............................................................................................................. 49 Performance-Based Budgeting and Tax Credit Review Schedule............................. 49 Agency Response............................................................................................... 50 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 3 |
PBB_2021_DMVA_REPORT_ADDENDUM.pdfState ChalleNGe Academy ......................................................... 25 Activity 5: Facilities Maintenance .............................................................................. 29 Activity 6: Administration ......................................................................................... 31 Appendix ................................................................................................................ 33 Performance-Based Budgeting and Tax Credit Review Schedule .............................. 33 - This page intentionally left blank. - Background and Methodology | Page 1 Background on Performance-Based Budgeting Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies Hits: 3 |
PBB_2020_PEMA_REPORT.pdfActivity 7: OSFC Training and Certification ................................................................ 31 Activity 8: Administration ......................................................................................... 33 Appendix ................................................................................................................ 35 Performance-Based Budgeting and Tax Credit Review Schedule .............................. 35 Additional PEMA Grants ........................................................................................ 36 Agency Response ................................................................................................. 37 - This page intentionally left blank. - Background and Methodology | Page 1 Background and Methodology Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies under the Hits: 3 |
PBB_2020_DOS_REPORT.pdf9: Administration ................................................................................................... 27 Appendix .......................................................................................................................... 29 Number of Licensees by Board and Position .....................................................................29 Performance-Based Budgeting and Tax Credit Review Schedule .........................................35 - This page intentionally left blank. - Background and Methodology | Page 1 Background and Methodology Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies under the Hits: 3 |
PBB_2020_DOH_REPORT_Final_Update.pdfServices ...................................................... 35 Activity 12: State Laboratory .............................................................................................. 37 Activity 13: Administration ................................................................................................. 39 Appendix .......................................................................................................................... 41 Performance-Based Budgeting and Tax Credit Review Schedule .........................................41 Agency Response...........................................................................................................42 - This page intentionally left blank. - Background and Methodology | Page 1 Background and Methodology Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies under the Hits: 3 |
PBB_2020_DHS_REPORT_Final_Updated.pdfEligibility and Benefits........................................................................... 45 Activity 14: Other Program Eligibility/Benefits ...................................................................... 49 Appendix .......................................................................................................................... 51 Performance-Based Budgeting and Tax Credit Review Schedule .........................................51 Agency Response...........................................................................................................52 - This page intentionally left blank. - Background and Methodology | Page 3 Background and Methodology Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies under the Hits: 3 |
PBB_2019_PCCD_Report.pdfActivity 6: School Safety and Security ................................................................................. 31 Activity 7: Administration ................................................................................................... 33 Appendix .......................................................................................................................... 35 Performance-Based Budgeting and Tax Credit Review Schedule .........................................35 - This page intentionally left blank. - PBB Background and Methodology | Page 1 PBB Background and Methodology Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies under the Hits: 3 |
PBB_2019_JCJC_Report.pdfServices (Addendum) ............................... 13 Activity 2: Juvenile Justice System Enhancement Strategy .......................................... 15 Appendix ................................................................................................................. 19 Performance-Based Budgeting and Tax Credit Review Schedule .............................. 19 - This page intentionally left blank. - PBB Background and Methodology | Page 1 PBB Background and Methodology Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies under the Hits: 3 |
PBB_2019_DGS_Report.pdfBusiness Opportunities ......................................... 33 Activity 11: Metrology ........................................................................................................ 37 Activity 12: Administration ................................................................................................. 39 Appendix .......................................................................................................................... 41 Performance-Based Budgeting and Tax Credit Review Schedule .........................................41 - This page intentionally left blank. - PBB Background and Methodology | Page 1 PBB Background and Methodology Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies under the Hits: 3 |
PBB_2019_Criminal_Justice_Report.pdfSupervision ........................................................................................... 35 Activity 12: Victim Services ................................................................................................ 39 Activity 13: Administration ................................................................................................. 41 Appendix .......................................................................................................................... 45 Performance-Based Budgeting and Tax Credit Review Schedule .........................................45 Agency Response...........................................................................................................46 - This page intentionally left blank. - PBB Background and Methodology | Page 1 PBB Background and Methodology Act 48 of 2017 is known as the Performance-Based Budgeting and Tax Credit Efficiency Act. The act requires the Independent Fiscal Office (IFO) to develop performance-based budget (PBB) plans for all agencies under the Hits: 3 |
MTR-2015-08.pdfthrough June 2015 indicate a further contraction of roughly 1,000 payroll jobs. Currently, the banking industry (defined as depository credit intermediation) comprises 1.3 percent of total Pennsylvania payroll employment. The Federal Reserve’s capital requirements will continue to increase 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 billions. Deposits attributed to Pennsylvania banking activity. 2 Annual average growth since 2006. 3 Thousands Hits: 3 |
Monthly_Economic_Update_August_2020.pdfDebt Declines for the First Time Since 2014 Q2 The Federal Reserve Bank of New York released household debt and credit data for 2020 Q2. Total household debt and credit card balances both declined from the previous quarter, $34 billion (-0.2%) and $76 billion (-8.5%), respectively. This is Hits: 3 |
Mid_Year_FY16-17_Presentation.pdf4 2016.1 2016.2 2016.3 Auto Loans (10%) 5.0% 8.6% 9.2% 9.4% 7.6% Credit Card (7%) 3.0% 5.2% 4.5% 1.8% 3.6% Home Mortgage (60%) 1.4% 0.0% 2 Loans 2.6% 1.7% 3.7% 3.9% 0.9% Note: Based on data from all consumers with a credit report. All Other includes personal loans and other miscellaneous lines of credit. Numbers in parentheses represent share of total consumer Hits: 3 |
IFO ppt.pdf2006 2011 Mortgage Debt / Personal Disposable Income January 18, 2012 Independent Fiscal Office Economic & Budget Outlook 2012 Revenue Conference Consumer Credit Balances Reduced 10% 15% 20% 25% 30% 1986 1991 1996 2001 2006 2011 Consumer Credit / Personal Disposable Income January 18, 2012 Independent Fiscal Office Economic & Budget Outlook 2012 Revenue Conference Banks: Bad Loan Write-Offs Hits: 3 |
Five_Year_Outlook_2019.pdfPennsylvania consumers grew by 4.8 percent in the first half of 2019. Home equity lines of credit (HELOC) debt continued to decline through 2019 Q2 as homeowners appeared reluctant to tap accumulated home equity. However, preliminary data from the a. Student Loan Debt 5.1% 4.1% 5.8% 3.9% 6.5% 3.9% n.a. Credit Card Debt 2.3% 3.0% 3.9% 4.5% 6.9% 4.3% n.a. Auto Loan Debt 8.2% 7 Hits: 3 |
CNIT-Rate-Cut-2018-04.pdftax liabilities, which are the final amounts reported on tax returns, and are net of any refunds, overpayments or tax credits. For all three tax years, roughly three‐quarters of filers reported no tax liability because the firm reported a tax loss, eliminated liability with a net operating loss deduction or tax credit, or reported an apportionment factor that was equal to zero. For tax year 2014, preliminary data suggest that the 456 Hits: 3 |
Budget_Hearing_Background_Feb2016.pdf10.5% 8.2% 4.8% ‐0.6% ‐0.8% ‐0.2% ‐2.1% 0.3% 2.1% 0.4% Credit Card 2.7% 7.7% 0.2% ‐8.2% ‐7.1% ‐1.8% ‐2.2% 2.3% 0.8% 5 7% 68.3% 67.7% 67.9% 68.3% 68.8% 69.7% Note: Other debt includes personal loans and credit cards for specific stores. Data pertain to debt at the end of the calendar year. Source: Consumer debt from Federal Hits: 3 |
Budget_Hearing_Background-Feb2014.pdfof Medicaid Expansion in Pennsylvania • Pennsylvania Turnpike Toll Revenue Projections: CY 2013 to CY 2024 • Uncapping the Film Production Tax Credit: A Fiscal and Economic Analysis • School Property Taxes Paid by Homesteads • An Analysis of Michigan Property Tax Reform • Analysis of per capita debt was down by $1,360 from the previous year. The reduction is due to lower mortgage and credit card balances. PA Student Loan and All-Other Debt Per Capita – Year Over Year Growth Rates “All Other” includes mortgage Hits: 3 |
2024_Mid_Year_Update_Final.pdf7.5% -0.1% -3.0% -1.0% Consumer Debt PA Auto Loans 4.8% 3.3% 3.5% -- PA Credit Cards 13.0% 13.2% 14.2% -- US Credit Cards 13.8% 11.4% 10.7% 7.9% Wealth Metrics PA Home Value Index 5.2% 5.3% 8 Hits: 3 |
Pensionspension plans. Dictates that employees in these positions that opt ... read more SB 464 Summary • Public Safety Employee Benefit • Service Credit Purchase 0449 Regan Requires cities, other than a city of the first class, boroughs, towns, townships and regional police departments participation in the SERS hybrid pension plan options. Would not ... read more HB 749 Summary • Public Safety Employee Benefit • Service Credit Purchase 0698 Bonner Would allow State Police officers to purchase up to five years of retirement credit for prior service Hits: 3 |
TCJA-Update-August-2018.pdfreported more than $100,000 of adjusted gross income. • More than 1.4 million filers claimed the regular child tax credit ($1.05 billion) and/or the refundable child tax credit ($741 million). A small number of filers may claim both, so that the number of unique filers is somewhat smaller Hits: 2 |
Tax_Modernization_Mar_2024.pdfto 2023 38% 75% 2023 Income Amount $5.14 $0.81 Revenue: 1% tax $0.05 $0.01 Major Tax Credits Tax Modernization & Reform Slide 7 Estimate 2023 Notes Tax Forgiveness ~$220 Two-thirds to <$20k taxable income Resident Credit ~$500 Tax paid to other states Child and Dependent Care ~$83 Recently expanded, no data yet Note: millions of dollars Hits: 2 |
Roundtable_Jan_24_2023.pdfProgram 20.7 10.0 0.0 Extra SNAP/CTC/Rent Assistance 1.3 9.3 2.4 Employee Retention Credit (ERC) 0.0 1.0 2.2 Direct State Govt Support $5.9 $20.3 $0.2 Direct Local Govt residents FY 21-22 $3.84 billion in federal funds transferred to General Fund ERC ~$57,000 per firm Consumer Credit Card Debt Explodes after Third EIP January 24, 2023 10 SNAP emergency allotments end Feb 2023 Student loans not repaid Hits: 2 |
Revenue_Proposal_Analysis_2024_03.pdfreleased in April 2021. 16 Some low-income workers that earn higher wages would have qualified for a tax forgiveness credit and will no longer qualify. A portion of these workers receive this credit as a refund upon filing their annual state income tax return instead of paying lower withholding throughout the year. This Hits: 2 |
Revenue_Estimate_2021_05_Presentation.pdfSNAP 0.9 1.4 2.3 Economic Impact Payments (EIPs) 11.1 21.4 32.5 Expanded Child Tax Credit 0.0 3.5 3.5 Total Individual Programs 38.4 39.6 78.0 PPP Forgivable Loans $20.7 3 months. Most unemployment compensation is spent. Nearly 75% of non-PPP stimulus to residents with < $50k income. Per capita credit card debt down 14% in 2021 Q1. Note: Billions of dollars. PPP includes both pass-through entities and C corporations Hits: 2 |
Revenue Conference Presentation Jan 2013 FINAL.pdfthrough January. FY 2012‐13 Overview 23.Jan.2013 2013 Revenue Conference 22 Source of the Change Amount Lower tax credit utilization (Educational Opportunity Scholarship Tax Credit) $30 million Higher than expected transfers to the General Fund from ERCA $15 million Additional impact from PIT pull‐forward Hits: 2 |
RB_2023_07_CNIT_Data.pdftax returns into six groups based on tax liability for TY 2019. (Tax liability is prior to any applicable tax credits that may be applied separately.) For the 92,665 tax returns included in the CNIT database: There were 52 services firms. The finance and real estate sectors reported $404 million (13.5%) of tax liability. This sector includes credit intermediation firms, insurance carriers and rental car firms. The management sector ($192 million) includes a number of large holding Hits: 2 |
Presentation_Lancaster_Chamber_2017-07-14.pdfprofits continue to lag. Limited borrowing by PA consumers. Mortgage debt falls in first quarter. Increases to credit card, auto and student loans. PA Economic Forecast 7/14/2017 27 2013 2014 2015 2016 2017 2018 Real Gross 17 and reduces collections by $10 million in FY 2017-18. Other adjustments: CSFT elimination ($25 million), new tax credits taking effect ($20 million) and one-time settlements ($18 million). 7/14/2017 29 Wrap Up 7/14/2017 30 Hits: 2 |
Presentation-2018-10-Performance-Based-Budget-Board.pdfthe IFO to develop performance-based budget (PBB) plans for each agency under the Governor’s jurisdiction and conduct tax credit reviews every fifth year The IFO and Budget Secretary jointly develop the schedule for PBB plans and tax credit reviews Year 1 agencies include: Corrections Board of Probation and Parole PA Commission on Crime and Delinquency Juvenile Court Hits: 2 |
Pennsylvania_Aging_Presentation.pdfS. Bureau of Labor Statistics, Consumer Expenditure Survey, northeast region. May 24, 2017 15 Senior Housing Debt Increases Home Mortgage Credit-Auto-Student Age Dollar Dollar Growth Dollar Growth 25 -$1,333 -$5,625 -51.7% $4,292 42.2% 35 52.0% Note: Figures in 2015 dollars and control for inflation. Per capita amounts are for all consumers with a credit report, including family members. Home mortgage includes primary mortgages, secondary mortgages and home equity loans. Source: Federal Reserve Bank of Hits: 2 |
PBB-Board-Hearing-Agenda-January 2019-Revised.pdfHarrisburg, PA 10:00am - 10:05am Call to Order/Opening Remarks Senator Browne 10:05am - 10:15am Overview of Tax Credit Reviews - Independent Fiscal Office Matt Knittel, Director, Independent Fiscal Office Brenda Warburton, Deputy Director, Independent Fiscal Office 10:15am - 11:30am Review of Tax Credits (Film Production, New Jobs & Historical Preservation Incentive) Amy Gill, Deputy Secretary of Tax Policy, Department of Revenue Scott Dunkelberger, Executive Hits: 2 |
PBB Board Hearing Agenda- January 2019.pdfHarrisburg, PA 10:00am - 10:05am Call to Order/Opening Remarks Senator Browne 10:05am - 10:15am Overview of Tax Credit Reviews - Independent Fiscal Office Matt Knittel, Director, Independent Fiscal Office Brenda Warburton, Deputy Director, Independent Fiscal Office 10:15am - 12:00pm Review of Tax Credits (Film Production, New Jobs & Historical Preservation Incentive) Amy Gill, Deputy Secretary of Tax Policy, Department of Revenue Scott Dunkelberger, Executive Hits: 2 |
PA_Economy_League_Presentation.pdfover the past decade. 19.May.2017 Demographic Challenges 24 19.May.2017 Mortgage Debt by Age Group Home Mortgage Credit-Auto-Student Age Dollar Dollar Percent Dollar Percent 25 -$1,333 -$5,625 -51.7% $4,292 42.2% 35 52.0% Notes: Figures in 2015 dollars and control for inflation. Per capita amounts are for all consumers with a credit report, including family members. Home mortgage includes primary mortgages, secondary mortgages and home equity loans. Source: Federal Reserve Bank of Hits: 2 |
PA_Chamber_June_17_2021.pdfSNAP 0.9 1.4 2.4 Economic Impact Payments (EIPs) 11.1 21.4 32.5 Expanded Child Tax Credit 0.0 3.5 3.5 Total Individual Programs 38.4 40.5 78.9 PPP Forgivable Loans $20.7 Factoids About 30%-60% of EIPs spent. Most of that within 3 months. Most unemployment compensation is spent. Per capita credit card debt down 14% in 2021 Q1. Does not account for any fraud that flows out of state. Note: Billions Hits: 2 |
PACBI_Presentation_March_13_2023.pdfall energy +46% supply chains "base year" effects money creation grocery +17% projection Philly CPI-U annual growth US Consumer Credit Card Debt Surges after Third EIP March 13, 2023 9 SNAP emergency allotments ended Feb 2023 $ billions $850 $900 $950 00, effective Jan 1, 2024 Adult Use Cannabis Tax 20% wholesale price, effective Jan 1, 2025 Recruit and Retention Tax Credit New professionals in nursing, teaching, public policing, effective Jan 1, 2023 (-$25m) Surplus Funds (~$13 billion) Rainy Day Fund and Hits: 2 |
Official-Revenue-Estimate-2018-06.pdfset the added cost to the association, PLHIGA assessments to member insurers have increased, generating additional PLHIGA tax credits that may be used to Official Revenue Estimate | Page 12 offset insurance premiums tax liabilities. The PLHIGA credits are expected to re- duce General Fund revenues by $33 million in FY 2018-19. Licenses and fees collections for FY Hits: 2 |
NewsStand_2019_July.pdfGeneral Deleveraging The July NBER Digest summarized a working paper that explored the link between student debt, other forms of credit utilization and labor market outcomes. Using a natural experiment created by recent collections lawsuits, the study followed two cohorts and cancellation for borrowers in default on student loans led to a 25% reduction in total debt from other accounts including credit cards, auto loans and home loans. These borrowers were also more likely than the cohort who did not receive student Hits: 2 |
NewsStand_2019_August.pdfconsumer debt, grew 4.8% over the prior year. Over the same period, debt related to home- equity lines of credit fell 3.7% and mortgage delinquencies greater than 90 days fell 11.7%. These trends may signal healthy debt activity as homeowners rely less on the value of their home to access new credit and home- buyers return to the mortgage market after a surge in all-cash home purchases in the years following Hits: 2 |
MTR-2017-05.pdfYork show that PA per capita consumer debt levels increased (1.3%) during the past nine months. An increase in credit card, auto and student loan debt more than offset a slight decline in mortgage debt. Second, the PA labor market Housing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 2 |
MQRE-FY18-19-July.pdfwill increase General Fund revenues by $30.4 million in FY 2018-19. Various Taxes Educational Improvement Tax Credit (Act 39) The act increases the amount available for award through the Educational Improvement Tax Credit (EITC) program to $160 million annually. This change is effective July 1, 2018. Prior Law Previously only $135 million was available for Hits: 2 |
Monthly_Economic_Update_September_2020.pdfSALT) deduction, a near doubling of the standard deduction, elimination of personal exemptions and an expansion of the child tax credit. The federal data show that the dollar amount of SALT deductions claimed fell by 80% from the prior year, while charitable contribution deductions declined by one-third. Child tax credits (refundable and non-refundable) increased by $2.5 billion. Combined with lower rates and other changes, the TCJA reduced total Hits: 2 |
MER-2014-02.pdfcapita debt levels by more than $1,000 (‐2.6 percent) through 2013. (See table.) Large reductions in mortgage and credit card debt were partially offset by gains in student loan and auto debt. Some analysts were surprised that this deleveraging they can provide a boost to consumer spending. February 2014 Per Capita Debt Levels ‐ Pennsylvania Consumers 1 thousands of dollars Credit Student Annual Change Year Auto Card Mortgage 2 Loan 3 Total Dollar Percent 2003 $2,710 $2,820 $18,090 Hits: 2 |
Impact-Fee-Update-2018-Outlook-2018-06.pdfwells for which exempt status was asserted based on pending litigation regarding stripper well status and (3) other outstanding payments, credits and late payments. Net impact: -$13.4 million 2017 Impact fee revenues Independent Fiscal Office June 2018 2 Effective Tax to the pending litigation on the qualification of stripper wells. 3 Includes the net impact of CY 2017 non-payments, credits and late payments from prior years. The annual ETR fluctuates (increases or decreases) based on the movement of its three Hits: 2 |
IFO-Presentation-11-14-2019.pdfend of session November 14, 2019 2 Economic Development and Business Taxation 30 states perform some form of annual tax credit review PA is one of 16 “leading” states (Pew, Aug 2019) Since 2008, states make fundamental changes to business personal income tax rate on pass-throughs (9 increase) Intense competition for increasingly mobile businesses Tax rates, exemptions, tax credits, loans, subsidies, grants, abatements November 14, 2019 3 Guest Presentations Guest presentations posted separately November 14, 2019 4 Four Critical Hits: 2 |
FTA_Student_Loan_Presentation_Oct_2023.pdfas borrowers substitute increased private debt for paused public debt…. (b)orrowers used the new liquidity to increase borrowing on credit cards, mortgages, and auto loans rather than avoid delinquencies. (Dinerstein et al., 2023) Those borrowers may now be worse off ▪ Distressed borrowers whose loans were paused had 12.3% more credit card debt than those whose loans weren’t paused, and auto loans rose 4.6%. (Chava et al., 2023) ▪ …distressed Hits: 2 |
Five_Year_Outlook_2017_Presentation.pdfCost-Benefit Analysis - PEW Results First model. Performance-Based Budgeting (PBB). Act 48 of 2017: New PBB and tax credit review duties. IFO to develop PBB plans for all executive agencies. Develop clear metrics to measure progress towards goals. Submit plans to PBB Board for consideration and approval. On the tax side: annual tax credit reviews. Are they achieving their goals? How can they be improved? November 16, 2017 3 Our Guest Speaker Chaaron Hits: 2 |
EPLC_3_4_2022_update.pdfnon-partisan Duties span a wide range of issues: ▪ Revenue estimates (how much revenues are available?) ▪ Performance based budgeting | Tax credit reviews ▪ Special Studies: property tax reform, natural gas, minimum wage March 4, 2022 2 Today’s Presentation: Three Parts State 1.8 1.0 3.7 Economic Impact Payments 11.0 21.0 0.2 32.2 New Child Tax Credit Awards -- 3.4 0.1 3.5 Rental and Homeowner Assistance -- 1.8 0.0 1.8 Paycheck Protection Program Hits: 2 |
Econ Summit Presentation Feb 28 2017.pdf4 2-Year Impact Revenue Package $1,006 Revenue Enhancements 304 Loans or Leasebacks 335 Gaming Expansion 250 Reduce Tax Credits 100 Consolidation/Closures/Complement 351 2016-17 DHS Savings 165 Pupil Transport Savings & U. Penn Approp. 82 Miscellaneous Efficiency Savings retirement). • Forward looking investments may comprise a smaller share: education, infrastructure and capital formation. • Also consider regular review of tax credits and tax expenditures. February 28, 2017 15 February 28, 2017 16 Thank you. Presentation available at www.ifo.state.pa Hits: 2 |
CompetePA_March_11_2021.pdf3% highest since 1998 Home Values +10.8% highest since 2005 Sales Tax Revenues +5.4% online sales tax doubles Credit Card Debt -11.6% 70% of impact payments saved or pay down debt S&P 500 Index +12.4% New 3 extended to Sept Economic Impact Payments 11.0 6.3 14.3 ARP at $1,400 per Child Tax Credit Awards 0.0 0.0 3.6 spread through year Total 43.6 13.9 25.4 Other Federal Programs Hits: 2 |
Budget Hearings Packet.pdfLoans (10%) -2.2% -5.7% 0.8% 5.5% 6.1% 6.3% 9.2% 8.9% 7.6% Credit Card (7%) 0.2% -8.2% -7.1% -1.8% -2.2% 2.3% 0.8% 5.5% 3.6% 1% 67.5% 67.5% 67.8% 68.2% 69.1% n.a. Note: Other debt includes personal loans and credit cards for specific stores. Data pertain to debt at the end of the calendar year. Growth rates for 2016 based Hits: 2 |
Budget Hearings Packet- Web Version.pdfLoans (10%) -2.2% -5.7% 0.8% 5.5% 6.1% 6.3% 9.2% 8.9% 7.6% Credit Card (7%) 0.2% -8.2% -7.1% -1.8% -2.2% 2.3% 0.8% 5.5% 3.6% 1% 67.5% 67.5% 67.8% 68.2% 69.1% n.a. Note: Other debt includes personal loans and credit cards for specific stores. Data pertain to debt at the end of the calendar year. Growth rates for 2016 based Hits: 2 |
2020 PBB Agenda.pdfCall to Order/Opening Remarks Senator Vincent J. Hughes, PBB Chairman 9:35 am – 9:45 am Overview of Tax Credit Reviews and Review of Process Changes from Year 1 to Year 2 – Independent Fiscal Office Matt Knittel, Director, Independent Fiscal Office Brenda Warburton, Deputy Director, Independent Fiscal Office 9:45 am – 11:00 am Review of Tax Credits (Research & Development, Keystone Innovation Zones, Mobile Telecom & Broadband, Organ & Bone Marrow) Amy Gill, Deputy Secretary of Tax Policy, Department of Hits: 2 |
PensionsNormal Retirement Benefits Portability Post Retirement Adjustments Post Retirement Medical Public Safety Employee Benefit Retirement Eligibility Return to Service Service Credit Purchase Service Credit Transfer Studies Survivor Benefits Vesting Volunteer Firefighter Pensions Search Clear IFO Pennsylvania Independent Fiscal Office Email Subscription Get alerts on new studies and reports. Sign Up Latest Tweets • (Apr 17) Over last 4 years, latest data show number of PA payroll workers age 65+ increases 17%, compared to 0.4% for all workers. See: ifo.state.pa.us/Resources/Docu… pic.twitter.com/pZu9KIeUlF • (Apr 10) Healthcare, government and food service jobs drive 2024 PA job gains. See: ifo.state.pa.us/Resources/Docu… pic.twitter.com/iIP86Qgakd • (Apr 05) The IFO presented on the Commonwealth’s economic and budget outlook at a session of the Pennsylvania Education Policy and Leadership Center. See: ifo.state.pa.us/download.cfm?f… pic.twitter.com/ZfvyAsqjEk Contact Info (717) 230-8293 contact@ifo.state.pa.us Follow on Twitter Independent Fiscal Office 2nd Floor Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 viewport: width=device-width, initial-scale=1.0, maximum-scale Hits: 2 |
About IFOMs. Toth joined the IFO in 2017 and her primary responsibilities include forecasting revenues for several tax sources, leading tax credit program reviews, and working on monthly economic and revenue updates. Other responsibilities include managing the office website, social media platforms include forecasting revenues from minor and repealed, insurance premiums and financial institutions taxes; working on performance-based budgeting and tax credit reports; and reporting on the state and local tax burden. Other responsibilities include working on projects related to natural gas Hits: 2 |
SR2017-05.pdfmedian incomes listed because income for some households may include nontaxable retirement income. Also, the impact of the tax forgiveness credit is not included. See page 2 of the accompanying letter for additional explanation. County Owners Renters County Owners Renters Adams Hits: 1 |
Single-Use Plastics Report-2020_06.pdfowners list the cost to provide retail bags as their fourth largest operating cost, after electricity, payroll and credit card fees. Consumers •A recent survey of Pennsylvanians found that approximately 70 percent of shoppers would not be willing to pay for Hits: 1 |
SERS_Stress_Test_Impact_Analysis_2023.pdfFY 2043-44, the share is projected to fall to 54% of contribu- tions. Note that figures include offsets for credits claimed by The Pennsylvania State University and Pennsylvania State System of Higher Education (PASSHE) due to their participation in the Hits: 1 |
SERS_Stress_Test_Impact_Analysis_2022.pdfBy FY 2042-43, the share is projected to fall to 52% of contributions. Note that figures include offsets for credits claimed by The Pennsylvania State University and Pennsylvania State System of Higher Education (PASSHE) due to their participation in the Hits: 1 |
Senate_Appropriations_Committee_Response_Letter_2024.pdfapply the Ohio rate structure (and personal exemptions) to Pennsylvania taxable income by range and do not apply any tax credits. In particular, many lower income filers would not have Pennsylvania tax liability due to tax forgiveness. 1 Ohio taxpayers can Hits: 1 |
Revenue-Update-2020-04.pdfestimate reflects provisions that impact individual loss limits, the relaxation of the limit on interest deductions and the employee retention credit that are part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The small business loans and grants Hits: 1 |
Revenue-Proposal-Analysis-2018-04.pdf7 The proposal does not change the Act 13 Impact Fee, nor is the fee allowed as a credit or deduction against the sever- ance tax. Methodology The estimate is based on projected unconventional natural gas production in Pennsyl- vania and Hits: 1 |
Revenue-Estimate-2020-05.pdfprovisions that impact individual loss limits, the relaxation of the limit on interest deductions and the employee retention credit that are part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The delay of 2020 employer payroll taxes to Hits: 1 |
REU-2019-10.pdftax year 2018) payments. Monthly CNIT collections exceeded projections by $28.7 million (25.5 percent). The overage can be credited to final payments which came in $36.2 million above estimate. CNIT FYTD collections are surpassing the forecast by $73 Hits: 1 |
RB_2023_06_Student_Loan_Repayment.pdfincrease savings in response to the repayment pause, and that “borrowers substitute increased private debt for paused public debt,” notably credit cards and auto loans. See “Debt Moratoria: Evidence from Student Loan Forbearance,” Dinerstein et al., Becker Friedman Institute Working Paper Hits: 1 |
RB_2023_06_Jackpot_Lottery.pdfCOVID-19 stay-at- home orders in FY 2019-20 and extra disposal income from various pandemic payments and tax credits. Game/ Fiscal Year Amount ($ millions) Growth (%) Number Cash Value Advertised Estimated Value Advertised to Cash Value Ratio Mega Millions 2017- Hits: 1 |
RB_2023_02_ChildCare.pdfcare centers also received approximately $250 million of Paycheck Protection Program forgivable loans and an unknown amount of Employee Retention Credits to retain employees. Post-Pandemic Child Care Cliff Independent Fiscal Office | Research Brief | February 2023 Independent Fiscal Office Page 2 Hits: 1 |
RB 2019 RACP.pdfmillion) 3 2 Act 1 of 1999 also allowed the debt ceiling to be used as a revolving line of credit. When outstanding program debt was retired, that amount was then available for future use. 3 Act 45 of 2017 also Hits: 1 |
PSBA_January_19_2022.pdfprior to further consideration ▪ Property tax: forecasts and analysis depending on requests/data available ▪ Performance Based Budgets (PBB) and Tax Credit reviews ▪ Natural Gas: quarterly production reports, annual impact fee collections January 19, 2022 1 Latest Pennsylvania Demographic Forecast January 19 Hits: 1 |
Presentation_PICPA_9-24-2013.pdf0%. o Nationally, sales up roughly 10%. o Some pent-up demand effects (temporary). o Low interest rates. o Looser credit conditions. 24 . Sept . 2013 11 -2.0% 0.0% 2.0% 4.0% 6.0% Jul-12 Sep Nov Jan Hits: 1 |
Presentation_Phil_Chamber_2-12-2015.pdf Special Studies (at request of Gen. Assembly): • HB 1776 and SB 76 – Property Tax Reform. • Medicaid Expansion. • Film Tax Credits. • Taxation of Natural Gas in Pennsylvania. • Consolidation of York County School Districts. Other Products and Releases 12.Feb.2015 4 Hits: 1 |
Presentation_PBC_6-12-14.pdfStudent Loan debt up dramatically. o Debt burden reduces ability to purchase homes and cars. o Less discretionary income, lower credit scores. o No reason to abate in near term. Large Wave of Mortgage Refinancing Since Recession. o Take advantage Hits: 1 |
Presentation_PA_Bus_Council_6-22-15.pdfIncreases rate from 6.0% to 6.6%. 2 Increases rate from 3.07% to 3.70%. Expands tax forgiveness credit and taxes lottery winnings. 3 Equal to new severance tax less existing impact fee ($225 million per annum) starting in Hits: 1 |
Presentation-2019-5-1-PAEL.pdfminimum wage for tipped workers. From $2.83 to $12.00/hr. Same as non-tipped workers. No tip credit. The IFO did not analyze this provision due to lack of existing research. May 1, 2019 3 How Does Hits: 1 |
Presentation-2019-01-Mid-Year-Update.pdf8%). Jan-Dec: -32.1% vs.17-18 and -9.5% vs. 16-17. Large stock of overpayment credits (speculative). S&P 500 Index drops -14.4% from September high to year end. Reduce Mar-Apr final payments Hits: 1 |
PBB-Board-Hearings-Schedule-2019.pdfA.M. - 11:30 A.M. Hearing Room 1- NOB meetings rescheduled Hearing Room 1- NOB Department of Corrections Tax Credit Reviews: Pennsylvania Board of Probation and Film Production, New Jobs, Historic Parole Preservation Incentive Juvenile Court Judges' Commission 11:30 Hits: 1 |
Official-Revenue-Estimate-2020-06.pdfprovisions that impact individual loss limits, the relaxation of the limit on interest deductions and the employee retention credit that are part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The delay of 2020 employer payroll taxes to Hits: 1 |
NFIB_Presentation.pdfreleases). ◦ Five-year budget and economic outlook (November). ◦ Supply actuarial notes for pension legislation. ◦ Performance-based budget reports and tax credit reviews. ◦ Analysis of collective bargaining agreements. ◦ Special studies at request of General Assembly. Dec.13.2017 2 A Unique State Hits: 1 |
NewsStand_2019_May.pdfby 0.5% from 2018 Q1. Detail for the various categories of debt were as follows: auto loans (3.6%), credit cards (3.0%), mortgages (-0.3%), home equity loans (-11.5%) and student loans (4.3%). By comparison, total per Hits: 1 |
Newsstand_2018_November.pdfon a year-over-year basis. For other types of debt, the growth rates were as follows: auto (1.5%), credit cards (4.0%), primary mortgage (1.1%) and home equity loans (-5.8%). For total debt, the per capita increase Hits: 1 |
Newsstand_2018_June.pdfthe data reveal the following growth rates for total Pennsylvania consumer debt for the first quarter: student loans (5.0%), credit cards (4.7%), primary mortgages (1.8%), auto loans (1.2%) and home equity loans (-0.2%). Total consumer debt Hits: 1 |
Newsstand_2018_August.pdfin per capita consumer debt (0.6%) from the same quarter in the prior year. While auto loan (0.5%), credit card (4.5%) and student loan (5.0%) debt increased, primary mortgage (-0.6%) and home equity loans (-4.5% Hits: 1 |
MTR-2018-1.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2016, Pennsylvania has 10.9 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2018-04.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2016, Pennsylvania has 10.9 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2018-03.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2016, Pennsylvania has 10.9 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2018-02.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2016, Pennsylvania has 10.9 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2017-12.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2016, Pennsylvania has 10.9 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2017-11.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2016, Pennsylvania has 10.9 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2017-10.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2016, Pennsylvania has 10.9 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2017-09.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2016, Pennsylvania has 10.9 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2017-08.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2016, Pennsylvania has 10.9 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2017-07.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2017-06.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2017-04.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2017-02.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2017-01.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2016-12.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2016-11.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2016-10.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2016-08.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2016-06.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2016-05.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2015, Pennsylvania has 10.8 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2016-04.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2014, Pennsylvania has 10.7 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2016-03.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2014, Pennsylvania has 10.7 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2016-02.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2014, Pennsylvania has 10.7 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2016-01.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2014, Pennsylvania has 10.7 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2015-11.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2014, Pennsylvania has 10.7 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2015-10.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2014, Pennsylvania has 10.7 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2015-09.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2014, Pennsylvania has 10.7 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MTR-2015-07.pdfHousing Finance Agency. 12. Per capita levels. Levels represent total student loan debt divided by number of consumers with a credit report. For Q4 2014, Pennsylvania has 10.7 million consumers (includes children). Source: Federal Reserve Bank of New York. 13 Hits: 1 |
MSC_March_31_2022.pdf1.8 1.0 3.7 Economic Impact Payments 11.0 21.0 0.2 32.2 New Child Tax Credit Awards -- 3.4 0.1 3.5 Rental and Homeowner Assistance -- 1.8 0.0 1.8 Paycheck Protection Program Hits: 1 |
MSC_March_31_2021.pdf4 SNAP Benefits 0.9 0.6 0.3 Economic Impact Payments 11.0 6.3 14.7 Child Tax Credit Awards 0.0 0.0 3.6 spread through year Total 43.6 13.9 25.7 Other Federal Programs Hits: 1 |
Monthly_Economic_Update_January_2022.pdfsecond round of PPP loans injected another $10.0 billion, expanded unemployment compensation $16.1 billion and advance child tax credits $3.4 billion. While much of those funds have been spent, Federal Reserve data on checking account balances through 2021 Hits: 1 |
Monthly_Economic_Update_April_2022.pdfby the end of 2021. For February 2022, the Federal Reserve balance sheet includes $8.9 trillion in “reserve bank credit” which determines the monetary base. In February 2020, the level was $4.1 trillion. The Fed recently detailed plans to Hits: 1 |
mid-year-FY14-15-presentation.pdfprovided additional revenue early in the fiscal year. March 2015 payments reduced as firms utilize a large stock of overpayment credits ($76 million from the prior tax year) to reduce remittances. 28.Jan.2015 24 Bank Shares Tax July to January Hits: 1 |
Lancaster_Chamber_Presentation_ Oct_6_2021.pdfto 79 weeks | extra $300 per week | PUA program (~$515/wk) ▪ Not yet reflected in the data Extra Child Tax Credits start to be paid out in July ▪ PA: 1.3 million payments (2.2 million children) | average of $424 per Hits: 1 |
Kling_Presentation.pdfthe 2017 tax act on the economy and budget A primer about how CBO estimates the costs of federal credit programs Explaining Analytical Methods: Providing General Information 6 CBO At other times, CBO explains its methods by providing technical information Hits: 1 |
Initial_Estimate_May_2017_Presentation.pdfChange 76 Slots License Fee 50 Philadelphia Cigarette Transfer -10 Capital Stock & Fran. Phase-Out -25 Liquor Store Profits -32 Credits and Settlements -40 Tax Amnesty -110 Special Fund Transfers -431 Final Estimate $32,447 2.0% Note: Dollar amounts are Hits: 1 |
Initial-Revenue-Estimate-2018-05.pdfcost to the association, PLHIGA assessments to member insurers have increased. Impacted insurers will generate additional PLHIGA tax credits, which may be used to offset insurance premiums tax liabilities. The PLHIGA cred- its are expected to reduce General Fund revenues by Hits: 1 |
IFO_Retirement_Task_Force_Jan2018_Presentation.pdf52% 78% 22% 83% 17% Note: Figures are per capita and exclude inflation. Figures pertain to all consumers with a credit report, including family members. Home mortgage includes primary mortgages, secondary mortgages and home equity loans. Excludes reverse mortgages. For 2016 Hits: 1 |
IFO_PASBO_Presentation_Nov_2021.pdfmajor stock or housing market correction Significant Policy Risks ▪ Stimulus impact lingers, but how much longer? ▪ Some remains | child tax credit and SNAP Property Taxes ▪ First look at COVID-19 impact on current-interim collections in April. ▪ Act 1 Index elevated Hits: 1 |
HTAE_2019_05_15.pdfminimum wage for tipped workers. From $2.83 to $12.00/hr. Same as non-tipped workers. No tip credit. The IFO did not analyze this provision due to lack of existing research. May 15, 2019 6 How Does Hits: 1 |
House Budget Hearing Request.pdfall amounts of money paid out by a government other than for retirement of debt, investment of securities, extension of credit or as agency transactions. Table C (enclosed) reflects total expenditures for the United States, Pennsylvania and surrounding states for the Hits: 1 |
Five_Year_Outlook_Presentation_2023_final.pdf0.1% 2.2% 5.3% 5.3% 30 Year Mortgage 2.8% 3.1% 6.9% 7.6% -- Effective Credit Card 16.4% 17.1% 18.4% 22.8% -- Note/Source: Freddie Mac, Federal Reserve Bank of New York. Potential Hits: 1 |
Five_Year_Outlook_Presentation_2022.pdfProgram 20.7 10.0 0.0 Extra SNAP/CTC/Rent Assistance 1.3 7.4 2.9 Employee Retention Credit (ERC) 1.0 2.2 0.0 Direct State Govt Support $5.9 $20.3 $0.2 Direct Local Govt Hits: 1 |
Five_Year_Outlook_Presentation_2021.pdfOutlook - Uncertainty and Risks Unusually High Significant policy risks ▪ Stimulus impact lingers, but how much longer? ▪ Some remains | child tax credit and SNAP ▪ Student loan moratorium ends Jan 31, 2022 (began Mar 2020) ▪ Federal Reserve taper and interest rate adjustments ▪ New Hits: 1 |
Five_Year_Outlook_2023.pdfcollections are up 1.5%. During COVID, non- motor collections were bolstered by (1) historically low interest rates (facilitates more credit and loans and the refinance of mortgages at lower rates/payments), (2) higher prices (i.e., inflation) and (3) various Hits: 1 |
Five_Year_Outlook_2020_Presentation_Final.pdfQ4 Home Values +8.0% 2020 Q3 Small Bus Revenue -28% 2020 Q4 Sales Tax +6.9% 2020 Q3-Q4 Credit Card Debt -8.6% 2020 Q2-Q3 Rental Market Low Income HH S&P 500 Index +8.8% CY 2020 Hits: 1 |
Five_Year_Outlook_2016_IFO_PPT.pdfgrowth rates exclude the revenue impact of recent tax law changes that affect the tax base, various transfers and tax credits, as well as temporary revenues attributable to tax amnesty. Adjustments to Base Revenues 11/15/2016 34 679 732 730 Hits: 1 |
EPLC-2-19-21.pdfnon-partisan Duties span a wide range of issues: ▪ Revenue estimates (how much revenues are available?) ▪ Performance based budgeting | Tax credit reviews ▪ Special Studies: property tax reform, natural gas, minimum wage February 19, 2021 2 Today’s Presentation: Three Parts State Hits: 1 |
EPLC Feb 2020 FINAL.pdfDuties span a wide range of issues: Revenue estimates (how much revenues are available?) Performance based budgeting | Tax credit reviews Special Studies: property tax reform, natural gas, minimum wage February 28, 2020 2 Today’s Presentation: Three Parts Hits: 1 |
Economic_Forecast_Business_Leadership_Summit_Feb_2024.pdfshare of extra consumer spending falls to bottom line (i.e., higher margins) • Non-traditional financing tapped (BNPL)? • Lower-income credit cards now maxed out Slide 14 Feb 2024 Economic Summit 1.00 1.20 1.40 1.60 1.80 Hits: 1 |
Demographics_Outlook_2020.pdfPrimary responsibilities include forecasting personal income tax revenues and lottery proceeds along with other projects related to tax credit reviews, performance-based budgeting and demographics. Questions regarding this report can be directed to kmaynard@ifo.state.pa.us. - This page intentionally Hits: 1 |
Budget_Roundtable_Response_Letter_02_2024.pdfQ3 to 2023 Q3 February 7, 2024 Page 2 Representative Delozier asked if there are additional data on who has credit card and other consumer debt. She also inquired if those that paid down debt during the pandemic are the same Hits: 1 |
Budget_Hearing_Testimony-Feb2014.pdfexpand hiring and investment. Households are in better financial shape to increase spending because they have paid down debt, especially credit card debt. Gains in the stock market and housing markets for 2013 may bolster consumer confidence and give rise to Hits: 1 |
ACN_SB1_technical_corrections_2017_06_05.pdfHybrid Plan. • On page 5, clarified the early retirement provisions for members who have more than 25 years of service credit. • On page 5, added that the final average salary for SERS would apply to the five highest calendar years of Hits: 1 |
2020_Mid_Year_Update.pdf2018.4 2019.1 2019.2 2019.3 Auto Loan 1.5% 2.0% 3.6% 5.0% 4.7% Credit Card Loan 4.0% 6.9% 3.0% 4.3% 1.0% All Mortgage Loans 0.6% -1.1% -1 Hits: 1 |
2018_Mid-Year_Update.pdfrespectively. Revenue package includes a reduction of $33 million to insurance premiums tax for the anticipated increased usage of PHLIGA credits. PIT is personal income tax. Mid-Year Update 29.Jan.2018 18 Updated Estimate FY 2017-18 Revenues Through January Hits: 1 |
2012-11 Monthly Economic Summary- DRAFT 6.pdfmonthly income. A hypothetical graduate with a monthly mortgage of $750, a monthly student loan payment of $300, a monthly credit card and/or car payment totaling $200 and a monthly income of $3,000 (before tax) would have a “back- Hits: 1 |
ReleasesReport Older Newer Release Type • Revenue Estimates • Revenue & Economic Update • Performance Budgeting • Energy • Pension Analysis • Property Tax • Wage Contracts • Tax Credit Review • Economics and Other Archives Year: All 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 • April Hits: 1 |