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NAP, REAP, EEEP, VGP and KSDZ Tax Credit Reviews

IFO 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 Credit

Act 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

Tags: credit, tax

Entertainment Economic Enhancement Program Tax Credit

Act 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

Keystone Special Development Zone Tax Credit

Act 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

Neighborhood Assistance Program Tax Credit

Act 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 Credit

Act 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 Incentives

This 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

Performance-Based Budget Board Hearing Request

The 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 Reviews

IFO 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 credit

Act 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 credit

Act 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

Keystone Special Development Zone Tax credit

Act 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.

04/23/2021

Neighborhood Assistance Program Tax credit

Act 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 credit

Act 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 Incentives

This 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 Taxpayers

This 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 DHS

IFO 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 2

The IFO has posted the agenda for upcoming performance-based budget and tax credit review hearings.

01/21/2020

Research and Development Tax credit

Act 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 credit

Act 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 credit

Act 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 credit

Act 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 Expansion

In 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- Revised

The IFO has posted a revised agenda for the upcoming performance-based budget and tax credit review hearings.

01/22/2019

Tax credit Reviews

Click on the hyperlink above to access the (1) Film Production Tax credit, (2) Historic Preservation Tax credit, (3) New Jobs Tax credit and (4) summary PowerPoint presentation.

01/18/2019

Performance-Based Budget Board Hearings Agenda

The IFO has posted the agenda for upcoming performance-based budget and tax credit review hearings.

01/16/2019

Performance-Based Budget Board Hearings Schedule

The IFO has posted the schedule for upcoming performance-based budget and tax credit review hearings.

12/14/2018

Neighborhood Assistance Program Tax credit

The IFO responds to a request regarding the Neighborhood Assistance Program Tax credit

04/02/2018

Performance-Based Budget and Tax credit Review Schedule

The 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 Analysis

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

05/31/2013

ACN_SB1071_A10803_text.pdf

of 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

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TC_2019_Historic_Preservation_Tax_Credit_Report.pdf

Cover: 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

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TC_2020_Research and Development Tax Credit.pdf

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 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.pdf

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 Creation tax credits. The act requires the IFO to submit tax credit reviews to the

Hits: 334

TC_2021_Entertainment_Economic_Enhancement_Program.pdf

House 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.pdf

House 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.pdf

House 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.pdf

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 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_2019_New_Jobs_Tax_Credit_Report.pdf

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 Creation tax credits. The act requires the IFO to submit tax credit reviews to the

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TC_2021_Resource_Enhancement_and_Protection.pdf

House 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_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf

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 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_2020_Organ and Bone Marrow Donation Tax Credit.pdf

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 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_2021_Keystone_Special_Development_Zones.pdf

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: 130

NAP-2018-03.pdf

Assistance 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

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Independent Fiscal Office

Office IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Independent Fiscal Office Revenue Estimates Revenue & Economic Update Performance Budgeting Natural Gas Pension Analysis Property Tax Wage Contracts Tax Credit Review News Stand & Other Featured Releases September 2021 Economic Update Revenue & Economic Update September 16, 2021 The September edition of Department of Transportation and the Department of Human Services (Part 2). ... (Full Report) NAP, REAP, EEEP, VGP and KSDZ Tax Credit Reviews Tax Credit Review April 26, 2021 IFO presentation of the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment

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

Tax 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

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

Tax 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

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PBB_Board_Hearing_Apr_26_2021.pdf

Tax 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

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PBB-Board Hearing Jan 23 2020.pptx

Tax 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

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ACN_SB1_A01354_A01558_2017_06_03a.pdf

the 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

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2006_surviving_spouse_healthcare_study.pdf

for 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

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RB-10-2020-Economic_Development_Incentives.pdf

incentives 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

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2000_cost_of_living_adjustments.pdf

In 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

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MQRE-FY19-20-Aug.pdf

lowable 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

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PBB_2020_DCED_REPORT.pdf

33 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

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Economic_and_Revenue_Update_2020.pdf

FY 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

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RB-2016-02.pdf

Incentives 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

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2004_srpvffinal.pdf

SURVEY 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

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Revenue-Proposal-Analysis-2020-04.pdf

tipped 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

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2002_drop_report.pdf

monthly 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

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RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdf

interest 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

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PBB_2019_DOBS_Report.pdf

15 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

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Economic_and_Revenue_Update_2021.pdf

of 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

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RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdf

Economic 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

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2007_divestment_complete_report.pdf

businesses 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

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

Court 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

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Revenue_Estimate_2021_05.pdf

transfer 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

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June_Revenue_Estimate_2021.pdf

transfer 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

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IFO_Hearing_Packet_Feb2019.pdf

year 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

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Pensions

entitle 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

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IFO_Hearing_Packet_Feb2018.pdf

budget 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

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2002_dbdc_report.pdf

the 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

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PBB_2021_DHS_REPORT.pdf

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 0% 76.0% % Served in work experience 52.5% 63.3% 54.0% 51.0% 47.9% 50.0% % Earning credits 1,7 74.3% 78.9% 80.3% 80.2% 86.0% 82.0% % Earned HS degree/GED 1,7

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MTR-2017-03.pdf

New 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

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Official_Revenue_Estimate_Methodology_2021.pdf

Introduction | 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

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

made 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

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

made 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

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IFO_Letter_to_the_SCC.pdf

In 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

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IFO - Economic and Budget Outlook - January 2012.pdf

2012). 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

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HAC testimony Feb 2019.pdf

also 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

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2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

of 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

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Pensions

which 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

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Five_Year_Outlook_2020.pdf

income (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

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Revenue-Proposal-Analysis-2019-03.pdf

3 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

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Response_Letter_9_23_2019.pdf

exempt 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

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MQRE_FY21_22_August.pdf

3.84 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

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PICPA_Presentation.pdf

profits 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

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PBB_2020_DEP_Report.pdf

Programs ............................................................................................. 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

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Monthly_Economic_Update_November_2020_Final.pdf

Pennsylvania 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

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jackson ppt.pdf

a 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

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ITEP-Presentation-11-14-2019.pdf

1%: 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

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State_Tax_Comparison_2020_11.pdf

billion 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

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PBB_Board_Hearing_Request_May_4_2021.pdf

breakdown 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

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PBB_2021_PennDOT_REPORT.pdf

Multimodal ...................................................................... 47 Activity 11: Broadband and Technology Initiatives ................................................................ 51 Activity 12: Administration ..................................................................................................... 55 Appendix ................................................................................................................................. 57 Performance-Based Budgeting and Tax Credit Review Schedule ....................................................... 57 - 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

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PACB_Presentation_2021_8.pdf

scenario. 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

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Newsstand_February_2020.pdf

NEWS 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

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Memo-2019-03-Income-and-Property-Tax-Burden-for-Retirees.pdf

exempt 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

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2013-03b Monthly Economic Summary.pdf

Federal 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

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State-Tax-Comparison-2020-01.pdf

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 function of

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SR2017-03.pdf

7 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

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Smetters_Presentation_Full.pdf

765 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

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Senate Appropriations Response Letter 3-6-2020.pdf

25 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

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Response_Letter_2021_April.pdf

000 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

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PBB_2021_PSP_REPORT.pdf

Activity 9: Community Partnerships and Engagement ............................................... 41 Activity 10: Administration and Support .................................................................. 43 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 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

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PBB_2021_DMVA_REPORT.pdf

State ChalleNGe Academy ......................................................... 23 Activity 5: Facilities Maintenance .............................................................................. 27 Activity 6: Administration ......................................................................................... 29 Appendix ................................................................................................................ 31 Performance-Based Budgeting and Tax Credit Review Schedule .............................. 31 - 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

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PBB_2020_PEMA_REPORT.pdf

Activity 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

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PBB_2020_DOS_REPORT.pdf

9: 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

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PBB_2020_DOH_REPORT_Final_Update.pdf

Services ...................................................... 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

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PBB_2020_DHS_REPORT_Final_Updated.pdf

Eligibility 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

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PBB_2019_PCCD_Report.pdf

Activity 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

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PBB_2019_JCJC_Report.pdf

Services (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

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PBB_2019_DGS_Report.pdf

Business 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

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PBB_2019_Criminal_Justice_Report.pdf

Supervision ........................................................................................... 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

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PBB-Tax-Credits-Schedule-2019-05.pdf

Performance-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

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MTR-2015-08.pdf

through 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

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Monthly_Economic_Update_August_2020.pdf

Debt 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

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Mid_Year_FY16-17_Presentation.pdf

4 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

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IFO ppt.pdf

2006 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

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Five_Year_Outlook_2019.pdf

Pennsylvania 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

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CNIT-Rate-Cut-2018-04.pdf

tax 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

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Budget_Hearing_Background_Feb2016.pdf

10.5% 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

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Budget_Hearing_Background-Feb2014.pdf

of 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

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About IFO

Commission where she provided statistical and economic data analysis on a very broad range of subjects including Earned Income Tax Credits, K-12 and post secondary education, health care and state pension benefits. Ms. Maynard holds a M.A. in Economics Analyst Primary responsibilities at the IFO include forecasting revenues from personal income taxes along with other projects related to tax credit reviews, performance-based budgeting and demographics. Ms. Miller holds a B.S. in Public Policy with a minor in Applied

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TCJA-Update-August-2018.pdf

reported 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

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Revenue_Estimate_2021_05_Presentation.pdf

SNAP 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

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Revenue Conference Presentation Jan 2013 FINAL.pdf

through 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

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Presentation_Lancaster_Chamber_2017-07-14.pdf

profits 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

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Presentation-2018-10-Performance-Based-Budget-Board.pdf

the 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

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Pennsylvania_Aging_Presentation.pdf

S. 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

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PBB-Board-Hearing-Agenda-January 2019-Revised.pdf

Harrisburg, 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

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PBB Board Hearing Agenda- January 2019.pdf

Harrisburg, 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

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PA_Economy_League_Presentation.pdf

over 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

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PA_Chamber_June_17_2021.pdf

SNAP 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

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Official-Revenue-Estimate-2018-06.pdf

set 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

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NewsStand_2019_July.pdf

General 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

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NewsStand_2019_August.pdf

consumer 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

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MTR-2017-05.pdf

York 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

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MQRE-FY18-19-July.pdf

will 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

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Monthly_Economic_Update_September_2020.pdf

SALT) 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

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MER-2014-02.pdf

capita 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

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Impact-Fee-Update-2018-Outlook-2018-06.pdf

wells 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

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IFO-Presentation-11-14-2019.pdf

end 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

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Five_Year_Outlook_2017_Presentation.pdf

Cost-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

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Econ Summit Presentation Feb 28 2017.pdf

4 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

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CompetePA_March_11_2021.pdf

3% 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

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Budget Hearings Packet.pdf

Loans (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

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Budget Hearings Packet- Web Version.pdf

Loans (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

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2020 PBB Agenda.pdf

Call 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

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Pensions

on when the individual was first hired under this title). ... read more SB 669 Summary • Public Safety Employee Benefit • Service Credit Purchase 733 Regan Requires cities, other than a city of the first class, boroughs, towns, townships and regional police departments up to 90 days within one school year without temporarily terminating their annuities. States that the annuitant shall not earn credited service time nor make member contributions during this period. Defines the "substitute" role. ... read more HB 1442 Summary • Normal Retirement

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Pensions

Normal 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 • (Sep 16) Philadelphia metro region inflation decelerated in August to 4.6% YOY (All Items) while Rent of Residence inflation… • (Sep 16) The revenue estimate performance report compares actual General Fund collections to IFO revenue estimates over the… • (Sep 09) The IFO released a research brief that provides a general overview of the Pennsylvania electricity market. Recent E… 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

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SR2017-05.pdf

median 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

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Single-Use Plastics Report-2020_06.pdf

owners 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

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Revenue-Update-2020-04.pdf

estimate 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

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Revenue-Proposal-Analysis-2018-04.pdf

7 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

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Revenue-Estimate-2020-05.pdf

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 delay of 2020 employer payroll taxes to

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REU-2019-10.pdf

tax year 2018) payments. Monthly CNIT collections exceeded projections by $28.7 million (25.5 percent). The overage can be credited to final payments which came in $36.2 million above estimate. CNIT FYTD collections are surpassing the forecast by $73

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RB 2019 RACP.pdf

million) 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

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Presentation_PICPA_9-24-2013.pdf

0%. 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

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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

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Presentation_PBC_6-12-14.pdf

Student 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

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Presentation_PA_Bus_Council_6-22-15.pdf

Increases 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

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Presentation-2019-5-1-PAEL.pdf

minimum 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

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

8%).  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

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PBB-Board-Hearings-Schedule-2019.pdf

A.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

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Official-Revenue-Estimate-2020-06.pdf

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 delay of 2020 employer payroll taxes to

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NFIB_Presentation.pdf

releases). ◦ 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

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NewsStand_2019_May.pdf

by 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

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Newsstand_2018_November.pdf

on 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

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Newsstand_2018_June.pdf

the 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

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Newsstand_2018_August.pdf

in 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%

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MTR-2018-1.pdf

Housing 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

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MTR-2018-04.pdf

Housing 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

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MTR-2018-03.pdf

Housing 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

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MTR-2018-02.pdf

Housing 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

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MTR-2017-12.pdf

Housing 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

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MTR-2017-11.pdf

Housing 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

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MTR-2017-10.pdf

Housing 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

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MTR-2017-09.pdf

Housing 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

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MTR-2017-08.pdf

Housing 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

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MTR-2017-07.pdf

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

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MTR-2017-06.pdf

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

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MTR-2017-04.pdf

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

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MTR-2017-02.pdf

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

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MTR-2017-01.pdf

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

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MTR-2016-12.pdf

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

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MTR-2016-11.pdf

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

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MTR-2016-10.pdf

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

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MTR-2016-08.pdf

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

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MTR-2016-06.pdf

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

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MTR-2016-05.pdf

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

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MTR-2016-04.pdf

Housing 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

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MTR-2016-03.pdf

Housing 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

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MTR-2016-02.pdf

Housing 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

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MTR-2016-01.pdf

Housing 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

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MTR-2015-11.pdf

Housing 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

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MTR-2015-10.pdf

Housing 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

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MTR-2015-09.pdf

Housing 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

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MTR-2015-07.pdf

Housing 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

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MSC_March_31_2021.pdf

4 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

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mid-year-FY14-15-presentation.pdf

provided 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

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Kling_Presentation.pdf

the 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

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Initial_Estimate_May_2017_Presentation.pdf

Change 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

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Initial-Revenue-Estimate-2018-05.pdf

cost 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

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IFO_Retirement_Task_Force_Jan2018_Presentation.pdf

52% 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

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HTAE_2019_05_15.pdf

minimum 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

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House Budget Hearing Request.pdf

all 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

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Five_Year_Outlook_2020_Presentation_Final.pdf

Q4 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

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Five_Year_Outlook_2016_IFO_PPT.pdf

growth 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

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EPLC-2-19-21.pdf

non-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

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EPLC Feb 2020 FINAL.pdf

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 28, 2020 2 Today’s Presentation: Three Parts

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Demographics_Outlook_2020.pdf

Primary 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

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Budget_Hearing_Testimony-Feb2014.pdf

expand 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

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ACN_SB1_technical_corrections_2017_06_05.pdf

Hybrid 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

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2020_Mid_Year_Update.pdf

2018.4 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

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2018_Mid-Year_Update.pdf

respectively. 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

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2012-11 Monthly Economic Summary- DRAFT 6.pdf

monthly 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-

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Releases

Older Newer Release Type • Revenue Estimates • Revenue & Economic Update • Performance Budgeting • Natural Gas • Pension Analysis • Property Tax • Wage Contracts • Tax Credit Review • News Stand & Other Archives Year: All 2021 2020 2019 2018 2017 2016 2015 2014 2013 • September 2021 • August 2021

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