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IFO presentation of the Film Production, Historic Preservation and New Jobs Tax Credit Reviews. Tags: credit, film, historic, jobs, preservation, review, tax |
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Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New Jobs Tax Credits. Click on the link to access the Historic Preservation Tax Credit Report. Tags: credit, historic, preservation, tax |
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This report examines the historical performance of IFO revenue estimates. For FY 2024-25, actual collections exceeded IFO projections by 1.4%, or $640 million. 07/22/2025 |
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Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the fourth year, the IFO reviewed the Departments of Aging, Agriculture, Education, Human Services (Part 3), Labor and Industry and the Pennsylvania historical and Museum Commission. Click on the link to access the performance-based budget review for the Department of Human Services (Part 3). Approved by the PBB Board on January 25, 2022. The report was updated on May 4, 2022 to include addenda to Activity 1, 7 and 10. 05/04/2022 |
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Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the fourth year, the IFO reviewed the Departments of Aging, Agriculture, Education, Human Services (Part 3), Labor and Industry and the Pennsylvania historical and Museum Commission. Click on the link to access the performance-based budget review for the Department of Education. Tabled by the PBB Board on January 26, 2022. The report was updated on January 31, 2022 for technical changes on pages 10, 15 and 16. The report was updated on April 26, 2022. The amended report includes additions requested by the PBB Board on March 9, 2022. The board’s request can be viewed here: http://www.ifo.state.pa.us//Resources/Documents/PBB_Board_Amend_03_09_22.pdf The underlying data for the dot plots can be viewed here: http://www.ifo.state.pa.us//Resources/Documents/DotPlotData.xlsx Approved by the PBB Board on May 25, 2022. 04/27/2022 |
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Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the fourth year, the IFO reviewed the Departments of Aging, Agriculture, Education, Human Services (Part 3), Labor and Industry and the Pennsylvania historical and Museum Commission. Click on the link to access the performance-based budget review for the Department of Aging. Approved by the PBB Board on January 25, 2022. The report was updated on April 26, 2022 to include an addendum to Activity 1. 04/26/2022 |
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IFO presentation of Performance-Based Budget overview and agency highlights for the Department of Labor and Industry and the Pennsylvania historical and Museum Commission is posted on the website. 01/24/2022 |
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Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the fourth year, the IFO reviewed the Departments of Aging, Agriculture, Education, Human Services (Part 3), Labor and Industry and the Pennsylvania historical and Museum Commission. Click on the link to access the performance-based budget review for the Department of Agriculture. Approved by the PBB Board on January 26, 2022. The report was updated on January 26, 2022 for technical changes on pages 20 and 21. 01/20/2022 |
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Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the fourth year, the IFO reviewed the Departments of Aging, Agriculture, Education, Human Services (Part 3), Labor and Industry and the Pennsylvania historical and Museum Commission. Click on the link to access the performance-based budget review for the Pennsylvania historical and Museum Commision. Approved by the PBB Board on January 24, 2022. 01/20/2022 |
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Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the fourth year, the IFO reviewed the Departments of Aging, Agriculture, Education, Human Services (Part 3), Labor and Industry and the Pennsylvania historical and Museum Commission. Click on the link to access the performance-based budget review for the Department of Labor and Industry. Approved by the PBB Board on January 24, 2022. 01/20/2022 |
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Using the latest data, the Independent Fiscal Office published a research brief that finds historic wage gains for the U.S. and Pennsylvania. The brief notes that employee compensation comprises 56% of final sales and firms will likely push most labor costs forward to final consumers, thereby putting upward pressure on prices and inflation. 11/03/2021 |
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This research brief uses preliminary data for 2020 and 2021 (through September) to compute excess deaths above pre-COVID historical trends in the Commonwealth for those two years. The analysis finds 20,700 excess deaths in 2020 and projects 6,700 excess deaths for 2021. 09/30/2021 |
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In response to a legislative request, the Independent Fiscal Office published a research brief related to the Redevelopment Assistance Capital Program. The brief provides historical data of the program and examines the potential impact of proposed legislation. This research brief was updated November 12, 2019 to take Act 43 of 2019 into consideration. 10/31/2019 |
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In response to a legislative request, the IFO provided data to the Senate Majority Policy Committee for use in their Public Workshop on “Student Flight (Brain Drain) from Pennsylvania” on April 30, 2019. The brief document details historical population data for the Commonwealth, focusing primarily on young adults migrating to and from Pennsylvania. 04/29/2019 |
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Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, historic Preservation and New Jobs Tax Credits. Click on the link to access the Film Production Tax Credit Report. 01/18/2019 |
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IFO presentation of the Film Production, historic Preservation and New Jobs Tax Credit Reviews. 01/18/2019 |
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Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, historic Preservation and New Jobs Tax Credits. Click on the link to access the New Jobs Tax Credit Report. 01/18/2019 |
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Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, historic Preservation and New Jobs Tax Credits. Click on the link to access the historic Preservation Tax Credit Report. 01/18/2019 |
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This research brief contains current and historical trends for casino gaming, pari-mutuel gaming and the lottery. The brief also presents casino gaming revenues, tax rates and effective tax rates for adjacent states, which likely influence trends for Pennsylvania. The final section displays how revenues from the three types of gaming were used in the state budget for the most recent year of actual data, FY 2015-16. 02/13/2017 |
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This research brief gives a historical overview of gaming trends and revenues in Pennsylvania. This includes the role of gaming in the state economy as well as comparisons to other states. 02/28/2015 |
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Demographic projections suggest that demand for programs and services funded by lottery revenues will grow at a rate that exceeds the expansion of the Pennsylvania economy. Therefore, an important issue for policymakers is whether lottery revenues can maintain recent growth rates so they will be sufficient to meet those demands. This report provides data to assist policymakers in those deliberations. 01/30/2014 |
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Cover: Historic Preservation Tax Credit project: “The Millworks” located in Harrisburg, Pennsylvania. About the Independent Fiscal Office The Independent Fiscal Office (IFO 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 Performance- Based Hits: 101 |
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Based Budgeting .................................................................................... 1 PA Historical and Museum Commission Overview ................................................................................ 3 Activity 1: State Archives and Records Center ..................................................................................... 7 Activity 2: Historic Sites and Museums ............................................................................................... 9 Activity 3: The State Museum ......................................................................................................... 13 Activity 4: Historic Preservation ....................................................................................................... 15 Activity 5: Administration ................................................................................................................ 19 Appendix ....................................................................................................................................... 21 Performance-Based Budgeting and Tax Credit Review Schedule ..................................................... 21 Agency Response ....................................................................................................................... 22 Hits: 96 |
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9 PHMC Actual Spend and FTEs (FY 2020-21) January 24, 2022 10 FTEs Expenditures Activities Number Share Amount Share Historic Sites and Museums 71 37.5% $13 32.8% The State Museum 42 22.4% 5 12.6% State Archives and Records Center 30 15.7% 4 10.8% Historic Preservation 27 14.3% 6 16.6% Administration 19 10.1% 10 27.2% Total 188 100.0% 38 100 Hits: 9 |
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or other measures of economic activity; o do not obtain primary funding through other state programs; and o have cultural, historic, recreational or civic significance. Grants must be eligible for tax-exempt bond funding under federal law. Total cost and other medical facilities. Also includes projects that upgrade facilities to provide protection for citizens (police and fire stations). 4. Historic and Arts Projects that foster and preserve the cultural and artistic integrity of commonwealth communities which could include the remodeling Hits: 7 |
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Analyst/Communications Rachel Flaugh, Fiscal Analyst I - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Film Production ............................................................................................................................... 3 Historic Preservation ........................................................................................................................ 4 New Jobs ........................................................................................................................................ 5 Keystone Innovation Zone ............................................................................................................... 6 Mobile Broadband Investment .......................................................................................................... 7 Organ and Bone Marrow Donation .................................................................................................... 8 Research to four years. (Act 25 of 2021) ▪ Increased the program cap to $100 million. (Act 53 of 2022) Page 4 Historic Preservation Report Cycle 2019 Purpose To preserve culture and history that is unique to local communities or the state, and Hits: 5 |
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collected during the previous fiscal year. The fund is allocated into three categories for distribution: (1) states and tribes, (2) historic coal and (3) federal expense. OSMRE allocates historical coal grants based on each state’s share of coal tonnage produced federal fiscal year 2021. 12 Grants totaled $151.3 million, and 50.0% of that amount was allocated to the historic coal fund category. Pennsylvania received the highest allocation of AML funds ($27.4 million) among non-certified states, and over Hits: 4 |
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Tax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 Act 48 of 2017 – Tax and develop performance measures. IFO: (1) findings, (2) recommendations and (3) key decision points. Year 1 review schedule: Historic Preservation Tax Credit (HPTC). Film Production Tax Credit (FPTC). New Jobs Tax Credit (JCTC). January 24, 2019 1 Hits: 4 |
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Tax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 1/24/2019 0 Act tax credits and develop performance measures. ▪ IFO: (1) findings, (2) recommendations and (3) key decision points. Year 1 review schedule: ▪ Historic Preservation Tax Credit (HPTC). ▪ Film Production Tax Credit (FPTC). ▪ New Jobs Tax Credit (JCTC). January 24, 2019 1 Tax Credit Hits: 4 |
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Tax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 Act 48 of 2017 – Tax and develop performance measures. IFO: (1) findings, (2) recommendations and (3) key decision points. Year 1 review schedule: Historic Preservation Tax Credit (HPTC). Film Production Tax Credit (FPTC). New Jobs Tax Credit (JCTC). January 24, 2019 1 Hits: 4 |
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pedestrians are safe and have access to a range of land and water destinations. Economic Impact | Page 14 Protection of Historic Resources Many benefits derived from inland historic rehabilitation also apply to waterfront communities. Historical buildings, docks and other infrastructure that previously supported shipbuilding, fishing and warehousing activities Hits: 3 |
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9 Table 1: Sources of Pennsylvania Total Income Note: All data exclude filers that reported negative Adjusted Gross Income. Source: Historic Table 2, IRS Statistics of Income Division. Amount 2017 ($ billions) Amount 2018 ($ billions) Growth 2016 to 2017 Growth 2017 to 8 Taxable Income 1.7 5.6 11.0 6.7 1.6 11.1 14.3 10.2 Source: Historic Table 2, IRS Statistics of Income Division. Table 2: Conversion of Total Income to Taxable Income Amount 2017 ($ billions) Amount Hits: 3 |
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11 12 13 13 13 Beginning Farmers' -- -- -- 0 6 6 Entertainment and Economic Enhancement 1 5 3 0 6 24 Historic Preservation Incentive 5 5 5 5 5 20 Brewers' Tax Credit 3 2 3 4 5 5 Waterfront Development 0 higher caps. • Act 56 of 2024 implemented changes to various tax credit programs, including significant increases to annual caps. The Historic Preservation Tax Credit cap was increased from $5 million to $20 million, while the Coal Refuse Energy and Reclamation Tax Hits: 2 |
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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 Performance- Based credits over a five- year period. 2 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 Performance- Based Hits: 2 |
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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 Performance- Based credits over a five- year period. 2 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 Performance- Based Hits: 2 |
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expenses on a Ðilm, television commercial or certain tele‐ vision shows produced in Pennsylvania and intended for a national audience. Historic Preservation Incentive Tax Credit $0 $0 Allows a tax credit equal to 25 percent of the costs and expenses associated with the restoration of a historic commercial building. Innovate in PA Tax Credit $0 $0 Provides early‐stage venture capital investment funding through the Ben Franklin Hits: 2 |
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Credit Administration Activity includes the administration of various state tax credit programs. These programs include the Job Creation, Historic Preservation, Educational Improvement, Coal Refuse, Manufacturing, Film Production, Video Game and other miscellaneous tax credits. The goal of this activity is to 0 65.0 65.0 70.0 Award 57.2 53.4 60.0 65.0 65.0 -- Historic Preservation Statutory Ceiling 3.0 3.0 3.0 3.0 3.0 3.0 Award 3.0 3.0 3.0 Hits: 2 |
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facility management labor costs and evaluate options to reduce those costs. Perform a facility condition assessment of historic buildings to develop a preservation roadmap. Review cost allocation of facility and rental expenses. This review recommends that DGS, in con- junction facility management labor costs and evaluate options to reduce those costs. Perform a facility condition assessment of historic buildings to develop a preservation roadmap. Review cost allocation of facility and rental expenses. This review recommends that DGS, in con- junction Hits: 2 |
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0.1 million) and PIT annual ($0.1 million). FY 2019-20 Monthly and Quarterly Estimates | Page 13 Historic Preservation Incentive Tax Credit (Act 13) Various changes to the program include: (1) increasing the annual cap to $5 million, (2) extending program and (4) establishing an application fee of up to $2,000, which will be deposited into the Historic Rehabilitation Tax Credit Administration Account. These changes are effective July 1, 2019. Prior Law The credit was previously capped at $3 million Hits: 2 |
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12.0% 22.0% 24.0% 36.0% 37.0% Note: Source: IRS Statistics of Income Division, SOI Tax Stats, Historic Table 2. Adjusted Gross Income Classes Child Tax Credit includes non-refundable and refundable portions. Average tax rate is income Entertainment & Economic Enhancement Video Game Production Keystone Special Development Zones 4 Educational Tax Credits Coal Refuse and Reclamation Mixed Use Historic Preservation Incentive Community- Based Services 5 Resource Manufacturing Brewers’ Computer Data Center Manufacturing and Investment Waterfront Development Rural Jobs and Hits: 2 |
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vehicle SUT and the transfer increases to $580 million by FY 2027-28. ▪ Profits subject to CNIT and PIT reach historic highs in absolute terms and relative to state GDP for TY 2021 and TY 2022. Although some gains are assumed 2022-23 state budget ($202 million) and CNIT rate reduction/base expan- sion ($1.37 billion). ▪ Strong wage gains and historic levels of net profits that boosted revenues for TY 2021 and TY 2022 revert to levels more consistent with recent Hits: 2 |
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Recent trends include: ▪ Real GDP growth surged by 11.5% from the prior year in 2021 Q2. ▪ Personal Income recorded historic growth in 2021 Q1 due to federal unemployment compensa- tion programs, economic impact payments and Paycheck Protection Program (PPP) transfers are subject to state sales tax, that change in spending composition has significant implications for sales tax revenues. Based on historic relationships, a 1.0 percentage point shift from non-taxable services to taxable goods generates $150 to $200 million more Hits: 2 |
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Birth rates for females age 22 or younger are assumed to decline slightly over time based on recent historic trends. Birth rates for females age 23 to 29 are held relatively constant at the computed three-year average. The birth rates for females age 30 and older are assumed to increase based on recent historic trends. Similarly, deaths are projected using a three-year average death rate from 2015 to 2017. 19 Death rates for those below Hits: 2 |
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Delinquency (January 2019) PBB Plan: Juvenile Court Judges’ Commission (January 2019) Tax Credit Reviews Film Production Tax Credit (January 2019) Historic Preservation Tax Credit (January 2019) New Jobs Tax Credit (January 2019) Wage Contracts UFCW Wage Contract Analysis (August 2019) ISSU 5.0 7.0 Rural Jobs and Investment 0.0 0.0 0.0 0.0 1.0 6.0 Historic Preservation Incentive 3.0 3.0 3.0 3.0 3.0 5.0 Mobile Telecomm. Broadband Investment 0.0 Hits: 2 |
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Pennsylvania. For 2023, the CDC found that U.S. fertility rates decreased by 3% from 2022 to reach a new historic low. 9 That outcome is a continuation of the long-term trend as the fertility rate contracted by 2% per number of 2024 births will be similar to births in 2023. 9 See: “U.S. Fertility Rate Drops to Another Historic Low,” U.S. CDC (April 25, 2024). 10 See: “The Experiences of U.S. Adults Who Don’t Have Children Hits: 2 |
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over the same quarter from the prior year, arriving at $1.91 trillion. The value for 2012 Q2 represents a historic high, in absolute terms and as a share of gross domestic product (GDP). Many analysts have questioned whether recent historic profit levels can be sustained, or whether profits will revert to a “normal” share of the economy. To address that Hits: 2 |
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requirements. The remainder of this review contains four sections. Section 2 discusses how the tax credit is administered and presents historic program data. Section 3 presents relevant data for states that offer tax incentives for the benefit of in-state brewers Hits: 1 |
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Some programs are specifically targeted to contaminated former indus- trial/commercial sites and others are more general programs (e.g., Historic Preservation Tax Credits) that can also be used for brownfield revitalization. Most state programs focus on one or more of Hits: 1 |
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0 24.0 Tax Credit for New Jobs 10.1 10.1 3.0 3.3 6.0 5.3 Historic Preservation Incentive 3.0 3.0 5.0 5.0 5.0 5.0 Mixed-Use Development 2.0 2 Hits: 1 |
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New Jobs 10.1 3.0 3.3 13.8 9.2 10.9 Beginning Farmers' -- -- -- -- 6.0 6.0 Historic Preservation Incentive 3.0 5.0 5.0 5.0 5.0 5.0 Brewers' Tax Credit 4.9 2 Hits: 1 |
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shareholders who reside in other states. 1 Capital gains, IRA withdrawals and pension data are from the “SOI Tax Stats – Historic Table 2” (IRS). Those amounts are grossed-up for amounts not reported on the federal income tax return due to Hits: 1 |
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the National Income and Product Accounts. 2 Capital gains, IRA withdrawals and pension data are from the “SOI Tax Stats – Historic Table 2” (IRS). Those amounts are grossed-up for amounts not reported on the federal income tax return due to Hits: 1 |
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Analysis publishes state personal income data. 2 Capital gains, IRA withdrawals and pension data are from the “SOI Tax Stats – Historic Table 2” (IRS). Those amounts are grossed-up for amounts not reported on the federal income tax return due to Hits: 1 |
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state personal income data. 2 Capital gains, IRA withdrawals and pension data are from the “SOI Tax Stats – Historic Table 2” (IRS). Those amounts are grossed-up for amounts not reported on the federal income tax return due to non-taxability Hits: 1 |
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state personal income data. 2 Capital gains, IRA withdrawals and pension data are from the “SOI Tax Stats – Historic Table 2” (IRS). Those amounts are grossed-up for amounts not reported on the federal income tax return due to non-taxability Hits: 1 |
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5 See http://www.census.gov/govs/state/. 6 See http://www.irs.gov/uac/SOI-Tax-Stats---Historic-Table-2. 7 All amounts are net of any refunds. 8 Per the U.S. Census Bureau’s documentation guide, corporate license Hits: 1 |
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Analysis publishes state personal income data. 2 Capital gains, IRA withdrawals and pension data are from the “SOI Tax Stats – Historic Table 2” (IRS). Those amounts are grossed-up for amounts not reported on the federal income tax return due to Hits: 1 |
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from the rate reduction will impact the March and June estimated payments in FY 2021-22. This is consistent with historic CNIT payment patterns. Unlike combined reporting, firms can more readily calculate the impact of a rate reduc- tion on their Hits: 1 |
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most goods and services. Under these unusual conditions that were facilitated by significant federal stimulus, corporations were able to maintain historic profit margins and consumers supported that outcome. In addition to the relative size of forecast errors, it is useful to Hits: 1 |
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tax year (TY) 2019 with the Pennsylvania Department of Revenue. That tax year was the final year prior to an historic surge in corporate profits that coincided with the COVID-19 pandemic, supply chain disruptions and extensive federal stimulus programs. Data Hits: 1 |
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denote Q4. Sources: U.S. BLS, U.S. BEA and IFO. 2021 Q2 2021 Q4 PA and U.S. Record Historic Wage Growth Independent Fiscal Office | Research Brief | November 2021 CreationDate: 2021-11-03 13:02:07 Creator: Microsoft® Word for Hits: 1 |
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2.9 7.0 Rural Jobs and Investment 0.0 0.0 0.0 0.0 0.0 6.0 Historic Preservation Incentive 3.0 3.0 3.0 3.0 5.0 5.0 Brewers' Tax Credit 0.0 0 Hits: 1 |
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0.0 6.0 Resource Enhancement and Protection 5.3 5.2 5.4 5.4 5.4 5.6 Historic Preservation Incentive 3.0 3.0 3.0 3.0 3.0 5.0 Brewers' Tax Credit 0.0 0 Hits: 1 |
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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 and Bone Marrow 3 Neighborhood Assistance Hits: 1 |
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2021-22 due to COVID-19 relief funds while the number of children served is expected to increase, albeit below historic levels. The primary goal and outcome of this activity is to ensure low-income, working families have access to quality Hits: 1 |
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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 A.M. - 1:30 P.M. Pennsylvania Commission on Crime Department Hits: 1 |
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the IRS. State income tax data are from the Pennsylvania Department of Revenue. Other tax 1 See SOI Tax Stats – Historic Table 2 (IRS). 2 The “tax gap” is the difference between actual collections and the amounts that should be remitted Hits: 1 |
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the IRS. State income tax data are from the Pennsylvania Department of Revenue. Other tax 1 See “SOI Tax Stats – Historic Table 2” (IRS). 2 The “tax gap” is the difference between actual collections and the amounts that should be remitted Hits: 1 |
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billion in 2022 (-5.0%) before increasing to $759.2 billion in 2023 (4.2%). 1 See “SOI Tax Stats – Historic Table 2” (IRS). 2 The “tax gap” is the difference between actual collections and the amounts that should be remitted Hits: 1 |
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billion in 2021 (3.7%) before declining to $700.3 billion in 2022 (-2.3%). 1 See “SOI Tax Stats – Historic Table 2” (IRS). 2 The “tax gap” is the difference between actual collections and the amounts that should be remitted Hits: 1 |
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in 2020 (0.4 percent) and $628.9 billion in 2021 (no growth). 1 See “SOI Tax Stats – Historic Table 2” (IRS). 2 The “tax gap” is the difference between actual collections and the amounts that should be remitted. The IRS Hits: 1 |
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State income tax data are from the Pennsylvania Department of Revenue. Other tax 1 See “SOI Tax Stats – Historic Table 2” (IRS). 2 The “tax gap” is the difference between actual collections and the amounts that should be remitted. The IRS Hits: 1 |
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the past three business cycles and explores factors that increase cyclical sensitivity. While national and state unemployment rates have reached historic lows, regional labor market conditions vary greatly across the United States. In April 2019, the U.S. unemployment rate was Hits: 1 |
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three months. A preliminary growth rate will be released by the U.S. Bureau of Economic Analysis on July 27. Histori- cally, the GDPNow forecast has been a reasonably accurate predictor of the actual GDP release. The underlying data show strong Hits: 1 |
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9 million), insurance premiums tax ($5.3 million), bank shares tax ($7.9 million) and PIT annual ($31.6 million). Historic Preservation (Act 56) The act increases the annual cap on the tax credit from $5 million to $20 million effective Hits: 1 |
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for the month of September. Limited inventory, rising prices and high mortgage rates are the main factors that drive a historic contraction in home sales. Pennsylvania housing data show similar trends, as September existing home sales declined 19.1% compared to Hits: 1 |
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fee revenues: prices and pipeline capacity. Regional natural gas prices have stabilized over the last two calendar years, after reaching historic lows in 2015 and 2016. The regional hub price, a blended spot price between the Dominion South and Leidy hubs Hits: 1 |
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and pipeline capacity. Despite a decline in June, natural gas prices increased considerably through the first half of 2017 from historic lows in 2015 and 2016. The NYMEX futures market suggests that prices will remain near recent levels through 2019. There Hits: 1 |
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Commission (January 2019) • Tax Credit Reviews Neighborhood Assistance Program Tax Credit (April 2018) Film Production Tax Credit Review (January 2019) Historic Preservation Tax Credit Review (January 2019) New Jobs Tax Credit Review (January 2019) • Wage Contracts ALES Wage Contract Analysis (February Hits: 1 |
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13.0 City Revitalization and Improve. Zone (CRIZ) 7.2 7.8 9.5 8.7 9.7 13.7 Historic Preservation Incentive 3.0 5.0 5.0 5.0 5.0 5.0 Mixed-Use Development 2.0 3 Hits: 1 |
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0 8.0 Tax Credit for New Jobs 10.1 10.1 10.1 3.0 3.3 6.0 Historic Preservation Incentive 3.0 3.0 3.0 5.0 5.0 5.0 Brewers' Tax Credit 0.0 0 Hits: 1 |
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8 24.0 24.0 Pennsylvania Resource Manufacturing 0.0 0.0 0.0 5.0 60.9 65.0 Historic Preservation Incentive 5.0 5.0 5.0 5.0 5.0 5.0 Waterfront Development 0.2 1.4 Hits: 1 |
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to deleverage. • Financial Institutions: continue to write-off bad loans, reluctant to lend. • Non-Financial Firms: profits at or near historic highs; reluctant to hire and invest until demand returns. • When do these processes end? January 18, 2012 Independent Fiscal Office Hits: 1 |
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computed so that the inputs to those activities are accurately measured. The three tax credit reviews included the New Jobs, Historic Preservation and Film Production Tax Credits. The reviews included interstate comparisons and the computation of relevant economic metrics, such as Hits: 1 |
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But, Some Positive Fundamentals Housing Market Forecast: 2011 is bottom of PA housing market. Mortgage rates at historic lows. PA mortgage delinquencies declining rapidly. Consumers Vehicle sales remain strong. Some pent up demand remains. Hits: 1 |
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and durable goods deflation ends Corporate Profits Feb 2024 Economic Summit Slide 11 UE Rate begins to tick up from historic lows Medical Care inflation starts to rise Housing inflation remains elevated due to pent up demand At historically high share Hits: 1 |
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2.9 7.0 Rural Jobs and Investment 0.0 0.0 0.0 1.0 0.0 6.0 Historic Preservation Incentive 3.0 3.0 3.0 3.0 5.0 5.0 Brewers' Tax Credit 0.0 0 Hits: 1 |
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Methodology | Page 2 ▪ Age groups 40 and older are assumed to increase in the next few years based on recent historic trends but moderate over the forecast window. All birth rate trends across various age groups are consistent with the longer- Hits: 1 |
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long term. Age group 40 and older are assumed to increase in the next few years based on recent historic trends but moderate over the forecast window. 1 The U.S. Census population estimates for states only provide single-year Hits: 1 |
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birth rates for females age 40 and older are assumed to increase in the next few years based on recent historic trends but moderate over the forecast window. All trends in birth rates across the various age groups are consistent with Hits: 1 |
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for females age 40 and older are assumed to increase in the next few years based on recent historic trends but moderate over the forecast window. All trends in birth rates across the various age groups are consistent with the longer- Hits: 1 |
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much less the principal and interest needed to amortize the accrued unfunded liability debt that existed during this period Two historic downturns in the investment markets within a very short 10 year timeframe Acts 9 and 38 benefit enhancements (increased multiplier Hits: 1 |
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context for a more detailed discussion of one type of postretirement adjustment—cost-of-living increases. The report describes the historic approach used by the Commonwealth to provide and fund cost-of-living increases for retired state and public school employees Hits: 1 |