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County Income Patterns 2018-2021

This research brief uses the latest published data to generate maps and county rankings of recent demographic and income trends. The release highlights population change, personal income growth and per capita amounts for all counties in the Commonwealth.

Tags: county, income, patterns

County Income Patterns

This research brief uses the latest published data to generate maps and county rankings of recent demographic and income trends. The release highlights population change, personal income growth and per capita amounts for all counties in the Commonwealth.

Tags: brief, county, incomes, research

Corporate Net Income Tax Proposals

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

Tags: corporate, income, legislative, net, request

County Income Patterns

This research brief presents five maps that display recent demographic and income trends at the county level. The release highlights population change, personal income growth and per capita figures for all counties of the Commonwealth.

Tags: brief, county, incomes, research

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.

 

Tags: federal, income, taxes, tcja

County Income Patterns

This research brief presents four maps that illustrate recent demographic and income trends at the county level. The release highlights population change, personal income growth and per capita figures for all counties of the Commonwealth.

Tags: brief, county, incomes, research

County income Patterns 2019 to 2022

This annual research brief uses the latest published data to generate maps and rankings of county demographic and income trends. The release highlights population change, personal income growth, shares of transfer income and per capita amounts for all counties in the Commonwealth.

09/09/2024

2022 Property Tax Burden by County

This research brief uses (1) income data from the Bureau of Economic Analysis and the Internal Revenue Service and (2) property tax data from the Pennsylvania Department of Education and Department of Community and Economic Development to estimate county-level property tax burdens on homeowners and renters across the state for 2022. The brief was updated on September 6, 2024 to address a technical correction. 

08/21/2024

Corporate Rate Reduction and Higher NOL Cap

This research brief examines two recent provisions that reduce corporate net income tax liability: a lower tax rate and a higher net operating loss (NOL) deduction threshold. The provisions significantly reduce corporate tax liability and will be phased-in through tax year 2031.

07/17/2024

Sources of Pennsylvania income

This research brief is the first in a series that describes a new distribution model that will be used to examine the progressivity/regressivity of state-local taxes.

06/27/2024

Tax Modernization and Reform Presentation

Director Knittel made a presentation to the House Finance Subcommittee on Tax Modernization and Reform.   Based on a request from Chair Rabb, the presentation was updated to add an additional slide that displays the income distribution for self-employment and S corporation/partnership income.  

03/01/2024

State and Local Tax Revenues: A 50 State Comparison

This report uses data from the U.S. Census Bureau, the U.S. Bureau of Economic Analysis, CCH AnswerConnect and the Tax Foundation to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) the level of per capita state and local taxes across states (unadjusted and adjusted for price differentials) and (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property).

02/14/2024

Economic and Budget Outlook

The IFO will release its long-term budget outlook for FY 2023-24 to FY 2028-29 on November 15 at 1:30 pm. Long-term issues that impact the outlook include the expiration of federal relief programs, a rapidly expanding 75+ age cohort and the depletion of surplus balances that currently generate significant interest income. See the announcement for a link to register for the presentation.

11/08/2023

County income Patterns 2018-2021

This research brief uses the latest published data to generate maps and county rankings of recent demographic and income trends. The release highlights population change, personal income growth and per capita amounts for all counties in the Commonwealth.

08/24/2023

Property Tax Burden By County

This research brief uses (1) income data from the Bureau of Economic Analysis and the Internal Revenue Service and (2) property tax data from the Pennsylvania Department of Education and Department of Community and Economic Development to estimate county-level property tax burdens across the state for 2021. 

08/22/2023

Property Tax/Rent Rebate Expansion

This research brief uses data from the Pennsylvania Department of Revenue, the American Community Survey and Social Security Administration to estimate the impact of the recently enacted expansion of the PTRR program. It provides detail on impact by income level, claimant type and county.

08/09/2023

Corporate Net income Tax TY 2019

This research brief provides tabulations of corporate net income tax (CNIT) return data from tax year 2019 based on tax liability, apportionment factor and NAICS code.

07/25/2023

Student Loan Repayment Moratorium Ends

As part of its annual revenue estimate, the IFO modeled the economic and revenue impact from the scheduled end of the student loan moratorium in September 2023. An IMPLAN economic simulation finds that annual state nominal GDP will decline by $3.4 billion while sales tax revenues decline by $125 million and personal income tax by $40 million.

06/12/2023

PA Taxpayers Continue to Migrate South

The IFO posted a research brief that uses recent IRS tax data to track migration between states for 2020 and 2021. The IRS data indicate Pennsylvania net domestic migration was -14,376 (-0.11% of state population), which ranked 34th across all states. Large net inflows came from border states and net outflows went to southern states, most notably Florida. The adjusted gross income averaged $46,600 for the inflow group and $52,300 for outflows, with a total net flow of nearly -$2.0 billion.

05/03/2023

Property Tax Rebates for Senior Homeowners

In response to a legislative request, the IFO transmitted a letter that analyzes a proposal to provide property tax rebates for senior homeowners in certain income ranges.

04/13/2023

Impact of Proposed Changes to the NOL Cap

The IFO published a letter in response to a request from Senator Pennycuick. The letter contains projections for the impact of proposed changes to the amount of taxable income that C corporations may offset through net operating loss deductions.

02/24/2023

State and Local Tax Revenues: A 50 State Comparison

This report uses data from the U.S. Census Bureau, the Internal Revenue Service (IRS), the U.S. Bureau of Economic Analysis and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) the relative level of state and local taxes across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.

02/21/2023

Unemployment Compensation by AGI

The IFO published a research brief that uses the latest federal tax return data to provide a breakdown by income class for unemployment compensation (UC) benefits received by Pennsylvania residents in 2019 and 2020. For 2020, residents received $33.4 billion of UC income and $21.3 billion (64%) was reported on the federal tax return. For amounts reported, $2.9 billion (13.4%) was reported by filers with more than $100,000 of adjusted gross income (AGI). High income taxpayers qualify for UC benefits because the federal program does not apply income thresholds.

12/21/2022

Do SNAP Changes Impact Work Incentives?

A new IFO research brief examines the impact on SNAP benefits from the ongoing public health emergency that eliminates the income phase-out and the recent expansion of income thresholds from 160% to 200% of federal poverty income guidelines (FPIG). Due to the elimination of the income phase-out, recipients face a vertical all-or-nothing benefits cliff. Research finds that vertical cliffs provide strong disincentives.

09/29/2022

Property Tax Burden by County

This research brief uses (1) income data from the Bureau of Economic Analysis and the Internal Revenue Service and (2) property tax data from the Pennsylvania Department of Education and Department of Community and Economic Development to estimate county-level property tax burdens across the state for 2020. 

09/06/2022

County income Patterns

This research brief uses the latest published data to generate maps and county rankings of recent demographic and income trends. The release highlights population change, personal income growth and per capita amounts for all counties in the Commonwealth.

08/16/2022

Corporate Net income Tax Proposals

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

03/15/2022

STATE AND LOCAL TAX REVENUES: A 50 STATE COMPARISON

This report uses data from the U.S. Census Bureau, the Internal Revenue Service (IRS), the U.S. Bureau of Economic Analysis and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) the relative level of state and local taxes across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.

01/19/2022

Property Tax Burden by County

This research brief uses (1) income data from the Bureau of Economic Analysis and the Internal Revenue Service and (2) property tax data from the Pennsylvania Department of Education and Department of Community and Economic Development to estimate and rank county-level property tax burdens across the state for 2019. Note: This research brief was originally posted on 8/17/2021. It has been updated to include a map that displays school district property tax burdens by county. 

08/25/2021

County income Patterns

This research brief presents five maps that display recent demographic and income trends at the county level. The release highlights population change, personal income growth and per capita figures for all counties of the Commonwealth.

08/10/2021

Economic Impact of Federal Stimulus

This research brief examines the impact of certain federal stimulus programs enacted in response to the COVID-19 pandemic on Pennsylvania residents and the economy. It estimates the total amount of federal stimulus provided directly to individuals by income group and considers the impact on employment, output, and whether the infusion of federal monies into the state economy is conducive to raising the state minimum wage.

05/10/2021

School Property Tax, Senior Spending and Tax Revenues

In response to a legislative request, the IFO transmitted a letter that updates previous analyses on state and local budget issues, including (1) the IFO school district property tax forecast, (2) potential revenue sources that could replace school district property taxes if eliminated, (3) state spending dedicated to seniors, (4) the share of certain tax revenues remitted by seniors, (5) tax treatment of retirement income by state and (6) migration patterns by age groups.

04/23/2021

Budget Hearings Packet for Appropriations Committees

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

03/04/2021

State and Local Tax Revenues: A 50 State Comparison

This report uses the most recent data from the U.S. Census Bureau, the Internal Revenue Service (IRS), the U.S. Bureau of Economic Analysis and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) the relative level of state and local taxes across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.

11/24/2020

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

COVID-19 Impact on Local Revenues

In response to a legislative request, the Independent Fiscal Office examined how the COVID-19 pandemic and mandated business closures could impact local earned income taxes (EIT), property taxes and gaming revenues received by municipalities, counties and school districts for the current year.

07/16/2020

County income Patterns

This research brief presents four maps that illustrate recent demographic and income trends at the county level. The release highlights population change, personal income growth and per capita figures for all counties of the Commonwealth.

06/10/2020

Property Tax by County and income

This research brief uses data from the U.S. Census Bureau's American Community Survey to provide Pennsylvania property tax data for 2018 by county, household income and homeowner age.

04/07/2020

State and Local Taxes: A Comparison Across States

This report uses the most recent data from the U.S. Census Bureau, the Internal Revenue Service (IRS), the U.S. Bureau of Economic Analysis and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the fifty states. The report examines (1) the relative level of state and local taxes across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.

01/29/2020

Testimony on Combined Reporting

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

01/29/2020

Property Tax Replacement Estimates

In response to a legislative request, the IFO transmitted a letter that provides revenue estimates for various proposed changes to the state tax code affecting personal income and sales and use taxes.

10/04/2019

Property Tax Elimination for Senior Homeowners

In response to a legislative request, the IFO transmitted a letter that analyzes a proposal to eliminate all property taxes for senior homeowners with household income of $40,000 or less. 

09/25/2019

Natural Gas Royalties Increase in 2017

This research brief uses state personal income tax data to estimate natural gas royalties paid to landowners in 2017. The data suggest that royalties paid increased significantly from the prior year due to increased production and higher prices.

09/20/2019

Property Tax Rebate for Older Homeowners

In response to a legislative request, the IFO transmitted a letter that provides additional information to a previous analysis of a proposed property tax rebate for older homeowners based on various levels of household income.

09/12/2019

County income Patterns

This research brief presents four maps that illustrate recent demographic and income trends at the county level. The release highlights population change, personal income growth and per capita figures for all counties of the Commonwealth.

08/30/2019

Property Tax Rebate for Older Homeowners

In response to a legislative request, the IFO transmitted a letter that analyzes a proposed property tax rebate for older homeowners based on various levels of household income

08/22/2019

Property Tax Replacement Estimates

In response to a legislative request, the IFO has posted a letter that provides revenue estimates for various proposed changes to the state tax code that affect personal income, sales and property taxes.

05/23/2019

PA Economy League Presentation

In partnership with the Pennsylvania Economy League, Director Matthew Knittel and Deputy Director Brenda Warburton will make multiple presentations on raising the state minimum wage to $12.00 per hour. The presentation examines the proposed minimum wage’s impact on employment, worker incomes, prices and state spending.

05/01/2019

Homestead Exclusion and PIT

In response to a legislative request, the IFO transmitted a letter that computes the level of personal income tax (PIT) increase needed to fully fund a 100% homestead exclusion for school district property taxes.

03/13/2019

income and Property Tax Burden for Retirees

In response to a legislative request, the IFO transmitted a letter that modifies or supplements certain computations from the IFO report entitled State and Local Taxes: A Comparison Across States (December 2018). The letter also compares Pennsylvania’s relative debt burden to other states.

03/06/2019

State and Local Taxes: A Comparison Across States

This report uses the most recent data from the U.S. Census Bureau and U.S. Bureau of Economic Analysis to facilitate a comparison of state and local tax systems across the fifty states. The report examines (1) the relative state and local tax burden across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property), (3) state tax rates and (4) state debt levels.

12/03/2018

Corporate Net income Tax Rate Reduction

The IFO responds to a legislative request regarding the state corporate net income tax (CNIT). The report contains an analysis of state CNIT rates, their impact on revenues and a proposal to reduce the Pennsylvania CNIT rate. 

04/11/2018

State and Local Taxes: A Comparison Across States

This report uses the most recent data from the U.S. Census Bureau, the Internal Revenue Service (IRS), the U.S. Bureau of Economic Analysis and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the fifty states. The report examines (1) the relative state and local tax burden across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.

02/01/2018

Mid-Year Update FY 2017-18

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

01/29/2018

Like-Kind Exchange Analysis

The IFO responds to a request regarding the economic benefit and tax revenue impact from eliminating Pennsylvania personal income tax on like-kind exchanges.

07/10/2017

State and Local Taxes: A Comparison Across States

This report uses data from the U.S. Census Bureau, the Internal Revenue Service (IRS) and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the fifty states. The report examines (1) the relative state and local tax burden across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels. 

05/31/2017

Updated School District Property Tax Forecast

Letter updating the IFO's forecast of school district property tax collections for FY 2015-16 through FY 2021-22. The letter also includes projections of school district debt service payments and earned income tax collections for FY 2015-16 through FY 2021-22. Total school property tax collections for FY 2015-16 ($13.6 billion) and FY 2016-17 ($13.9 billion) are estimated using millage rates published by the Pennsylvania Department of Education. For FY 2017-18 through FY 2021-22, collections are projected based on a forecast of the Act 1 index and exceptions. During that period, total school property tax collections are projected to grow by an average annual rate of 3.5 percent, reaching $16.5 billion by FY 2021-22. Prior reports / references: (1) 2013 IFO analysis of HB / SB 76 and (2) 2014 update of the school property tax forecast.

01/09/2017

Testimony by Director Matthew Knittel regarding proposed changes to personal income and sales tax

Testimony by Director Matthew Knittel regarding changes to the personal income and sales taxes proposed in the Executive Budget.  The information was presented at a public hearing conducted by the Senate Finance Committee (June 2015).

06/10/2015

Fiscal Implications of a York County School District Consolidation

The report provides potential consolidation savings and costs for 15 York County school districts and computes the real estate tax millage using various earned income tax rates and administrative savings scenarios. Full Report Presentation

12/12/2014

State Economic Comparison

This research brief uses Real GDP, Personal income and Payroll Employment to compare economic performance in Pennsylvania to four adjacent states and the U.S. over the past decade.

09/30/2014

Natural Gas Extraction: An Interstate Tax Comparison

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

03/17/2014

Analysis of Proposal to Replace School Property Taxes: House Bill 76 and Senate Bill 76

This report presents the results from an analysis of House Bill 76 and Senate Bill 76 performed by the Independent Fiscal Office (IFO). The proposed legislation eliminates local school district property taxes and replaces those funds with sales and use and personal income taxes, as well as monies redirected from the Property Tax Relief Fund. Presentation to the Senate Finance Committee on 10/15/2013. Data for the graphs in section 4 of the report that display the annual and cumulative changes in personal income, sales and school property tax collections. Introduction, which contains summary results from the report.

10/01/2013

Revenue_Proposal_Analysis_2021_04.pdf

pa.us. Sincerely, Dr. Matthew J. Knittel Director - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Corporate Net Income Tax ........................................................................................................ 3 Proposal Highlights ......................................................................................................................... 3 Background and State Comparison .................................................................................................. 4 Combined Reporting Base Expansion Analysis ................................................................................. 5 Combined Reporting Revenue Impacts in Other States ..................................................................... 7 Revenue Impact .............................................................................................................................. 8 Factors that Impact the Revenue Estimate ........................................................................................ 9 Personal Income Tax Proposal................................................................................................ 15 Proposal Highlights ....................................................................................................................... 15 Personal Income Tax Rate and SP Threshold Changes .................................................................. 16 Overview of Personal Income Tax

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RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdf

the Tax Cuts and Jobs Act (TCJA) was signed into law. The act made significant changes to the federal individual income and corporate net income tax codes that generally became effective for tax year 2018. Recently, the IRS released state level tax data that reveal

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

of the general meth- ods used by the IFO. The second part describes the derivation of Disposable Cash Income (DCI), a con- structed income measure used to forecast certain tax revenues that rely on consumption, such as sales and use taxes and lottery purchases. The third

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Official_Revenue_Estimate_Methodology_2021.pdf

an overview of the general meth- ods used by the IFO. The second part describes the derivation of Disposable Cash Income (DCI), a con- structed income measure used to forecast certain tax revenues that rely on consumption, such as sales and use taxes and lottery purchases

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Official_Revenue_Estimate_Methodology_2022.pdf

an overview of the general meth- ods used by the IFO. The second part describes the derivation of Disposable Cash Income (DCI), a con- structed income measure used to forecast certain tax revenues that rely on consumption, such as sales and use taxes and lottery purchases

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

of the general meth- ods used by the IFO. The second part describes the derivation of Disposable Cash Income (DCI), a con- structed income measure used to forecast certain tax revenues that rely on consumption, such as sales and use taxes and lottery purchases. The third

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Official_Revenue_Estimate_Methodology_2024_06.pdf

an overview of the general meth- ods used by the IFO. The second part describes the derivation of Disposable Cash Income (DCI), a con- structed income measure used to forecast certain tax revenues that rely on consumption, such as sales and use taxes and lottery purchases

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Official_Revenue_Estimate_Methodology_2023_06.pdf

an overview of the general meth- ods used by the IFO. The second part describes the derivation of Disposable Cash Income (DCI), a con- structed income measure used to forecast certain tax revenues that rely on consumption, such as sales and use taxes and lottery purchases

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Revenue-Proposal-Analysis-2020-04.pdf

us - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Tax and Revenue Proposals ...................................................................................................... 3 Corporate Net Income Tax ............................................................................................................... 3 Sales and Use Tax ......................................................................................................................... 14 Cigarette Tax ................................................................................................................................ 14 Personal Income Tax ..................................................................................................................... 15 Gaming Taxes ............................................................................................................................... 15 Raising the Minimum Wage .................................................................................................... 17 Minimum Wage Across States ........................................................................................................ 18 Recent Minimum Wage Studies ...................................................................................................... 20 Border County

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Senate Appropriations Response Letter 3-6-2020.pdf

1 See http://www.freddiemac.com/research/insight/20190313_quarterly_refinance_report.page. March 6, 2020 Page 2 Senator Haywood asked which Pennsylvania income groups have benefited from the recent growth in gross domestic product. To examine this issue, the IFO used data from of households increased by 113,000, an average annual growth rate (AAGR) of 0.4 percent per annum.  Total income increased by 3.5 percent per annum.  Both median and average income increased by 3.1 percent per annum

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Revenue-Proposal-Analysis-2019-03.pdf

us - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Tax and Revenue Proposals ...................................................................................................... 3 Corporate Net Income Tax ............................................................................................................... 3 Sales and Use Tax ........................................................................................................................... 8 Personal Income Tax ....................................................................................................................... 9 Resource Enhancement Tax Credit ................................................................................................... 9 Raising the Minimum Wage .................................................................................................... 11 Minimum Wage Across States ........................................................................................................ 12 Recent Minimum Wage Studies ...................................................................................................... 14

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RB-2017-5.pdf

of a recession. The analysis examines the tax rates and trends for the three largest state revenue sources: (1) personal income tax, (2) corporate net income tax and (3) sales and use tax. Those revenue sources are compared to three state economic metrics: (1) nominal gross

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RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdf

residents and the economy. The analysis estimates the economic impact due to the transfer of funds directly to individuals by income group. For this purpose, groups are based on the tax returns or reported income levels of stimulus fund recipients across four income groups: (1) below $25,000; (2) $25,000 to $49,999; (3

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Revenue-Proposal-Analysis-2018-04.pdf

Director - This page intentionally left blank. - Table of Contents Introduction ................................................................................................................ 1 Tax and Revenue Proposals ......................................................................................... 3 Corporate Net Income Tax ........................................................................................ 3 Natural Gas Severance Tax ....................................................................................... 7 Raising the Minimum Wage ....................................................................................... 15 Minimum Wage Across States ................................................................................. 16 Workers Directly Affected by a Higher Minimum Wage ........................................... 19 Potential Employment Impact of a Higher Minimum Wage ...................................... 22 Income Effects for Affected Workers ........................................................................ 24 Potential Implications for General Fund Revenues .................................................. 26 A Final Note: The Latest Research on Minimum Wage ............................................ 29

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Five_Year_Outlook_2020.pdf

Participation Rates ........................................................................................................ 8 Section 3: Economic Outlook .................................................................................................... 9 Federal Relief and Stimulus ............................................................................................................ 11 Payroll Employment ....................................................................................................................... 13 Labor Force Trends ....................................................................................................................... 16 Income Trends .............................................................................................................................. 17 Financial Trends ............................................................................................................................ 19 Section 4: Revenue Outlook .................................................................................................... 21 Personal Income Tax ..................................................................................................................... 22 Sales and Use Tax ......................................................................................................................... 23 Corporate Net Income Tax ............................................................................................................. 24 Other Revenue Sources ................................................................................................................. 25 Section 5: Expenditure Outlook

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IFO - Economic and Budget Outlook - January 2012.pdf

are new or whether a particular series simply reverts to some historical norm. For example, it is known that personal income tax collections have increased since the previous recession. But merely knowing the level of collections does not provide a useful projections relative to a larger economic series such as total state output (i.e., gross state product) or total state income (i.e., personal income). These larger series reflect the overall performance of the economy and also serve as a “default

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State_Tax_Comparison_2020_11.pdf

type, the report ranks states in descending order based on the ratio of tax revenue to state personal income. This simple ratio is often referred to as a measure of tax burden or an effective tax rate. These measures are best report also ranks states based on the ratio of total state and local tax revenue to state personal income. By themselves, high or low rankings should not be construed as a favorable or unfavorable outcome. States that have a high ranking

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Five_Year_Outlook_2021.pdf

Outlook ......................................................................................................... 5 Dependency Ratios ......................................................................................................... 7 Economic Outlook .............................................................................................................. 9 Federal and State Programs ............................................................................................11 Payroll Employment .......................................................................................................12 Labor Force Trends ........................................................................................................14 Income Trends ..............................................................................................................17 Unspent Federal Stimulus ...............................................................................................18 Consumer Spending Patterns ..........................................................................................20 Inflation and Sales Taxes ................................................................................................21 Financial Trends ............................................................................................................22 Revenue Outlook .............................................................................................................. 23 Personal Income Tax......................................................................................................24 Sales and Use Tax .........................................................................................................25 Corporate Net Income Tax .............................................................................................26 Other Revenue Sources ..................................................................................................27 Expenditure Outlook .......................................................................................................... 29 Current

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State_Tax_Comparison_2022_01.pdf

or fee type, the report ranks states in descending order based on the ratio of tax revenue to state personal income. This simple ratio is often referred to as a measure of tax burden or an effective tax rate. These measures source. The report also ranks states based on the ratio of total state and local tax revenue to state personal income. By themselves, high or low rankings should not be construed as a favorable or unfavorable outcome. States that have a

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State-Tax-Comparison-2020-01.pdf

type, the report ranks states in descending order based on the ratio of tax revenue to state personal income. This simple ratio is often referred to as a measure of tax burden or an effective tax rate. These measures are best report also ranks states based on the ratio of total state and local tax revenue to state personal income. By themselves, high or low rankings should not be construed as a favorable or unfavorable outcome. States that have a high ranking

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RB_08_2023_County_Income_Patterns.pdf

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

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State_Tax_Comparison_2023_02.pdf

state and local tax burden across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels. For this analysis, the term “tax burden” equals the ratio of tax revenues to state personal income. Although the term tax burden is often used in these types of studies, it does not imply that a certain

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SR2017-03.pdf

state and local tax burden across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels. For this analysis, the term “tax burden” equals the ratio of tax revenues to state personal income. Although the term “tax burden” is often used in these types of studies, it does not imply that a certain

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2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

management goals of the Commonwealth?.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Part V–Local Government Pensions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Part VI–Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Tables•Table 1–Personal Income Tax, Additional Revenue Estimates.. . . . . . 9•Table 2–Sales Tax, Additional Revenue Estimates. . . . . . . . . . . . . . . 9•Table 3–Cash Infusion Projections – Public SchoolEmployees increased employer contribution requirements that occupied much discussion during the first decade of this century, as failure to achieve sufficient income would trigger a substantial increase in employer pension contributions. In fact, the retirement systems almost succeeded in generating the revenues

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Official-Revenue-Estimate-2018-06.pdf

The Pennsylvania forecast projects an acceleration of economic growth from 2017 into 2018 partly due to the federal income tax reduction enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. (See Table 1.1.) The forecast projects that:  2.9 percent. The text that follows provides brief discussions for the consumer price index, payroll employment and income trends that motivate revenue projections. Unless otherwise noted, all forecasts are by the IFO. 2015 2016 2017 2018 Real GDP June 2017

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Initial-Revenue-Estimate-2018-05.pdf

The Pennsylvania forecast projects an acceleration of economic growth from 2017 into 2018 partly due to the federal income tax reductions enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. (See Table 1.1.) The forecast projects that:  2.9 percent. The text that follows provides brief discussions for the consumer price index, payroll employment and income trends that motivate revenue projections. Unless otherwise noted, all forecasts are by the IFO and may be revised for the official revenue

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RB_2024_09_County_Income_Patterns.pdf

This research brief contains six maps that illustrate recent demographic and income trends at the county level. The brief presents demographic and income trends and then combines the two metrics to analyze per capita income trends from 2019 to 2022 and levels for

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Economic_and_Revenue_Update_2021.pdf

on Average Effective Tax Rates ................................ 24 PIT Revenue Proposal: Simulation Using Tax Year 2018 Data ................................... 25 States with Corporate Net Income Tax ................................................................... 26 CNIT Revenue Proposal: Combined Reporting ......................................................... 27 Marijuana Taxation Across States ........................................................................... 28 Pennsylvania State Police Municipal Fee Proposal .................................................... 29 Q2 2020 Q3 2020 Q4 Real GDP 2.4% -4.3% -5.8% -34.0% 35.5% 5.0% Personal Income 3.6% -- 2.5% 13.1% 9.6% -- Wages and Salaries 4.3% -1.2% 3.3% -6.6% -2

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RB_2024_06_Sources_PA_Income.pdf

a model the IFO will use to evaluate the distribution of state-local taxes paid by state residents across various income and age groups and homeownership status. The model will provide insights into the progressivity or regressivity of state-local taxes. This brief describes the amount and types of income received by state residents. Data sources are noted on the next page. Cash Income includes all forms of income received

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RB_2021_02 County Income Patterns.pdf

Introduction This research brief presents five maps that illustrate recent demographic and income trends at the county level. The brief starts with demographic trends, then presents income trends and finally combines the two metrics to analyze per capita income trends and levels from 2016 to 2019 (latest

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IFO_Hearing_Packet_Feb2018.pdf

4 Economics and Demographics U.S. Economic Trends 5 Pennsylvania Economic Trends 6 Pennsylvania Employment Gains and Losses 7 Pennsylvania Income Sources 8 State Metric Comparison 9 Pennsylvania Demographic Trends 10 State Migration Comparison 11 Revenues and Federal Income Tax Reform Revenues Through January 12 Revenue Uncertainty for FY 2017‐18 13 Major Revenue Sources Over Time 14 State

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TC_2022_Educational_Tax_Credits.pdf

that are specifically enumerated in the authorizing legislation. Key data necessary to thoroughly evaluate the program are not available. ▪ Qualifying income limitations for scholarship recipients are roughly 500% of federal poverty level (FPL) for a family of four. This level is higher than all other states that have an income limitation. Because some portion of families could likely afford private school without a scholarship, it is un- clear how much

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Response-Letter-09-12-2019.pdf

program for certain homeowners. Currently, the PTRR program provides base rebates of $250 to $650 to certain homeowners with household incomes under $35,000. The program also provides supplemental rebates of $125 to $325 to homeowners who (1) have household incomes below $30,000 and (2) pay at least 15 percent of that income in property taxes. 1 Homeowners in the

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RB_2022_08 County Income Patterns.pdf

Introduction This research brief presents five maps that illustrate recent demographic and income trends at the county level. The brief presents demographic and income trends, and then combines the two metrics to analyze per capita income trends and levels from 2017 to 2020 (latest

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State and Local Tax Burden Study.pdf

1) the relative tax burden across all states, (2) the distribution of taxes across revenue sources (e.g., income, sales and property), (3) the distribution of taxes between state and local governments in Pennsylvania and (4) the historical tax burden for decades. For the purposes of this analysis, “tax burden” equals the ratio of tax revenues to state personal income. Tax revenues include levies by state and local governments. Measuring tax revenues relative to state personal income is a common mechanism to

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Response_Letter_9_23_2019.pdf

taxation.  The impact on the net migration of seniors if school district property taxes were eliminated and (1) retirement income was taxed at a rate of 4.92 percent or (2) retirement income remains untaxed.  The potential impact on expected costs to the state if senior migration increased based on the scenario

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Revenue_Estimate_2022_06.pdf

Employment. Table 1.4 Payroll Jobs Continue to Recover Growth from 2019 Change from 2019 (000s) Economic Outlook | Page 6 Income and Tax Revenues Table 1.5 displays annual growth rates for personal income tax revenues (top portion) and fields reported on the Pennsylvania income tax return (bottom) for non-wage income. Withholding tax

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Revenue_Estimate_2022_05.pdf

districts, -11,000, -3.9%) and state government- education (i.e., public post-secondary institutions, -11,000, -17.7%) subsectors. Income and Tax Revenues Table 1.5 displays annual growth rates for personal income tax revenues (top portion) and fields reported on the Pennsylvania income tax return (bottom) for non-wage income. Withholding tax

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RB 2019 County Income Patterns.pdf

Introduction This research brief presents four maps that illustrate recent demographic and income trends at the county level. The brief starts with demographic trends, then presents income trends and finally combines the two metrics to analyze per capita income trends and levels for the latest two years

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RB-2020-03 County Income Patterns.pdf

Introduction This research brief presents four maps that illustrate recent demographic and income trends at the county level. The brief starts with demographic trends, then presents income trends and finally combines the two metrics to analyze per capita income trends and levels for the latest two years

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Revenue_Estimate_2021_05.pdf

a reluctance to rejoin the labor force due to disincentives and ongoing federal UC payments which can exceed lost weekly income by a considerable amount. 1,2 The temporary labor shortage also results from elevated demand attributable to the federal government by the pandemic. Table 1.2 contains the latest quarterly data for the state economy. The real GDP and personal income data are published with a lag and the latest data are for 2020 Q4. All other data for CY 2021

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index.cfm

year (FY) 2018-19 through FY 2023-24 and the first two months of FY 2024-25. ... (Full Report) County Income Patterns 2019 to 2022 Economics and Other September 09, 2024 This annual research brief uses the latest published data to generate maps and rankings of county demographic and income trends. The release highlights population change, personal income growth, shares of transfer income and per capita amounts for all counties

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Senate_Appropriations_Committee_Response_Letter_2024.pdf

Motor License Fund, (5) $279 million annually for the Governor’s proposal to increase higher education financial aid for low-income students (i.e., Student & Family Affordability) and (6) a cumulative deficit computation. In the adjusted financial statement (next page), the Senator Haywood requested a comparison of Pennsylvania tax liability and the tax liability that would result if the Ohio graduated income tax rate structure was used. The table below displays total Pennsylvania personal income tax (PIT) liability by income group and

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June_Revenue_Estimate_2021.pdf

a reluctance to rejoin the labor force due to disincentives and ongoing federal UC payments which can exceed lost weekly income by a considerable amount. 1,2 The temporary labor shortage also results from elevated demand attributable to the federal government are preliminary or are estimates by IFO based on recent tax data. The data show the following trends: ▪ State personal income expanded rapidly in 2020 Q2 and Q3 due to economic impact payments and extra UC payments of $600 or $300

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EPLC Feb 2020 FINAL.pdf

are the revenue trends?  What is the longer-term outlook? Some miscellaneous budget topics  Property tax: replace with income and sales tax?  Tax burden rankings: how does PA compare to border states?  Natural gas: how is the 45.6 Source: U.S. Bureau of Labor Statistics, Current Employment Statistics. Excludes self-employed. 2019 is preliminary. PA Cash Income Sources ($ billions) February 28, 2020 8 2006 Share 2018 Share AAGR Wages-Salaries $248.0 59.8% $348.1 58

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2018_Mid-Year_Update.pdf

000s) Mid-Year Update Federal Tax Changes 29.Jan.2018 6 Mid-Year Update Changes to U.S. corporate net income tax.  Lower rate and repatriations: higher PA cap gains, dividends, wages.  100% bonus depreciation (and corporate tax bulletin 2017-02).  Eliminate/limit deductions: broadens PA tax base. Changes to U.S. personal income tax.  More disposable income: higher PA consumer spending (sales tax).  Boost to PA capital gains and dividends forecast

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Revenue_Proposal_Analysis_2023_05.pdf

7 Medical Marijuana Program Fund Transfer to the General Fund .......................................................... 7 Cigarette Tax Transfer to Tobacco Settlement Fund .......................................................................... 7 Personal Income Tax Transfer to Environmental Stewardship Fund .................................................... 7 Raise the Minimum Wage ......................................................................................................... 9 Comparison of State Minimum Wage Rates ....................................................................................... 9 Distribution of Hourly Wage Rates .................................................................................................. 11 Employment Impact ...................................................................................................................... 13 Income and Revenue Impacts ........................................................................................................ 15 - This page intentionally left blank. - Introduction | Page 1 Introduction This report provides revenue estimates for the

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

that are relevant to the estimates:  Establish a new base rebate of $175 for all senior homeowners with household incomes between $35,000 and $50,000.  Expand the supplemental rebates given to senior homeowners who meet certain income and property tax burden requirements. Specifically, the proposal would increase the household income limit for a supplemental rebate from $30

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RB_2023_07_CNIT_Data.pdf

This research brief provides tabulations of corporate net income tax (CNIT) returns filed for tax year (TY) 2019 with the Pennsylvania Department of Revenue. That tax year was the total tax liability. This high degree of concentration is a common feature of state and federal CNIT systems.  Taxable income (i.e., positive income) apportioned to Pennsylvania totaled $34.21 billion. Firms claimed $4.26 billion of net operating loss

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PBB_2022_PDE_REPORT_Amended.pdf

is at the discretion of the district to determine if a student is economically disadvantaged or comes from a low-income family. Povertydata sources used bythe districts include TANF cases, census poor, Medicaid, children living in institutions due to neglect or lature in Section 2502.53(c)(2)(ii)(A) of Act 14 of 1949) by quartiles based upon median household income and students of color as a share of enrollment.” This table provides the requested information. Quartiles Current Expenditures ($ millions) 1

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Response_Letter_2021_April.pdf

indirect taxes that are levied on a business and passed through to shareholders, workers or consumers (e.g., corporate net income, insurance premiums and financial institutions), mid-sized or smaller tax types (e.g., realty transfer) and taxes not based on income or consumption (e.g., inheritance). The analysis also did not consider local earned income or sales taxes. Based on these

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Economic_and_Revenue_Update_2020_10.pdf

that have been injected into the state economy. Table 1.2 contains (1) IFO estimates of foregone labor income due June 2020 Forecast 2018 2019 2020 2021 Real GDP 2.6% 2.3% -5.6% 5.5% Wages-Salaries 4.3% pensation payments plus the economic impact payments received by Pennsylvania residents. The IFO estimates that wage and salary income declines by roughly $20.8 billion in CY 2020. There is a fair degree of certainty with that estimate but the true

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Revenue-Update-2020-04.pdf

the IFO for its Mid-Year Update (January 2020) and the growth rates assumed for the two stylized scenarios. The income sources displayed in Table 2 reflect the majority of income received by Pennsylvania residents. Retirement (pensions, IRA disbursements) and transfer (Social Security) income are not shown because the analysis IFO

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PBB_2022_DHS_REPORT_ADDENDUM.pdf

3 PBB Schedule Review of FY 2021-22 Budgeted Expenditures Note: Expenditures in dollar millions. Part 1 includes Medical Assistance, income maintenance programs and other program eligibility and benefits. Part 2 includes services for persons with ID/autism, child welfare and and Quality Services OCDEL has two main goals related to quality child care: (1) provide quality child care to low-income families through Child Care Works and (2) use the Keystone STARS quality rating improvement system to increase Department of Human

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2013 Appropriation Hearings Background Information.pdf

Loan Debt 6 General Fund Revenues Sales and Use Tax – Nonmotor 7 Sales and Use Tax – Motor Vehicles 8 Personal Income Tax – Withholding 9 Personal Income Tax – Nonwithholding 10 Corporate Net Income Tax 11 Realty Transfer Tax 12 The Pennsylvania Economy and Revenues - Key Forecast Risks

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Revenue-Estimate-2020-05.pdf

would be least severe across all 50 states due to the composition of the state economy and flat income tax structure. See https://www.taxadmin.org/assets/docs/econ-webinar/StressTesting-States_040920.pdf. 2018 2019 2020 2021 2022 CBO Real GDP otherwise occurred. Details regarding the estimates are as follows:  The economic impact payments are based on federal income tax return data for Pennsylvania residents and other data from the Social Security Administration. Payment amounts and phase-out thresholds are as

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Official-Revenue-Estimate-2020-06.pdf

would be least severe across all 50 states due to the composition of the state economy and flat income tax structure. See https://www.taxadmin.org/assets/docs/econ-webinar/StressTesting-States_040920.pdf. 2018 2019 2020 2021 2022 CBO Real GDP otherwise occurred. Details regarding the estimates are as follows:  The economic impact payments are based on federal income tax return data for Pennsylvania residents and other data from the Social Security Administration. Payment amounts and phase-out thresholds are as

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MER-2014-07.pdf

annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Value for 2014.2 is 4.0%. Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Value for 2014.2

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IFO_Hearing_Materials_Feb_22_2022.pdf

Revenues – General Fund Projections ...................................................................... 11 Impact Fee and Natural Gas Trends ......................................................................... 12 State and Local Tax Burden ..................................................................................... 13 Corporate Net Income Tax State Comparison ........................................................... 14 State Pension Outlook ............................................................................................. 15 Economic Development Incentives ........................................................................... 16 Minimum Wage by State ......................................................................................... 18 PBB – Agency Reviews Real GDP (see note) -32.4% 34.8% 5.2% 3.0% 5.9% 2.2% Mar 31 2 Personal Income 13.0% 8.8% 4.5% 16.3% -1.5% 2.6% Mar 23 3 Wages and Salaries -4.5%

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Five_Year_Outlook_2019.pdf

18 Consumer Trends ..........................................................................................................19 Housing Trends .............................................................................................................20 Section 4: Revenue Outlook ............................................................................................... 21 Revenue Versus Economic Growth ..................................................................................22 Personal Income Tax .....................................................................................................24 Sales and Use Tax .........................................................................................................25 Corporate Net Income Tax .............................................................................................26 Gross Receipts Tax ........................................................................................................27 Realty Transfer Tax........................................................................................................27 Other Revenue Sources ..................................................................................................28 Section 5: Expenditure Outlook .......................................................................................... 31 Current Services Versus

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County-Prop-Tax-RB.pdf

1-year Public Use Microdata Sample (PUMS) dataset to present property tax information based on county, homeowner age and household income level. 1,2 These data show that in 2018, there were 3.48 million owner-occupied households in Pennsylvania. Those households paid an average of $3,457 in property taxes, or 3.4 percent of total household income. This figure includes all types of property taxes: school district, county and municipal. Based on property tax collection data reported

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Tax_Modernization_Mar_2024.pdf

with PA Dept of Revenue (includes non-residents) Tax Modernization & Reform Slide 1 Grown to 2023 based on preliminary data Income groupings use reported PA Taxable Income Excludes retirement income (e.g., Social Security, IRAs and pensions) Excludes transfers (e.g., Unemployment Comp and SSI) Many filers

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Revenue-Estimate-2019-05-Presentation.pdf

gains for FY 2018-19  Taxation of internet sales (permanent gain)  Corporate profits (both permanent and temporary)  Income shifting and gaming expansion (temporary) Economic fundamentals remain solid, but decelerating  Evidence in labor market and consumer sales May 15 15-16 16-17 17-18 18-19 19-20 Wage Growth Tax Revenue Growth strong profits internet sales income shifting +2.7 ppt difference ~+$860 million Avg. Growth Rates wages = 3.3% tax revenue = 3.4% Note: tax revenues

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Presentation_2016-05-12_PaDUC_Impact_of_Demographics.pdf

Decade and Next Two. • Demographic Waves: Baby Boomers and Others. Economic Implications. • Size of Labor Force and Participation Rates Important. • Income and Jobs Composition Changes. Expenditure and Revenue Implications. • Expenditures Affected by Population Growth in Groups. • Aging Populace Contributes to Tax Boomers: Born 1946 to 1964. • Retirements greatly reduce the potential labor force. • Reliance on savings, investment and gov’t transfer income. • Will savings be sufficient to support longer life spans?  Generation X or Baby Bust: Born 1965 to 1984. • Unusual

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IFO_Hearing_Materials_02_2024.pdf

Components of Population Change ............................................... 19 Other Data Natural Gas Trends .............................................................................................. 20 State and Local Taxes Per Capita .......................................................................... 21 Corporate Net Income Tax Comparison ................................................................. 22 State Pension Outlook .......................................................................................... 23 Economic Development Incentives ........................................................................ 24 - This page intentionally left blank. - Independent Fiscal Office 1 Diff Growth Total General Fund $23,753 $213 0.9% Total Tax Revenue 23,014 -109 -0.5 Corporate Net Income 2,852 21 0.7 Estimated 1,693 -348 -17.1 Final 1,159 369 46.7 Other Corporate 130

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EPLC-2-19-21.pdf

COVID impacts ▪ A contracting labor force ▪ COVID job losses and partial recovery | some permanent job loss ▪ Federal COVID relief spurs income growth, revenues, expenditure offsets State budget ▪ What are the revenue trends? ▪ What is the longer-term outlook? Some miscellaneous budget topics ▪ Property tax: replace with income and sales tax? ▪ Tax burden rankings: how does PA compare to border states? February 19, 2021 3 Pennsylvania Demographics February

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CNIT-Rate-Cut-2018-04.pdf

1 INTRODUCTION In response to a legislative request, the Independent Fiscal Office (IFO) undertook an analysis of state corporate net income tax (CNIT) rates, their impact on revenues and a proposal to reduce the Pennsylvania CNIT rate. House Bill 130 of years and changes scheduled to occur during the subsequent five years. The second section compares CNIT revenues to state personal income and population. Those two metrics are commonly used to compare the relative burden of taxes across states. The third section

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Single-Use Plastics Report-2020_06.pdf

Hall, Revenue Analyst II Ms. Hall joined the IFO in May 2019. Primary responsibilities include forecasting corporate net income tax revenues, business- and economic-related research, performance-based budgeting initiatives and various other projects including the Special Education Funding Formula survey Scope This report provides a general economic overview of the affected industries and the potential impact on employment, income and economic activity from the three policy options noted above. The report only considers the direct economic implications and does not attempt

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PBB_2020_DHS_REPORT_Final_Updated.pdf

Medical Assis- tance portion of the Office of Mental Health and Substance Abuse Services (OMHSAS) and Office of Income Maintenance (OIM) are classified into 14 activities. Other services that DHS provides will be discussed in future reports. For FY 2018-19 in 2018. A major factor in the drop is expanded Medicaid, which opened up eligibility to those with incomes up to 138 percent of the Federal Poverty Level. As the uninsured rate declines, department costs related to uncompensated care payments should

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PA_Economy_League_Presentation.pdf

2013 (IFO analysis on website).  Eliminates school district property taxes over time (retain current debt service).  Increases personal income tax: 3.07% to 4.34%.  Increases sales tax rate: 6.0% to 7.0%.  Expands sales tax health and professional services).  Distributions to districts increase with inflation. A 2015 proposal was similar. Except:  Increases personal income tax: 3.07% to 4.95%.  Distributions to districts increase by lesser of annual growth in (1) sales tax

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Five_Year_Outlook_2022.pdf

11 Payroll Employment ....................................................................................................................... 13 Consumer Inflation ........................................................................................................................ 14 Financial Trends ............................................................................................................................ 15 Revenue Outlook .............................................................................................................................. 17 Tax Revenue Trends and Projections .............................................................................................. 18 Personal Income Tax ..................................................................................................................... 19 Sales and Use Tax ......................................................................................................................... 20 Corporate Net Income Tax ............................................................................................................. 21 Other Revenue Highlights .............................................................................................................. 22 Expenditure Outlook.......................................................................................................................... 25 Technical Notes and Methodology .................................................................................................. 28 Current Services Versus Cost-to-Carry

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Revenue Conference Presentation Jan 2013 FINAL.pdf

been very weak. o July to December growth = 2.1%.  Will it continue? o Higher federal taxes reduce disposable income in 2013. o Psychological impact: fiscal cliff and debt ceiling. o Any residual pent‐up demand? 23.Jan.2013 2013 2011 Debt Ceiling Debate Begins 74.3 Source: University of Michigan. Jan 2013 71.3 Aug 2011 55.8 Consumers: Income vs. Spending 23.Jan.2013 2013 Revenue Conference 7 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PA

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Economic_and_Revenue_Update_2020.pdf

Minimum Wage Rates by State ............................................................................................................. 25 PA Workers Affected by a $12 Minimum Wage (2018) ................................................................ 26 States with Corporate Net Income Tax ............................................................................................... 27 Combined Reporting vs. Separate Reporting States ..................................................................... 28 PBB and Tax Credit Review Schedule .................................................................................................. 29 PBB Year 2 Agency 3 Natural Gas Royalties Increase in 2017 (September 2019) Natural Gas Production Report, 2019 Q3 (December 2019) Special Reports County Income Patterns (August 2019) Senior Spending and Tax Revenues (September 2019) Minimum Wage Increase Estimates (October 2019) Redevelopment Assistance Capital Program

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Revenue_Proposal_Analysis_2024_03.pdf

Adult Recreational Use .................................................................................... 3 Regulate and Tax Games of Skill ...................................................................................................... 5 Cigarette Tax Transfer to Tobacco Settlement Fund .......................................................................... 6 Personal Income Tax Transfer to Environmental Stewardship Fund .................................................... 6 Realty Transfer Tax Transfer to PHARE Fund .................................................................................... 6 Sales and Use Tax Transfer 6 Raise the Minimum Wage ......................................................................................................... 7 Comparison of State Minimum Wage Rates ....................................................................................... 7 Distribution of Hourly Wage Rates .................................................................................................... 9 Employment, Income and Revenue Impacts ................................................................................... 11 - This page intentionally left blank. - Introduction | Page 1 Introduction This report provides revenue estimates for the

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RB_2023_08_PTRR_Expansion.pdf

through 2022, rebates of $250 to $650 were provided to eligible homeowners who earned $35,000 or less of qualified income and rebates of $500 to $650 to eligible renters who earned $15,000 or less of qualified income. 1 Eligible homeowners/renters meet one of four criteria: (1) age 65 or older, (2) have a spouse age 65

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IFO_Hearing_Materials_March_2023.pdf

General Fund Projections ...................................................................... 12 Energy Trends ........................................................................................................ 13 Regional Greenhouse Gas Initiative .......................................................................... 15 State and Local Tax Burden ..................................................................................... 16 Corporate Net Income Tax State Comparison ........................................................... 17 State Pension Outlook ............................................................................................. 18 Economic Development Incentives ........................................................................... 20 Minimum Wage Rates by State ................................................................................ 22 Marijuana Taxes 2023 YOY FYTD Growth Total General Fund $26,093 7.1% Total Tax Revenue 25,658 6.7 Corporate Net Income 3,035 15.9 Other Corporate 231 25.6 Sales and Use 9,389 6.4 Nonmotor 8,499 6

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Presentation-2019-5-1-PAEL.pdf

6 Total Part- and Full-Time 1,110 -34.2 Source: "Analysis of Revenue Proposals," IFO (March 2019). Projected Annual Income Impact (2018) May 1, 2019 10 Lower Upper Total Gain ($ million) Per Worker $ Gain Total Gain ($ million) Per Worker $ Gain 855 1,554 3,306 Spillover Effects (4% wage gain) $12.00 $14.99 106 517 660 1,063 Total Income Gain ($ million) 3,510 Note: Total gain includes incomes lost due to projected employment contraction. Computations assume all workers moved

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ITEP-Presentation-11-14-2019.pdf

sustainability: raise enough $ for 10, 20 yrs down the road.  Fairness, part 1: tax system shouldn’t hit low-income families hardest.  Fairness, part 2: treat all forms of income, wealth and consumption the same. Don’t pick winners.  Fairness, part 3: think about intergenerational equity.  Simplicity/transparency

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FTA_Student_Loan_Presentation_Oct_2023.pdf

pause | economic and revenue impact (IMPLAN) ▪ Supporting data and research | caveats and technical issues III Looking Forward: 2024 ▪ New SAVE income driven repayment (IDR) plan | lots of uncertainty ▪ Economic and revenue impact (IMPLAN) Disclaimer: not an endorsement/critique of any modeling 2023 9 Modeling the Impact of the Moratorium for IMPLAN October 3, 2023 10 4 key parameters IMPLAN deducts all income taxes, need to neutralize did not use >$200 group $300 avg monthly payment for payors 1,860 total federal borrowers

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Five_Year_Outlook_2023.pdf

Focus: Labor Force Trends Among Older Adults ................................................................................ 7 Economic Outlook ................................................................................................................... 11 Revenue Outlook ..................................................................................................................... 15 Revenue Trends and Projections .................................................................................................... 16 Personal Income Tax ..................................................................................................................... 17 Sales and Use Tax ......................................................................................................................... 18 Corporate Net Income Tax ............................................................................................................. 19 Realty Transfer Tax ....................................................................................................................... 20 Other Revenue Highlights .............................................................................................................. 20 Expenditure Outlook ............................................................................................................... 23 Technical Notes and Methodology .................................................................................................. 25 Historical and

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Revenue_Estimate_2023_06.pdf

to GDP) since 1968. State-level profit metrics are not published, but over the four-year period, cor- porate net income tax (CNIT) collections expanded by 87% (adds back an estimated -$150 million in FY 2022-23 due to the phase- revenues (45%) outperformed economic growth, largely due to the inflation of assets such as stock holdings and homes.  Personal income tax - Other includes non-corporate business profits, capital gains, dividends, rent and taxable interest. Revenues from those income sources (40%

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Revenue-Estimate-2023-05.pdf

to GDP) since 1968. State-level profit metrics are not published, but over the four-year period, cor- porate net income tax (CNIT) collections expanded by 80%. (Note: this adds back an estimated -$200 million impact in FY 2022-23 due 45.7%) outperformed economic growth, largely due to the inflation of assets such as stock holdings and homes.  Personal income tax (PIT) - Other includes non-corporate business profits, capital gains, dividends, rent and taxable interest. Revenues from those income sources

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RB_2024_09_Who_Pays_Gaming_Taxes.pdf

This research brief allocates gaming taxes and funds retained by the Lottery across six income groups. This is the second brief in a series that examines the progressivity/regressivity of state and local taxes. Complete funds to pay Lottery expenses and to support various programs that benefit elderly residents. To distribute indirect gaming taxes across income groups, a June 2024 working paper by Taylor et al. is informative. The paper uses debit and credit card transactions

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RB 2019 Natural Gas Royalties.pdf

Natural gas royalties are an important source of income for many Pennsylvania landowners. Firms pay royalties based on the revenues received from the sale of natural gas extracted from the dollar amount of royalties paid to Pennsylvania landowners, and those amounts must be inferred from other data sources. Royalty income is taxable and recipients must report those amounts on the Pennsylvania personal income tax return (Form PA-40, line 6

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

School District Revenues: FY 2017-18 March 13, 2020 2 Source Amount Percent Property Tax $13,511 44.6% Earned Income $1,592 5.3% Other Local Sources $2,347 7.8% Act 1 Allocations (slots) $533 1.8% State (excludes Index is average of SAWW and ECI Homeowner portion is ~58% of total paid Replacing Homeowner School Property Tax Personal income tax: raise rate (3.07%) and/or expand base  Replace homeowner school property tax: ~+2.0 ppts  Note

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MTR-2017-07.pdf

In June, the U.S. Bureau of Economic Analysis (BEA) updated the Quarterly State Personal Income series for the first quarter of 2017. The data include personal income and its components, which can be decomposed into net earnings (64% of total), transfer receipts (17%), dividends, interest and rent

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

6,000 exempt California fully taxable fully taxable exempt Colorado $20,000/$24,000 $20,000/$24,000 depends on income Connecticut same as federal same as federal depends on income Delaware $2,000/$12,500 $2,000/$12,500 exempt Florida n.a. n.a. n.a. Georgia $35,000

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EPLC_3_4_2022_update.pdf

COVID impacts ▪ A contracting labor force ▪ COVID job losses and partial recovery | some permanent job loss ▪ Federal COVID relief spurs income growth, revenues, expenditure offsets State budget ▪ What are the revenue trends? ▪ What is the longer-term outlook? Some miscellaneous budget topics ▪ Property tax: replace with income and sales tax? ▪ Tax burden rankings: how does PA compare to border states? March 4, 2022 3 Pennsylvania Demographics - Decennial

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DotPlotData.xlsx

pa.gov/Teachers%20-%20Administrators/School%20Finances/Finances/AFR%20Data%20Summary/Pages/AFR-Data-Detailed-.aspx D. PDE Website, Public Schools Percent of Low-Income Reports, 2018-2019 Public Schools Percent Low Income. https://www.education.pa.gov/DataAndReporting/LoanCanLowIncome/Pages/PublicSchools.aspx E. Data provided by PDE to IFO on November 23

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TC_2020_Organ and Bone Marrow Donation Tax Credit.pdf

incentive to mitigate the expenses associated with living organ or bone marrow donation, with most states providing an income tax deduction for non-medical expenses and lost wages incurred by the donor. Unfortunately, these state incentive programs do not appear to there is no annual program cap or maximum credit amount. Tax credits may be utilized against Pennsylvania personal income tax (excludes withholding), corporate net income tax, bank/trust company shares tax, domestic title insurance companies shares tax, insurance pre- miums tax

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Revenue_Proposal_Analysis_2022_04.pdf

J. Knittel Director - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Tax and Revenue Proposals ...................................................................................................... 3 Corporate Net Income Tax ............................................................................................................... 3 Cigarette Tax .................................................................................................................................. 5 Personal Income Tax ....................................................................................................................... 5 Gaming Taxes ................................................................................................................................. 5 Nontax Revenues ............................................................................................................................ 5 Raising the Minimum Wage ...................................................................................................... 7 Comparison to Other States ............................................................................................................. 7 Recent Minimum

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Revenue-Estimate-2019-05.pdf

Office (IFO) also projects a deceleration of economic growth due to (1) the fading impact of the federal income tax cut and (2) a more moderate pace of jobs creation. The Pennsylvania forecast projects that:  Real GDP (real gross domestic noticeable for Pennsylvania. However, the tax law change did manifest itself through higher sales tax and corporate net income tax collections, and those impacts are discussed in the next section. 2018.1 2018.2 2018.3 2018.4 2019.1 Real

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RB_2023_08_Property_Tax_Burden_by_County.pdf

This research brief utilizes county-level income data from the Bureau of Economic Analysis (BEA) and Internal Revenue Service (IRS) and property tax data from the Pennsylvania computed property tax burden and burden rank. The property tax burden is the ratio of total property taxes to total income. 1 (See final page for a description of the income metric used.) A rank of 1 indicates the highest property

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QRR_2015Q2.pdf

Fund revenues for the second quarter of 2015 were $166 million above estimate. 1 Table 1 shows that corporate net income tax collections were $38 million above estimate, sales and use tax deposits were $19 million below estimate and personal income tax revenues were $51 million above estimate. All other General Fund revenues were $96 million above estimate. 2 For the

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PBB_2023_DOR_REPORT.pdf

refunds and (3) reduced error rates. Three key metrics to monitor include refunds paid within the required time frame, personal income tax (PIT) and business returns submitted electronically and PIT non- withholding payments processed electronically. 17-18 18-19 19-20 17% Claims sent to Treas. w/July 1st payment date (%) 89% 88% 94% 96% 65% 68% Notes: PIT is personal income tax. CEC is Customer Experience Center. Key Metrics to Monitor 1 This is an indexed measure and includes different tax

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TC_2020_Research and Development Tax Credit.pdf

 For eligible firms, the RDTC can be an important incentive to offset a high statutory corporate net income tax (CNIT) rate (9.99 percent). Many firms that claim the RDTC are large multistate corpo- rations that can shift R&D criteria defined in statute. 3 If these requirements are met, the credit can be applied against corporate net income tax (CNIT) and personal income tax (PIT). A firm can reduce their liability up to 100 percent and unused credits can be

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Prop_Tax_Burden_by_County_2022.pdf

This research brief estimates the total 2020 property tax burden by county utilizing income data from the Bureau of Economic Analysis (BEA) and Internal Revenue Service (IRS) and property tax data from the Pennsylvania tax burden and burden rank. The property tax burden is defined as the ratio of total property taxes to total income. 1 (See final page for a description of the income metric used.) A rank of 1 indicates the highest property

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

FY 2017-18 Gains Driven by Economy Amount IFO Revised Official $34,745 JUA Transfer (Act 44) -200 Corporate Net Income -176 Escheats -109 Gross Receipts -89 Non-Motor Sales 93 Personal Income 110 All Other 128 May 1 Estimate 34,501 Total Revision -$244 JUA Transfer (Act 44) -200 All Other -44

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PICPA_Presentation.pdf

consumer spending is weak.  Base sales tax growth is +0.7% Jan. to May 2017.  Much lower than income growth (~+3.0% to +3.5%). Probable income shifting from 2016 into 2017.  PA April final payments down from last year (-4%).  U.S. April final

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PICPA Presentation_ June 11, 2019.pdf

gains for FY 18-19  Taxation of internet sales (permanent gain)  Corporate profits (both permanent and temporary)  Income shifting and gaming expansion (temporary) Economic fundamentals remain solid, but decelerating  Evidence in labor and housing markets June 11 15 15-16 16-17 17-18 18-19 19-20 Wage Growth Tax Revenue Growth strong profits internet sales income shifting +2.7 ppt difference ~+$860 million Avg. Growth Rates wages = 3.3% tax revenue = 3.4% Note: tax revenues

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Official-Revenue-Estimate-2019-06.pdf

Office (IFO) also projects a deceleration of economic growth due to (1) the fading impact of the federal income tax cut and (2) a more moderate pace of jobs creation. The Pennsylvania forecast for calendar years 2019 and 2020 projects that noticeable for Pennsylvania. However, the tax law change did manifest itself through higher sales tax and corporate net income tax collections, and those impacts are discussed in the next section. 2018.1 2018.2 2018.3 2018.4 2019.1 2019

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ACN_SB1071_A10803_text.pdf

to the Federal act of September 2, 1974 (Public Law 93-406, 88 Stat. 829), known as the Employee Retirement Income Security Act of 1974. 2016/90MSP/SB1071A10803 - 11 - 1 2 3 4 5 6 7 8 9 10 11 12 to which he is entitled under section 8342 (relating to maximum single life annuity). (b) Reduction on account of earned income.--Payments on account of disability shall be reduced by that amount by which the earned income of the annuitant, as

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Senate_Appropriations_Committee_Response_Letter_2023.pdf

regressive tax system on Pennsylvania’s workforce. All of the Commonwealth’s border states impose a graduated (i.e., progressive) income tax. The table below displays the effective tax rate for three income groups: (1) $10,000, (2) $30,000 and (3) $50,000 in each border state. The analysis assumes that each

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Response-Letter-08-16-2019.pdf

Office (IFO) provide estimates of the funds necessary for a proposed property tax rebate for homeowners in certain age and income ranges. The specified age and income ranges are as follows:  Homeowner age 62 or older with household income less than $65,000;  Homeowner age

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RB_2023_05_Migration.pdf

In April, the Internal Revenue Service released the latest state-level migration data. The dataset uses income tax returns to track the migration of filers (and dependents) between states for returns filed and processed during calendar years filed tax returns (including dependents) and will not reflect certain individuals who migrated but were exempt from filing due to income limits or other factors. Table 1 (next page) ranks states based on the ratio of net domestic migration (inflows into

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Presentation-2018-06-PICPA.pdf

market sustains wage growth.  Inflation accelerates above 2%. Helps pricing power. June.12.2018 2 Optimistic Revenue Outlook Wage income - statewide growth is strong.  Withholding growth +4.4% since start of FY 17-18.  Rough split: +1.1% job gains | +3.3% average wage. Non-wage income - solid gains too.  Capital gains, interest, dividends, net profits.  No published data yet. Look to tax revenues. 

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MTR-2016-03.pdf

BEA RELEASES EARNINGS FOR 2015 On March 24 th , the U.S. Bureau of Economic Analysis (BEA) released state Personal Income data for 2015 Q4. 1 Personal Income is a broad measure that includes all types of income such as wages, business profits, Social Security, pensions, dividends, rent

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Migration_RB_06_2024.pdf

In June, the Internal Revenue Service released the latest state-level migration data. The dataset uses income tax returns to track the migration of filers (and dependents) between states for returns filed and processed during calendar years filed tax returns (including dependents) and will not reflect certain individuals who migrated but were exempt from filing due to income limits or other factors. Table 1 (next page) ranks states based on the ratio of net domestic migration (inflows into

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IFO_Response_Letter_April_5_2023.pdf

IFO) provide estimates for a proposed two-tier property tax rebate for senior homeowners (age 65 and over) in certain income ranges. The specified income ranges and rebate amounts are as follows: • Tier 1 – Up to a $5,000 rebate for those with $60,000

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County_Property_Tax_Burden_Aug_2021.pdf

This research brief estimates the total 2019 property tax burden by county utilizing income data from the Bureau of Economic Analysis (BEA) and Internal Revenue Service (IRS) and property tax data from the Pennsylvania tax burden and burden rank. The property tax burden is defined as the ratio of total property taxes to total income. 1 (See final page for a description of the income metric used.) A rank of 1 indicates the highest property

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SUT Exemption for Aircraft - January 2013.pdf

employment trends, while the Department of Commerce uses the data to track wages and salaries for the National Income and Product Accounts (NIPAs). It is noted that the database constructed from QCEW data may be an imprecise measure of the true be generated to offset the projected static revenue loss. To simplify computations, the analysis only considers any personal income and SUT tax revenues that would be generated by additional employment. Under reasonable assumptions, an approximate $265 million increase in personal income

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Revenue_Estimate_Presentation_2022_05.pdf

recession during next two years? ▪ Many analysts believe very likely | this forecast assumes stagnation What caused the surge in April income tax revenues? ▪ Data suggest much of it is capital gains income ▪ Stock market contraction implies it is temporary What will the Federal Reserve do? ▪ Forecast assumes Fed follows through on recent

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RB_2022_09_Student_Loan_Forgiveness.pdf

250,000 (married) a year can qualify for up to $10,000 of debt cancellation. Pell Grant recipients under the income thresholds can qualify for up to $20,000 of debt relief. The forgiven debt would not be subject to federal income tax. • The student loan forbearance is extended through December 2022. It is the seventh extension (two under the prior administration

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platt ppt.pdf

www.bea.gov Recent Trends in Personal Income, Earnings and Wages in Pennsylvania Joel D. Platt Associate Director for Regional Economics Revenue Forecasting Conference Independent Fiscal Office for 2 www.bea.gov BEA BEA is the Nation’s economic scorekeeper  Measures how much is produced  Measures income and how it is allocated to factors of production  Measures output by industry  Accounts for international transactions 3

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Pitt_Chamber_Presentation.pdf

5% 4.1% 4.4% 4.0% Tax revenues exceed estimate through February (+$135 million)  Strong acceleration of estimated income tax payments in Dec-Jan (+33%)  Mini-casino license auctions strong (+$90 million), inheritance collections above estimate (+$30 million interest rates and modest revenue growth 1 Impact of Federal Tax Reform on Pennsylvania Anticipate large increase in PA disposable income for FY 2018-19  US personal income tax cut: $189 billion (Joint Committee on Taxation) i. PA share is

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IFO_Hearing_Packet_Feb2019.pdf

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

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ACN_SB1_A01354_A01558_2017_06_03a.pdf

assessment of the current assumed rates of return. Longevity Risk An important objective of retirement plans is the provision of income that will be available for the entire lifespan of a retiree. A risk to lifetime income is longevity risk, which reflects the potential that a retiree could outlive their assets. Ensuring lifetime income can be accomplished

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NAP-2018-03.pdf

directly responsible for the provision of services to the benefiting community. Tax credits may be used against the corporate net income, bank shares, insurance premiums and mutual thrift institutions taxes. Credits issued to S corporations, limited liability companies, partnerships and business 2017/?wpdmdl=64056. IFO | MARCH 2018 3 Affordable Housing – The renovation, repair, rehabilitation, construction or preservation of housing for low-income households. Community Economic Development – The construction or rehabilitation of commercial or industrial buildings, the removal of blight, increased access to

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Initial_Estimate_May_2017_Presentation.pdf

investment disappoints, but picking up.  Natural gas prices collapsed; lower royalty payments. Technical factors work in same direction.  Income growth does not translate into spending growth.  Recent demographic trends do not reverse. • Net out migration continues. • Lack of population growth.  Data suggest material income shifting from 2016 to 2017. Factors That Restrain Revenues 7 02.May.2017 Income Reported on PA Returns -20% -10%

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IFO Five-Year Outlook.pdf

512 30,038 45-64 -1,447 7,757 6,310 65+ -1,988 2,632 644 Within From Include Income Cohort U.S. Abroad Abroad $0 to $9,999 19,423 24,839 44,262 $10,000 to $34,999 15 15.Nov.2012 Pennsylvania 1992-01 2002-11 2012-18 Real GSP 2.2% 1.0% 1.9% Personal Income 4.6% 3.7% 4.0% Wages and Salaries 4.8% 3.0% 3.6% CPI-U 2.5% 2

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Budget_Hearing_Background-Feb2014.pdf

Consumer Debt 7 General Fund Revenues Sales and Use Tax – Nonmotor 8 Sales and Use Tax – Motor Vehicles 9 Personal Income Tax – Withholding 10 Personal Income Tax – Nonwithholding 11 Corporate Net Income Tax 12 Realty Transfer Tax 13 1 Independent Fiscal Office - Overview Background The office

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Presentation_PASBO_Annual_Conference_3-8-2018.pdf

Declining Districts School District Revenues; FY 2015-16 Source Amount Percent Property Tax (excludes delinquent) $12,615 44.3% Earned Income $1,509 5.3% Other Local Sources $2,185 7.7% Act 1 Allocations (slots) $531 1.9% State (excludes 5 1.7 - 2.9 First Second Third Fourth Fifth Quintiles (%) March 8, 2018 Limited Replacement Options  Increase personal income tax rate (3.07%).  Broad base that grows with the state economy.  Relatively low rate, but no exemptions

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PBB_2022_AGING_REPORT_Addendum.pdf

PDA are classified into seven general activities. Department Resources Activity Primary Service 1 Pharmaceutical Assistance…………………………………………………………………………………………… Provide prescription benefits to low-income seniors 2 Aging Services………………………………………………………………………………………………….. Provide assistance to seniors living in the community 3 Elder Justice and Protection…………………………………………………………………………………………………………. Investigate and prevent for the Elderly (PACE) program. The program contains two tiers: PACE provides comprehensive program benefits for older Pennsylvanians with annual income at or below $14,500 (single) or $17,700 (married); and PACENET (PACE Needs Enhancement Tier) provides benefits for older

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MTR-2015-09.pdf

The data reveal a net outflow from Pennsylvania of 21,578 individuals (includes dependents) and $935 million of adjusted gross income reported on tax returns for tax year 2012. The states of New York (6,925), New Jersey (3,858) and 056) were the primary states to record a net inflow into Pennsylvania. Those individuals reported $475 million of adjusted gross income on their tax returns. The states of Florida (-9,092), Texas (-4,663), North Carolina (-2,913) and South Carolina

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Five_Year_Outlook_2020_Presentation_Final.pdf

Four Parts  Demographics a contracting labor force  Economics job recovery slows, some permanent job loss  Revenues solid, income surge due to federal stimulus  Expenditures significant growth due to one-time measures Analysis finds a ~$2.0 billion 2019 2020 Q1 2020 Q2 2020 Q3 2020 Q4 Real GDP 2.4% -5.8% -34.0% 35.5% -- Personal Income 3.6% 2.5% 13.1% 9.6% -- Wages and Salaries 4.3% 3.3% -6.6% -2.6% 0

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TC_2021_Neighborhood_Assistance_Program.pdf

1994 is available to firms that contribute to or invest in eligible projects that improve distressed areas and support low-income populations in Pennsylvania. Eligible projects include: affordable housing, community economic development, commu- nity services, education, neighborhood assistance, neighborhood conservation, crime to contribute or invest in eligible pro- jects carried out by neighborhood organizations to improve distressed areas and support low-income pop- ulations. 2 Eligible projects include: affordable housing, community economic development, community ser- vices, education, neighborhood assistance, neighborhood conservation, crime

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TCJA-Update-August-2018.pdf

August 24, 2018 Page 2 the federal income tax returns filed by Pennsylvania residents, the Independent Fiscal Office (IFO) is unable to simulate the number of taxpayers that would be affected and the potential increase in after- tax income due to the federal tax cut. Therefore, the data from Table 1 represent the upper limit on the number of

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State_Tax_Comparison_2024_02.pdf

and local tax revenues across states and (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property). For tabulations of state and local tax revenues, the U.S. Census Bureau includes net lottery profits remitted by non-residents, such as sales taxes due to tourism. 2 Many business taxes, such as the corporate net income tax, are also shifted to consumers and shareholders who reside in other states. 1 Tax data for state liquor store

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Revenue_and_Economic_Update_Presentation_2020_10.pdf

Source: U.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis. Forecasts by IFO. CY 2020 Lost Labor Income More Than Offset October 29, 2020 2 Estimate Notes Lost Labor Income ($ billions) Wages-Salaries -$20.8 6% reduction vs no-pandemic scenario Self-Employment -3.2 15% reduction vs no-pandemic

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RB_2024_08_Property_Tax_Burden_by_County.pdf

This research brief utilizes (1) county-level income data from the Bureau of Economic Analysis (BEA) and Internal Revenue Service (IRS) and (2) property tax data from the and burden rank (1 is highest burden). The property tax burden is the ratio of total property tax to total income. (See final page for a description of the income metric used.) Data only include property tax remitted by residential and

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RB_2022_09_SNAP_Changes.pdf

Under the ongoing federal public health emergency (PHE), the SNAP income phase-out has been suspended and all households that qualify receive an extra benefit (1) in the amount needed to Department of Human Services (DHS) announced that SNAP benefits will expand to households up to 200% of the federal poverty income guidelines (FPIG), up from 160% previously. For federal fiscal year (FFY) 2022-23, 200% FPIG is a monthly income of

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QRR_2014Q2.pdf

349 million below estimate for the second quarter of calendar year 2014. 1 As shown by Table 1, corporate net income tax and personal income tax revenues were below estimate by $80 million and $185 million, respectively. Sales and use tax collections were $44 million

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QRR_2013Q4.pdf

23 million below estimate for the fourth quarter of calendar year 2013. 1 As shown by Table 1, corporate net income tax revenues were $58 million above estimate in the fourth quarter while sales and use tax and personal income tax revenues were below estimate by $32 million and $13 million, respectively. All other General Fund revenues were below estimate

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Presentation_PBC_6-12-14.pdf

two. o Demographic Waves: Baby Boomers and Others. o Very long term: trends through 2040. Economic Implications o Labor Force, Income and Jobs Composition, Growth. Budget Implications o Persistent tax base erosion due to demographics. 12.June.2014 2 Today’s 1946 to 1964 o Retirements greatly reduce the potential labor force. o Reliance on savings, investment and gov’t transfer income. o Will savings be sufficient to support longer life spans?  Generation X or Baby Bust: Born 1965 to 1984

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MTR-2017-10.pdf

above estimate. As shown in the table below, two of the three largest sources of General Fund tax revenue, personal income tax (PIT) and sales and use tax (SUT), were below estimate through October. PIT revenues were $16.8 million (-0 vehicle sales tax collections did not increase from the prior year, and that revenue source remains a concern. Corporate net income tax (CNIT) revenues and non-tax revenues have been relatively strong through October compared to estimate. CNIT revenues were $16

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MQRE_FY24-25_08_2024.pdf

revenue estimate to the official estimate certified by the administration is displayed in Table 5. FY 2024-25 Corporate Net Income -$29.0 Gross Receipts -1.1 Insurance Premiums -9.3 Bank Shares -39.6 Mutual Thrifts -2.7 SUT - Non- 1 Table 1 General Fund Adjustments Note: Figures in dollar millions. SUT is sales and use tax. PIT is personal income tax. Figures exclude the $115.3 million cigarette tax transfer to the Tobacco Settlement Fund, as that transfer was already

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Budget Hearings Packet.pdf

2015 2016 2017 Real GDP 1.6% 2.2% 1.7% 2.4% 2.6% 1.6% 2.3% Personal Income 6.2% 5.0% 1.1% 5.2% 4.4% 3.5% 4.6% Consumer Price Index 3.2% 2 Q1 2017 Q2 Real GDP 0.9% 0.8% 1.4% 3.5% 1.9% 2.4% 2.3% Personal Income 3.5% 1.3% 4.9% 4.4% 3.8% 4.5% 4.9% Consumer Price Index 0.4% 1

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Budget Hearings Packet- Web Version.pdf

2015 2016 2017 Real GDP 1.6% 2.2% 1.7% 2.4% 2.6% 1.6% 2.3% Personal Income 6.2% 5.0% 1.1% 5.2% 4.4% 3.5% 4.6% Consumer Price Index 3.2% 2 Q1 2017 Q2 Real GDP 0.9% 0.8% 1.4% 3.5% 1.9% 2.4% 2.3% Personal Income 3.5% 1.3% 4.9% 4.4% 3.8% 4.5% 4.9% Consumer Price Index 0.4% 1

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TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf

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

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RB_2023_06_Student_Loan_Repayment.pdf

35, but owe less than half of total debt (44%). ▪ Roughly half of repayments will be made by households with income over $100,000. 1 When repayments begin, the analysis assumes that the average Pennsylvania borrower will remit $300 per month the analysis uses the IMPLAN input-output model for Pennsylvania. The repayments are treated as a reduction in disposable household income, similar to an increase in federal income taxes or state sales tax. Because borrowers have unique spending patterns 1 This

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QRR_2015Q1.pdf

Fund revenues for the first quarter of 2015 were $173 million above estimate. 1 Table 1 shows that corporate net income tax collections were $158 million above estimate, sales and use tax deposits were $20 million below estimate and personal income tax revenues were $31 million above estimate. All other General Fund revenues were $4 million above estimate. 2 For the

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QRR_2014Q4.pdf

Fund revenues for the fourth quarter of 2014 were $289 million above estimate. 1 Table 1 shows that corporate net income tax collections were $58 million above estimate, sales and use tax deposits were $27 million above estimate and personal income tax revenues were $17 million above estimate. All other General Fund revenues were $187 million above estimate. 2 For the

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Presentation_Lancaster_Chamber_2017-07-14.pdf

7/14/2017 6 Subtle, yet crucial impact.  Hard to see in a single year.  Determines work force, income sources and spending patterns. PA is now in middle of a retirement wave.  First Boomers turned 65 in 2012 1946 to 1964.  Retirements greatly reduce the potential labor force.  Reliance on savings, investment and gov’t transfer income. Generation X or Baby Bust: Born 1965 to 1984.  Unusual exits from labor force.  Changing attitude towards home

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

growth. Job Creation. Spending patterns.  Service sector jobs. Slower growth. Housing pressures. Transition to local unit trends.  Earned income tax and property tax.  Focus on wage growth. August.08.2018 2 Good Morning & Today’s Presentation Established in 65+ 20.5% 20.6% 24.9% 29.8% Approximate Share of State Taxes Paid by Age 65+ (2017) Personal Income 15% to 18% Sales and Use 20% to 26% Property 30% to 35% Notes: Sales tax figures include amounts passed

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MTR-2016-10.pdf

849 $8,786 $63 Growth -0.2% 0.2% -38.7% Dollar amounts are in millions. RECENT TRENDS IN WAGE INCOME Wages and salaries earned by workers are an integral part of the state and national economies. For Pennsylvania, wage income ($308.2 billion) comprised nearly one half (48.4%) of total personal income in 2015. 1 Wage earners typically spend

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Budget_Hearing_Background_Feb2016.pdf

For 2015, the Pennsylvania economy generated 54,800 additional payroll jobs, up from 45,800 in 2014.  Relative to income, consumer debt levels have declined dramatically during the past decade. Moreover, growth in student loan debt shows recent signs of a possible slowdown. 1 For 2015, Pennsylvania recorded solid job gains (+54,800) and very low inflation. 2 Relative to income, consumer debt levels continue to fall. Student debt increases, but at a slower rate. 3‐4 On average, all goods

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TC_2019_Film_Production_Tax_Credit_Report.pdf

 On net, the tax credit retains roughly 1,140 jobs per annum and $68 million of labor income. That outcome assumes that 90 percent of productions are incentivized by the tax credit. If the true figure is half that, then from prior years. Tax credits may be utilized to offset up to 50 percent of the corporate net income, insurance premiums, bank shares, mutual thrift institution or personal income qualified tax liability. The credits authorized for film production companies must first

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Revenue_Estimate_2021_05_Presentation.pdf

of that within 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 are omitted so weights do not sum to 100%. Source: U.S. Bureau of Labor Statistics. Growth of PA Cash Income Peaks in 2020 Despite COVID May 26, 2021 9 -4.0% -2.0% 0.0% 2.0% 4.0% 6

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QRR_2016Q1.pdf

Fund revenues for the first quarter of 2016 were $195 million above estimate. 1 Table 1 shows that corporate net income tax collections were $28 million above estimate, sales and use tax deposits were $25 million above estimate and personal income tax revenues were $26 million above estimate. All other General Fund revenues were $116 million above estimate. 2 For the

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QRR_2015Q4.pdf

Fund revenues for the fourth quarter of 2015 were $94 million above estimate. 1 Table 1 shows that corporate net income tax collections were $20 million below estimate, sales and use tax deposits were $7 million above estimate and personal income tax revenues were $15 million above estimate. All other General Fund revenues were $93 million above estimate. 2 For the

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Presentation_2016-06-08_GPNP_Budget_Outlook.pdf

2016 8  FY 2016‐17 revenue estimate increased by $61 million in the May 3 rd release. • Corporate net income tax increased by $101 million and non‐tax sources increased by $51 million. • Personal income tax decreased by $113 million. • Other sources, including sales tax, increased by $22 million.  The next revenue update will

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Presentation-2019-3-1-EPLC.pdf

Budget Outlook Highlights Revenues: exceeding estimate for FY 2018-19. Sales tax revenues very strong (much is permanent). Corporate net income gains (temporary, old tax years). IFO adds +$373 million to official revenue estimate. Growing concern over moderate slowdown next few Bureau. Forecasts by IFO. FY 18-19 Revenues Thru February March 1, 2019 11 Gain Thru February Notes Corporate Net Income +$233 profit shifting, older tax years Sales - Non-Motor +$168 very strong growth +7.6% Sales - Motor Vehicle +$44 strong

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mid-year-FY14-15-presentation.pdf

inflation. No gains. • Some separation in 2014. • Forecast assumes a large gain in 2015. Why Does This Matter? • Higher Personal Income Tax revenues. • Bolsters consumer confidence. Encourages spending. • A sign of economic recovery. Less labor market slack? 28.Jan.2015 12 IFO General Fund Estimate Revenue Source FY 14‐15 Estimate Growth General Fund ‐ Total $29,957 4.7% Corporate Net Income 2,484 ‐0.7% Sales and Use 9,463 3.7% Personal Income 12,027 5.2% Other Tax Revenue

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2012-09 Monthly Economic Summary 7.pdf

1% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-

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TC_2021_Keystone_Special_Development_Zones_Update.pdf

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

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Select Committee Oct 1 2012 FINAL.pdf

2016-17 2017-18 Sales Tax - Rate and Base $5,211 $5,472 $5,751 $6,028 $6,302 Personal Income - Rate 3,361 3,543 3,716 3,886 4,049 Property Tax Relief Fund 526 539 552 566 580 028 6,302 1.Oct.2012 Analysis of HB 1776 and SB 1400 of 2012 – Slide 10 Table 5 Personal Income Tax Rate Increase Fiscal Year ($ millions) 2013-14 2014-15 2015-16 2016-17 2017-18 Rate: 3.07% to

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Response-Letter-9-30-2019.pdf

only imposed on those items not subject to the current 6% tax.  Your letter indicates that the additional personal income tax (PIT) would be collected at the local level, similar to the existing local earned income tax (EIT). The Department of Revenue devotes significant resources to ensuring compliance with PIT laws, including the matching of September

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PBB_2023_DCNR_REPORT.pdf

for future years, and DCNR plans to update the metrics sometime in CY 2023. ▪ The share of minorities and low-income households that lived within a 10-minute walk of a service area were notably higher than the statewide share, likely minute walk and 10-minute drive study. Both tables highlight the shares of each county’s total, minority and low-income populations that live within a 10-minute walk or drive to a service area. Low-income households include households that

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MTR-2017-04.pdf

outflow of individuals leaving Pennsylvania includes those moving home after graduation to save money. Without rent or mortgage payments, more income can be used to pay down student loans. Despite an outflow to other states, there were over 34,000 graduates Domestic Product 8 1.4% 3.5% 2.1% 0.7% 0.5% 3.3% n.a. n.a. Personal Income 9 3.4% 3.6% 3.7% 4.4% 2.7% 3.4% 3.2% n.a. Completed Home Sales

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MSC_March_31_2021.pdf

Due Dates) March 31, 2021 4 Actual Revenues ($ millions) Amount Growth Notes General Fund $28,706 3.6% Corporate Net Income 2,808 11.5% anticipate weak final payments Sales - Non-Motor 7,958 4.2% strong online growth Sales - Motor Vehicle 1,316 15.4% pent-up demand Income – Withholding 8,131 0.3% Income – Other 3,100 ‘ 8.1% final quarterly payments strong, includes $100m from PPP All

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MQRE_FY22_23_August.pdf

the official estimate certified by the administration (Table 5) is included on the last page. FY 2022-23 Corporate Net Income -$89.7 Insurance Premiums -8.2 Bank Shares -16.2 Mutual Thrift Institutions -0.9 Sales Tax - Non-motor 100.2 Table Games -5.0 Personal Income - Withholding -69.4 Personal Income - Estimated -4.5 Personal Income - Annual -53.6 Total -147.3 Table 1 General Fund

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IFO_Testimony_Feb2018.pdf

complex and non-recurring monies from casino license auctions. If we also control for what appears to be accelerated personal income tax payments (~$150 million), then the overage is roughly $40 million, and it is largely attributable to inheritance tax ($30 final outcome is not clear. Second, federal tax law changes make it difficult to discern underlying trends in corporate net income and personal non-withholding taxes because we believe that significant payment and income shifting has occurred, which will also impact

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IFO_Retirement_Task_Force_Jan2018_Presentation.pdf

15.4% 17.0% 19.0% 21.4% 23.0% Approximate Share of State Taxes Paid by Age 65+ Personal Income 15% to 18% Sales and Use 20% to 24% Property (homeowners) 29% to 34% Note: Working age is age 20 Labor Statistics (Consumer Expenditure Survey) and Internal Revenue Service. All computations by the IFO. U.S. Age 65+ Sources of Income Jan.25.2018 Independent Fiscal Office 9 Share of Income for Age 65+ Income Source 2006 2015 AAGR Wages-Salaries

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2013-03b Monthly Economic Summary.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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2013-02 Monthly Economic Report.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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2013-01 Monthly Economic Report.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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Revenue-Estimate-Performance-2018-07.pdf

0.5 percent of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT) and personal income tax (PIT) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT was partly

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RB-2015-04.pdf

current level. For a full‐time worker (40 hours per week) who earns minimum wage and retains employment, annual wage income would increase from $15,080 to $21,010, an increase of $5,930. However, those wage gains would be reduced gains to $5,475. Under current law, wage gains may also be subject to the 3.07 percent state personal income tax, which would further reduce the gain to $5,295. Federal income tax may also apply, depending on the characteristics

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QRR_2015Q3.pdf

Fund revenues for the third quarter of 2015 were $74 million above estimate. 1 Table 1 shows that corporate net income tax collections were $27 million below estimate, sales and use tax deposits were $17 million below estimate and personal income tax revenues were $31 million above estimate. All other General Fund revenues were $87 million above estimate. 2 Table 2

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PSBA Presentation - Final.pdf

2 FY14-15 School District Revenues 1/19/2017 3 Source Amount Percent Property Tax $12,285 44.5% Earned Income $1,476 5.4% Other Local Sources $2,126 7.7% Act 1 Allocations (slots) $530 1.9% State (exclude State and Local Taxes 10.40% 10.50% -0.10% General Sales Tax 1.96% 2.64% -0.68% Personal Income Tax 2.69% 2.49% 0.20% Property Tax 2.96% 3.18% -0.22% Corporate Net Income Tax 0

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Property-Tax-Update-August-2018.pdf

U.S. average for all fifty states. The ratios shown reflect total state and local taxes divided by state personal income. Overall, Pennsylvania ranked 19 th for all state and local taxes, 39 th for sales and use tax, 17 th for personal income tax and 21 st for property tax. 1 The first document is a memo sent to Representative Cox on December

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MTR-2018-02.pdf

February General Fund collections were $158 million (4.6 percent) above estimate. The three largest sources of tax revenue (personal income tax, sales and use tax and corporate net income tax) were all above estimate. Personal income tax (PIT) withholding payments exceeded estimate by $19 million (2.4 percent) in

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MTR-2017-05.pdf

Domestic Product 8 1.4% 3.5% 2.1% 1.2% 3.2% 6.0% 1.7% n.a. Personal Income 9 3.4% 3.6% 3.0% 3.7% 2.7% 3.4% 3.2% n.a. Completed Home Sales rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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IFO-Presentation-11-14-2019.pdf

leading” states (Pew, Aug 2019) Since 2008, states make fundamental changes to business taxes  15 states reduce corporate net income rate (3 increase)  7 states have enacted mandatory combined reporting  19 reduce personal income tax rate on pass-throughs (9 increase) Intense competition for increasingly mobile businesses  Tax rates, exemptions, tax credits, loans

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HTAE_2019_05_15.pdf

April 2018 April 2019 Dollar Change Growth Rate Total General Fund $29,027 $29,163 $136 0.5% Corporate Net Income 2,053 2,513 460 22.4% Gross Receipts 1,141 1,209 68 5.9% Sales - Non-Motor Vehicle 82 3.4% All Non-Tax 2,456 769 -1,687 -68.7% Note: Millions of dollars. PIT is personal income tax. The Pennsylvania Labor Market May 15, 2019 5 Annual Growth Rate, Change or Level 2015 2016 2017 2018 2019

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BEFC_Survey_Results_FINAL.pdf

based on four metrics: (1) share of economically disadvantaged (ED) students, (2) share of English learners (ELs), (3) taxable income per average daily membership (ADM) and (4) regular instruction costs per ADM. While the SPP groups use scores from SY 2012- that SPP scores have (1) a negative relation with ED and EL concentration, (2) a positive relation with taxable income per ADM and (3) no clear relation with regular instruction cost per ADM. 1 For a complete description of the selection

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2022_Mid_Year_Update.pdf

Year Update FY 2021-22 Independent Fiscal Office January 31, 2022 Today’s Presentation Revenues significantly outperform estimates ▪ Corporate net income, sales tax, personal income, inheritance Main economic issues ▪ What happened to the labor force? ▪ Inflation for 2022 | wage-price spiral taking hold? Unknown factors

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2013-04 Monthly Economic Report.pdf

quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 (2013.1 value is 2.5%) Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 (2013.1 value is 2.5%) Corporate Profits The year-over-year growth rate

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TC_2021_Video_Game_Production.pdf

each subsequent year. The program is capped at $1.0 million annually. Tax credits may be utilized against Pennsylvania personal income (excludes withholding), corporate net income, bank and trust company shares, title insurance companies shares, insurance premiums and mutual thrift institutions taxes for the tax year

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Revenue_Estimate_2024_06.pdf

on Taxation estimates that the expiration will increase federal tax revenues by roughly $340 billion for tax year 2026 (individual income tax provisions only). If Pennsylvania represents 4% of that total, that implies a nearly $14 billion increase in federal tax point. Over this time period, consumer prices increased significantly, but asset prices inflated even more, so that middle- and upper-income consumers (especially homeowners who refinanced) are able to maintain purchasing power. Relative to December 2019:  The S&P 500

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Revenue-Estimate-2024-05.pdf

on Taxation estimates that the expiration will increase federal tax revenues by roughly $340 billion for tax year 2026 (individual income tax provisions only). If Pennsylvania represents 4% of that total, that implies a nearly $14 billion increase in federal tax point. Over this time period, consumer prices increased significantly, but asset prices inflated even more, so that middle- and upper-income consumers (especially homeowners who refinanced) are able to maintain purchasing power. Relative to December 2019:  The S&P 500

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Revenue-Estimate-2020-05-Presentation.pdf

employed and independent contractors. Source: U.S. Bureau of Labor Statistics. 2020 is a forecast by IFO. Profits and Capital Income Contract May 26, 2020 10 Great Recession COVID-19 Pandemic 2007 2008 2009 2010 2019 2020 2021 Net Profits (Pass 37% -3% -25% 20% S&P 500 Index 4% -39% 24% 10% 20% -7% n.a. Note: Net Profits include income reported by independent contractors, sole proprietors, partners and S corporation shareholders on the state tax return. Capital Gains and Dividends

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Revenue Trends Report - June 2013.pdf

tax revenues increased by $919 million (3.4%). The largest increases over the prior year occurred in the corporate net income and personal income taxes. • Corporate net income tax receipts declined by $40 million (-8.5%). For the fiscal year, receipts increased by $402

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RB_2022_12_UC_By_AGI.pdf

On December 16, 2022, the IRS released state-level data for federal income tax returns for tax year 2020. These data provide the most complete snapshot of income levels for Pennsylvania residents who received unemployment compensation (UC) during the first year of the COVID-19 pandemic. For that

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QRR_2016Q3.pdf

Monthly Trends Report. GENERAL FUND revenues for the third quarter of 2016 were $206.7 million below estimate. Corporate net income, sales and use and personal income tax revenues were below estimate (-$201.0 million). Total General Fund revenues from all other sources were below estimate (-$5

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QRR_2013Q3.pdf

42 million below estimate for the third quarter of calendar year 2013. 1 As shown by Table 1, corporate net income tax revenues were $25 million below estimate in the third quarter while sales and use tax and personal income tax revenues were below estimate by $15 million and $13 million, respectively. All other General Fund revenues exceeded estimate by

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

to Estimate FYTD Revenues Through May 2018 Amount Change Growth General Fund $31,483 $3,078 10.8% Corporate Net Income 2,318 188 8.8% Gross Receipts 1,143 -65 -5.4% Inheritance 928 72 8.5% Sales and Use 97 5.9% All Non-Tax 2,468 1,589 180.8% Note: Dollar amounts in millions. PIT is personal income tax. June.04.2018 3 Two Estimates of the Federal Tax Cut FFY 2018-19 ($ billions) Joint Committee U Penn

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MTR-2018-11.pdf

estimate for November and $338.9 million (2.8%) above estimate for the fiscal year-to-date (FYTD). Corporate net income tax (CNIT) and sales and use tax (SUT) both came in above estimate for the month. Non-tax revenues and other tax revenues also came in higher than expected, while personal income tax (PIT) fell below estimate. November CNIT collections surpassed projections by $72.7 million. The overage was driven almost entirely

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MTR-2018-1.pdf

authorized mini-casino licenses. As a result, total non-tax revenues exceeded estimate by $260 million in January. Corporate net income tax (CNIT) payments for the month outpaced the estimate by $34 million. The strength in collections was entirely attributable to payments were weak, falling short of the monthly estimate by 22 percent. The January trend in CNIT payments likely reflects income and deduction shifting by taxpayers in response to federal tax law changes. Personal income tax (PIT) quarterly payments were again

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MTR-2017-12.pdf

deductions. 2 December collections were $67 million (2.4%) above estimate primarily due to stronger than anticipated collections in personal income tax (PIT) estimated payments ($80 million above estimate, 49.4%) and sales and use tax (SUT) - non-motor ($33 million, 4.4%). This strength was partially offset by unexpected weakness in corporate net income tax (CNIT) remittances (-$54 million, -10.7%). Through the first half of FY 2017-18, total General Fund revenues were

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MTR-2017-11.pdf

5 million (-6.8 percent) below estimate. Adjusted for temporary gains, collections from the three largest tax revenue sources, personal income tax (PIT), sales and use tax (SUT) and corporate net income tax (CNIT), were roughly at estimate through November. PIT revenues were $7.1 million (-0.2 percent) below estimate, driven

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MTR-2017-03.pdf

Domestic Product 8 0.8% 1.4% 3.5% 2.1% -4.5% 0.5% 3.3% n.a. Personal Income 9 3.6% 3.4% 3.6% 3.7% 2.4% 2.7% 3.4% 3.2% Completed Home Sales rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MTR-2017-02.pdf

Domestic Product 8 0.8% 1.4% 3.5% 1.9% -4.5% 0.5% 3.3% n.a. Personal Income 9 3.6% 3.4% 3.6% 3.7% 2.5% 2.6% 2.9% n.a. FHFA House Price rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MTR-2017-01.pdf

Domestic Product 8 0.8% 1.4% 3.5% 1.9% -4.5% 0.5% n.a. n.a. Personal Income 9 3.6% 3.4% 3.5% 3.6% 2.5% 2.6% 2.9% n.a. Completed Home Sales rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MTR-2016-12.pdf

Domestic Product 8 0.9% 0.8% 1.4% 3.5% 1.7% -4.5% 0.5% n.a. Personal Income 9 3.9% 3.6% 3.4% 3.5% 3.5% 2.5% 2.6% 2.9% Completed Home Sales rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MTR-2016-11.pdf

Domestic Product 8 0.9% 0.8% 1.4% 3.2% 1.7% 1.5% n.a. n.a. Personal Income 9 3.9% 3.6% 3.4% 3.5% 3.5% 2.5% 2.5% n.a. Completed Home Sales rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MQRE_FY21_22_August.pdf

Additional detail regarding the recent enactments can be found in the next section. FY 2021-22 Corporate Net Income -$44.5 Gross Receipts -0.3 Insurance Premiums -6.2 Bank Shares -4.1 Sales Tax - Non-motor -18.7 Tables Games 12.3 Personal Income - Withholding -12.3 Personal Income - Annual -20.3 Other Miscellaneous 3,841.0 Total 3,746.9 Table 1 General Fund Adjustments

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MQRE-FY19-20-Aug.pdf

Additional detail regarding the recent enactments can be found in the next section. FY 2019-20 Corporate Net Income -$14.1 Gross Receipts -3.2 Insurance Premiums -5.7 Bank Shares -3.9 Sales and Use - Non-motor -0.1 Cigarette -115.3 Personal Income - Withholding -82.2 Personal Income - Annual -14.1 Realty Transfer -15.0 Inheritance -3.0 Gaming 17.9 Licenses & Fees 4.5

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Monthly_Economic_Update_July_2021_Final.pdf

reflect residents who must file a tax return or those who are a dependent of a filer. Second, many low-income seniors do not need to file a tax return if they fall below income thresholds. Hence, it is possible that the data miss migration patterns of low-income seniors. Third, the data include tabulations

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MER-2014-12.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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Initial_Revenue_Update_May_2023_Final.pdf

0% PA Home Value Index 226.7 327.5 44.5% FY Revenues 18-19 22-23 Growth Corporate Net Income $3.40 $6.12 80.0% Inheritance $1.05 $1.53 45.7% Personal Income Tax – Other $3.65 $5.02 37.5% Sales and Use $11.10 $14.01 26.2% Personal Income Tax

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Initial_Revenue_Estimate_Presentation_May_2023_Final.pdf

0% PA Home Value Index 226.7 327.5 44.5% FY Revenues 18-19 22-23 Growth Corporate Net Income $3.40 $6.12 80.0% Inheritance $1.05 $1.53 45.7% Personal Income Tax – Other $3.65 $5.02 37.5% Sales and Use $11.10 $14.60 31.5% Personal Income Tax

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Econ_Budget_Outlook_Hearing_Response_Letter_02_2023.pdf

additional information raised at the recent roundtable hearing on January 24, 2023. Representative Kutz requested information regarding consumer debt by income level as it overlaps with first-time homebuyers and/or renters. This response focuses on average credit card balances, because current expenses. In November 2022, the New York Federal Reserve released an analysis that examined average credit card balances by income and age group through the third quarter of 2022. The analysis used borrowers’ zip codes to group balances into equal-

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2024_Mid_Year_Update_Final.pdf

Change YOY Growth Notes General Fund Revenues $23,735 $376 1.6% 1.0% adjusted, $140m below estimate Corporate Net Income 2,852 20 0.7 gains despite 1.0 ppt rate cut Sales - Non-Motor 7,717 128 1.7 8 All Other 1,306 290 28.5 $59m in January from TSF earnings Note: Dollar millions. PIT is personal income. January revenue preliminary. Figures control for processing delays last fiscal year. Mid-Year Update for FY 2023-24 Slide 10

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2024_Initial_Revenue_Estimate_Presentation_Final.pdf

Initial Revenue Estimate Dollar Amount Dollar Change YOY Growth Notes General Fund Revenues $38,484 $546 1.4% Corporate Net Income 4,379 -322 -6.8 1 st estimated payment weak (-30%) Sales - Non-Motor 10,723 157 1.5 Sales in effect continues All Other 4,814 683 16.5 Treasury at $780 million Note: Dollar millions. PIT is personal income tax. Revised Estimate for FY 2023-24 Slide 9 Initial Revenue Estimate Official Estimate Revised Estimate Update $ Revise YOY Grow

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The Payroll Tax Cut Extension FINAL.pdf

2.0 / 12.4), and a full-year extension of the payroll tax cut would reduce contributions (and increase disposable income) by approximately $5.0 billion for Commonwealth residents. A ten-month extension would reduce contributions by $4.1 billion. (See also flow into the state), then purchases would increase by $2.5 billion. Personal Consumption Expenditure data from the National Income and Product Accounts suggest that roughly 50 percent of total expenditures might be spent on items subject to Pennsylvania sales

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TC_2021_Resource_Enhancement_and_Protection.pdf

of REAP Tax Credits are issued to individuals and pass-throughs (84.9 percent) and are utilized to reduce personal income tax liabilities (79.3 percent). This implies that the REAP Tax Credit benefits small businesses. ▪ Available research generally concludes that on a prorated basis by the Pennsylvania Department of Revenue (DOR). 9 Tax credits may be utilized against Pennsylvania personal income, corporate net income, bank and trust company shares, title insurance companies shares, insurance premiums and mutual thrift institutions taxes for

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Summary_Tax_Credit_Reviews_Oct_2023.pdf

D spending. ▪ For eligible firms, the tax credit can be an important incentive to offset a high statutory corporate net income tax rate. Many firms that claim the tax credit are large multistate corporations that can shift R&D spending between via grants and private investment. ▪ Most tax credits are issued to individuals and pass- throughs and are utilized against personal income tax liabilities, implying the program benefits small businesses. ▪ Roughly 55% of tax credits are sold for an average of 85

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RTR-2014-06.pdf

pages. • Tax revenues for the fiscal year increased by $31 million (0.1%) compared to the prior year. Corporate net income tax receipts increased by $78 million (3.2%), and capital stock and franchise tax collections dropped by $282 million (-46 166 million (2.1%) growth in nonmotor collections and the $70 million (6.0%) growth in motor vehicle collections. Personal income taxes increased by $66 million (0.6%) despite a decline of $155 million (-11.4%) in annual payments. • Corporate net

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Roundtable_Jan_2024_Final.pdf

Change YOY Growth Notes General Fund Revenues $23,735 $376 1.6% 1.0% adjusted, $140m below estimate Corporate Net Income 2,852 20 0.7 gains despite 1.0 ppt rate cut Sales - Non-Motor 7,717 128 1.7 8 All Other 1,306 290 28.5 $59m in January from TSF earnings Note: Dollar millions. PIT is personal income. January revenue preliminary. Figures control for processing delays last fiscal year. Sales and Use Tax Slide 11 Jan 2024 Roundtable

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Revenue_Estimate_Performance_Dec_2017.pdf

0.5 percent of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT), personal income tax (PIT) and escheats (unclaimed property that is remitted to the Commonwealth, such as abandoned bank accounts, included in non-tax) revenues

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Revenue Trends Report - October 2012.pdf

amounts in millions) Revenue Source October 2012 FY 12-13 to Date 3 month aggregate 12 month aggregate Corporate Net Income $63.9 $153.4 $142.6 $54.6 percent change 91.5% 32.1% 33.6% 2.6% Other Corporate Tax revenue increased by 12.4% in October. Nearly one-half of the increase was attributable to growth in personal income tax employer withholding (see below). Another 29% of the monthly revenue growth was due to the corporate net income tax

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REU-2019-12.pdf

estimate for the fiscal-year-to-date (FYTD). The monthly shortfall was a result of lower than anticipated corporate net income tax (CNIT) and personal income tax (PIT) revenues. CNIT collections were $526.5 million for the month, which was 3.6 percent below estimate. The

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RB_2020_12_PPP_Loans_to_PA_Businesses.pdf

that (1) have 500 or fewer employees worldwide, (2) have tangible net worth less than $15 million and average net income less than $5 million for the prior two fiscal years and (3) conform to Small Business Administration (SBA) size standards 2020-32, which prohibits firms from deducting expenses that were covered by forgiven PPP loans in their determination of taxable income. 10 The disallowance of those deductions implies that forgiven loans would be effectively treated as taxable income. Some members of

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QRR_2017Q1.pdf

of 2017 and below estimate by $322.3 million for the fiscal year‐to‐ date (See page 2.). Corporate net income, sales and use and personal income tax revenues were above estimate by a combined $59.0 million for the first quarter and below estimate by $267

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QRR_2016Q4.pdf

8 million for the fourth quarter of 2016 and $332.5 million for the fiscal year-to-date. Corporate net income, sales and use and personal income tax revenues were below estimate by a combined $125.2 million for the fourth quarter and $326.2 million for

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Presentation-2018-06-PASBO.pdf

to Estimate FYTD Revenues Through May 2018 Amount Change Growth General Fund $31,483 $3,078 10.8% Corporate Net Income 2,318 188 8.8% Gross Receipts 1,143 -65 -5.4% Inheritance 928 72 8.5% Sales and Use 97 5.9% All Non-Tax 2,468 1,589 180.8% Note: Dollar amounts in millions. PIT is personal income tax. June.05.2018 2 Two Estimates of the Federal Tax Cut FFY 2018-19 ($ billions) Joint Committee U Penn

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perez ppt.pdf

budget gap: $527.7 billion (FY 2008- FY 2013 est.) FY 2012 Tax Collections (Compared with the Latest Estimate) Personal Income Tax* General Sales Tax Corporate Income Tax Above Estimate On Target Below Estimate Not applicable Source: NCSL survey of state legislative fiscal offices, Fall 2011 *New

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

employed and independent contractors. Source: U.S. Bureau of Labor Statistics. 2020 is a forecast by IFO. Profits and Capital Income Contract June 22, 2020 10 Great Recession COVID-19 Pandemic 2007 2008 2009 2010 2019 2020 2021 Net Profits (Pass 37% -3% -20% 13% S&P 500 Index 5% -39% 24% 10% 20% -2% n.a. Note: Net Profits include income reported by independent contractors, sole proprietors, partners and S corporation shareholders on the state tax return. Capital Gains and Dividends

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MTR-2019-06.pdf

above estimate for the year. The FY overage was primarily generated by stronger than anticipated collections related to corporate net income tax (CNIT), sales and use tax (SUT), personal income tax (PIT) annual payments and licenses and fees revenue associated with gaming expansion. The surplus in PIT annual payments was

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MTR-2019-05.pdf

was the result of strong collections in sales and use tax (SUT) countered by weaker than expected collections in personal income tax (PIT). SUT collections surpassed the monthly forecast by $56.2 million. This was a result of robust non-motor is partially offset by lower than expected estimated payments (-$154.8 million) and withholding payments (-$17.2 million). Corporate net income tax (CNIT) collections met the projection ($0.2 million) for the month, driven by higher than projected final payments, but

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MTR-2019-04.pdf

3.1%) above estimate for the fiscal year-to-date (FYTD). The monthly overage was driven by unusually strong personal income tax (PIT), sales and use tax (SUT) and corporate net income tax (CNIT) collections. PIT collections were above estimate by $313.7 million for the month, with overages in annual ($279

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MTR-2019-02.pdf

estimate for the fiscal year-to-date (FYTD). The monthly surplus was largely due to higher than anticipated corporate net income tax (CNIT) collections. Monthly CNIT collections were above estimate ($41.4 million). The surplus was due to both final ($24 are above estimate ($211.9 million) for the FYTD, mainly driven by non-motor collections ($168.1 million). February personal income tax (PIT) collections were slightly below estimate (-$3.0 million). The shortage was driven by withholding (-$8.7 million), which

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MTR-2019-01.pdf

fiscal year-to-date (FYTD). Sales and use tax (SUT) came in above estimate for the month while corporate net income tax (CNIT) and personal income tax (PIT) came in below estimate. Other tax and non-tax revenues came in above projections ($14.2 million) in

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MTR-2018-12.pdf

estimate for December and $419.7 million (2.8%) above estimate for the fiscal year-to-date (FYTD). Corporate net income tax (CNIT) and sales and use tax (SUT) both came in above estimate for the month. Non-tax revenues and other tax revenues also came in higher than expected, while personal income tax (PIT) fell below estimate. December CNIT collections surpassed projections by $38.9 million. The overage was driven entirely by

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MTR-2018-10.pdf

184.8 million (1.9 percent) above estimate for the fiscal year-to-date (FYTD). October shortfalls in corporate net income tax (CNIT) and non-tax collections were partially offset by overages in gross receipts tax, sales and use tax (SUT estimate by $96.9 million as a result of strength in both non-motor and motor vehicle SUT collections. Personal income tax (PIT) collections for the month exceeded estimate by $4.2 million and fiscal year collections are essentially meeting estimate

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MTR-2018-09.pdf

fiscal year-to-date (FYTD). General Fund collections for September were above estimate primarily due to overages in corporate net income tax (CNIT), sales and use tax (SUT) and non-tax collections. September CNIT collections were above estimate ($96.3 million SUT collections are over estimate ($80.3 million), largely due to strong non-motor vehicle collections ($66.1 million). Personal income tax (PIT) collections for September came in below estimate (-$9.6 million), attributable to lower than anticipated quarterly collections (-$14

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MTR-2018-08.pdf

were above estimate primarily due to higher than anticipated sales and use tax (SUT, $31.6 million) and corporate net income tax (CNIT, $27.2 million) collections that were partially offset by lower than anticipated escheats collections (-$28.4 million). FYTD estimate by $54.8 million and $25.5 million, respectively, while escheats are $50.5 million lower than anticipated. Personal income tax (PIT) collections for August came in slightly below estimate, mainly due to withholding collections (-$8.1 million) that were

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MTR-2018-07.pdf

and insurance premiums tax ($20 million) collections that were partially offset by lower than anticipated escheats collections (-$22 million). Personal income tax (PIT) and corporate net income tax (CNIT) were close to estimate. July PIT exceeded estimate by $2 million, due to stronger than anticipated non- withholding

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MTR-2018-06.pdf

estimate. Excluding the JUA transfer, collections for the year were generally consistent with the IFO official estimate. June corporate net income tax (CNIT) payments were $26 million (-4.4 percent) below estimate. Final payments came in above estimate (8.3 percent same pattern, with non-motor exceeding estimate by $152 million and motor vehicle falling short by $11 million. June personal income tax (PIT) collections were below estimate by $9 million, due to slightly weaker than anticipated withholding and quarterly payments. Fiscal

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MTR-2018-05.pdf

from motor vehicle and non-motor vehicle sales tax were over estimate by $10 million and $39 million, respectively. Personal income tax (PIT) May collections were $10 million above estimate. Monthly withholding ($10 million) and annual ($2 million) payments more than 56 million) payments for the fiscal year are partially offset by a shortfall in annual payments (-$78 million). Corporate net income tax (CNIT) payments were below estimate by $65 million (-19.6 percent) in May. The entire shortfall was attributable to

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MTR-2018-04.pdf

million. Collections from motor vehicle ($6 million) and non-motor vehicle ($3 million) sales were slightly over estimate. Corporate net income tax (CNIT) payments were below estimate by $31 million (-11.2 percent) in April. The shortfall was entirely attributable to revenues are $103 million below estimate, driven by final payments, which are $119 million below estimate for the year. Personal income tax (PIT) April collections were $47 million below estimate. Monthly withholding ($6 million) and quarterly ($19 million) payment gains partially

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MTR-2018-03.pdf

in motor vehicle receipts (-$6 million) more than offset by an overage in non-motor collections ($22 million). Corporate net income tax payments were below estimate by $80 million (-15.8 percent). The shortfall was entirely attributable to final payments, which S. Energy Information Administration (EIA) indicate a decline in both electric utility prices and demand for calendar year 2017. Personal income tax (PIT) collections came in as expected. Year-to-date quarterly payments remain strong and exceed estimate by $132 million

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MTR-2017-09.pdf

above estimate. As shown in the table below, two of the three largest sources of General Fund tax revenue, personal income tax (PIT) and sales and use tax (SUT), were below estimate through September. PIT revenues were $13.6 million (-0 percent) and gross receipts ($9.2 million, -73.3 percent). These underperformances were more than offset by strong corporate net income tax (CNIT) revenues and non-tax revenues. CNIT revenues were $36.5 million (6.6 percent) above estimate through the

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MTR-2016-09.pdf

Domestic Product 8 2.0% 0.9% 0.8% 1.4% 2.0% 1.7% 1.5% n.a. Personal Income 9 4.2% 3.9% 3.6% 3.2% 3.4% 3.5% 3.3% 3.7% Completed Home Sales rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MTR-2016-08.pdf

Domestic Product 8 2.0% 0.9% 0.8% 1.1% 2.0% 1.7% 1.5% n.a. Personal Income 9 4.2% 3.9% 3.6% 3.2% 3.4% 3.5% 4.2% n.a. FHFA House Price rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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Monthly_Economic_Update_September_2020.pdf

could signal optimism about future business conditions, or could be a result of people entering the gig economy to diversify income sources after payroll job losses due to the COVID-19 pandemic. The growth in Pennsylvania business applications lags national trends significant impact of the federal Tax Cuts and Jobs Act (TCJA) of 2017 on Pennsylvania residents that filed a federal income tax return. Major provisions of the act include: lower tax rates, a $10,000 cap on the state and local

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Mid_Year_FY16-17_Presentation.pdf

17 Estimate Dollar Amount Growth Policy & Timing Adjusted Growth General Fund $32,510 5.2% $875 2.4% Corporate Net Income 2,945 3.6% 26 2.7% SUT - Non-Motor 8,859 4.9% 90 3.8% SUT - Motor 1 2015-16 2016-17 Actual Growth Adjusted Growth General Fund $15,900 $16,085 1.2% 0.1% Corporate Net Income 1,367 1,245 -8.9% -6.1% SUT - Non-Motor 5,048 5,110 1.2% 0.8% SUT

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MER-2014-02.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits

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IFO ppt.pdf

Debt Still High 50% 60% 70% 80% 90% 100% 110% 1986 1991 1996 2001 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 Declining $0 $50

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2023_Mid_Year_Update.pdf

2023 11 SNAP emergency allotments end Feb 2023 Student loans not repaid since Spring 2020, extended to June 2023 Lower income consumers under increasing stress $ billions Cash and Cash Equivalents Much Higher Than Pre-COVID January 31, 2023 12 Latest Change from 2020 Q1 Avg Gain Income Group 2022 Q3 Dollar Percent Household Top 1% $4,123 $1,190 +41% $906,180 80% to 99% 8,346

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2012-11 Monthly Economic Summary- DRAFT 6.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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2007_divestment_complete_report.pdf

The current “prudent person rule” in both retirement system statutes is modeled after the standard established in the Employees Retirement Income Security Act (ERISA) that governs most private pension plans. The prudent person rule was incorporated into the PSERS and SERS the “prudent person” investor rule. The current “prudent person rule” is modeled after the standard codified in the Employees Retirement Income Security Act (ERISA) that governs most private pension plans, and provides for flexibility in asset allocation and selection of investment

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2000_cost_of_living_adjustments.pdf

qualification most appropriate for welfare postretirement adjustments because it ensures that the potential recipients have no alternative support. 8. Postretirement income - is a qualification most appropriate for welfare or cost-of-living postretirement adjustments because it ensures that the potential recipients as-you-go financing increases the total revenues required to finance the postretirement adjustment due to the lost potential for income on invested contributions. Numerous funding problems were associated with the use of pay-as-you-go financing by retirement systems

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TC_2023_Rural_Jobs_Investment.pdf

and Investment Tax Credit Overview | Page 7 ▪ Have fewer than 150 employees and not more than $15 million in net income for the preceding calendar year. ▪ Have principal business operations in one or more rural areas of the state. 4 ▪ Engage for equity in the CDE. The investments made in the CDE’s are used to finance businesses in underserved low-income communities. Corporate investors can receive a 39% tax credit (taken over seven years) for qualified equity investments made in the

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TC_2023_Manufacturing.pdf

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

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TC_2021_Entertainment_Economic_Enhancement_Program.pdf

on the amount of qualified concert tour equipment rented or purchased. 5 Tax credits may be utilized against Pennsylvania personal income (excludes withholding) or corporate net income tax for the tax year the credit is issued. Credits not used in that tax year may be carried forward

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SR2017-05.pdf

055 1,358 599 Luzerne 45,897 58,552 26,027 863 1,101 489 Table 1 2015 Median Household Income and PIT Impact by County County All Households Homeowners Only Renters Only PIT Impact All 1 PIT Impact Owner 1 PIT Impact Renter 1 Table 1 2015 Median Household Income and PIT Impact by County Lycoming $47,313 $58,570 $26,742 $889 $1,101 $503 McKean 43,965 52

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RTR-2015-01.pdf

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

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RTR-2014-12.pdf

the fiscal year. Some of the monthly revenue growth is attributable to a technical factor affecting the timing of personal income tax withholding deposits.  Corporate net income tax deposits increased by $45 million (9.9%) for the month and by $122 million (11.0%) for the fiscal

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RTR-2014-04.pdf

transfer of $80 million for liquor store profits that occurred in March this year but normally occurs in June. Personal income tax withholding remittances were also artificially inflated by roughly $100-$105 million because of a due date falling on April the past three months, revenues declined by $137 million (-1.5%) compared to the same period last year.  Personal income tax remittances declined by $85 million (-4.5%) for the month. Nonwithholding declined $213 million (-17.1%) due to very

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RTR-2013-10.pdf

by $54 million (2.7%). The largest increases were in the sales and use tax ($28 million) and the personal income tax ($29 million).  Corporate net income tax revenues increased by $3 million (2.4%). Estimated payments for the month declined by $28 million (38.9%), but

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Revenue-Estimate-Performance_2022_10.pdf

137 million, or 0.5% of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT) and personal income tax (PIT) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT

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Revenue-Estimate-Performance-2021-09.pdf

137 million, or 0.5% of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT) and personal income tax (PIT) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT

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Revenue-Estimate-Performance-2020-09.pdf

0.5 percent of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT) and personal income tax (PIT) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT was partly

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Revenue-Estimate-Performance-2019-07.pdf

0.5 percent of actual General Fund revenues. (See Tables 1 and 2, final columns.) While corporate net income tax (CNIT) and personal income tax (PIT) revenues exceeded estimate, sales and use tax (SUT) revenues fell short of estimate. The underprediction error for CNIT was partly

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Revenue Trends Report - September 2012.pdf

amounts in millions) Revenue Source September 2012 FY 12-13 to Date 3 month aggregate 12 month aggregate Corporate Net Income $89.4 $89.5 $89.5 -$27.8 percent change 28.7% 21.9% 21.9% -1.3% Other Corporate 7 $696.0 percent change 4.1% 3.7% 3.7% 2.6% Revenue highlights for September:  Corporate net income tax receipts increased by $89 million (28.7%) compared to the prior year. The increase in corporate net income tax

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Revenue Trends Report - May 2013.pdf

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

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Revenue Trends Report - July 2013.pdf

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

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Revenue Trends Report - December 2012.pdf

amounts in millions) Revenue Source December 2012 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $134.9 $298.3 $208.8 $246.2 percent change 46.6% 37.6% 54.3% 11.9% Other Corporate 1% Revenue highlights for December:  Tax revenue increased by $157 million (7.0%), largely due to strong corporate net income tax receipts.  Corporate net income tax revenues grew by $135 million (46.6%) over the same month in the

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Revenue Trends Report - April 2013.pdf

by $162.4 million (5.0%), led by strong gains in the annual payments made with the filing of personal income tax returns.  Corporate net income tax receipts increased by $53 million (17.1%). For the fiscal year, the revenue gain of $401 million (26.5%

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REU-2020-02.pdf

the fiscal-year- to-date (FYTD). The monthly outcome was a result of stronger than expected collections in corporate net income tax (CNIT), gross receipts tax (GRT) and personal income tax (PIT). The $36.1 million February GRT surplus was largely due to firms making early payments for the March

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REU-2020-01.pdf

estimate by $195.4 million (1.1 percent). The monthly shortfall was a result of lower than anticipated corporate net income tax (CNIT) and personal income tax (PIT) collections, which were partially offset by higher than expected sales and use tax (SUT) revenues. CNIT collections of

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REU-2019-11.pdf

2 percent) for the fiscal year-to-date (FYTD). The monthly overage was driven by stronger than expected corporate net income tax (CNIT), sales and use tax (SUT) non-motor and personal income tax (PIT) withholding collections, which were partially offset by weak SUT motor vehicle tax collections. November CNIT collections were $10

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REU-2019-10.pdf

year-to-date (FYTD). The monthly overage was mainly due to stronger than expected sales and use tax (SUT), personal income tax (PIT) and corporate net income tax (CNIT) collections. October SUT collections were $41.0 million over estimate (4.1 percent) due almost entirely to higher

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Response-Letter-09-19-2019.pdf

property taxes – imposed by all political subdivisions - on residents that are age 65 or older and have an annual household income of $40,000 or less. Your letter also requested the following details/parameters:  The number of households impacted by revenue associated with (1) school district property taxes and (2) county and municipal property taxes.  The definition of household income corresponds with that of the Property Tax Rent Rebate (PTRR) program. 1 The analysis uses data from the American Community

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QRR_2017Q3.pdf

website. revenues were above estimate by $25.4 million for the third quarter of 2017. (See page 2.) Corporate net income, sales and use and personal income tax revenues were above estimate by a com- bined $1.1 million for the third quarter. General Fund revenues from

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QRR_2017Q2.pdf

of 2017 and below estimate by $840.7 million for the fiscal year-to -date (See page 2.). Corporate net income, sales and use and personal income tax revenues were below estimate by a combined $553.1 million for the second quarter and below estimate by $820

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Presentation_2017_02_10_EPLC.pdf

Actual FYTD Variance Projected Growth Actual Growth General Fund $16,456 $16,097 -$359 3.5% 1.2% Corporate Net Income 1,329 1,243 -86 -2.8% -9.1% Sales and Use 6,105 5,894 -211 4.7% 1.1% Personal Income 6,808 6,723 -85 2.1% 0.9% Other Tax Revenue 2,011 2,016 5 10.1% 10

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Pennsylvania_Aging_Presentation.pdf

 Life expectancy and migration flows. II. Economic Trends for Seniors.  Seniors working more: ~25% in 2016.  More income dedicated to housing expenses.  More housing debt. III.Funding for Seniors’ Programs.  Outlook for revenue sources is tepid I. Demographic Trends  Subtle, yet crucial impact.  Hard to see in a single year.  Determines work force, income sources and consumer spending patterns.  PA is now in middle of a retirement wave.  First Boomers turned 65

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Municipal_Analysts_Presentation.pdf

Retirees-Elderly Note: Ratio is equal to residents age 20-64 to those age 65 and older. PIT is personal income tax. SUT is sales-use tax. Source: U.S. Census Bureau and Pennsylvania State Data Center with adjustments and calculations 2005 2010 2015 2020 2025 2030 3.9 33% GF Tax Revenue is SUT 65+ spend ~5-10% less of income on taxable items 41% GF Tax Revenue is PIT Soc. Sec., Pensions and IRAs not taxed when received 2.4

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MTR-2019-09.pdf

2 million for the fiscal year-to-date (FYTD). The monthly outcome was due to stronger than expected corporate net income tax (CNIT), personal income tax (PIT) and escheat collections. September CNIT revenues outperformed the forecast by $40.1 million due to overages in both

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MTR-2019-08.pdf

1 million (3.2 percent) above estimate. The overage was largely attributable to sales and use tax (SUT) and personal income tax (PIT). Fiscal-year-to- date (FYTD) collections are short of estimate by $24.8 million (-0.5 percent). August to higher than expected annual payments, which are exceeding estimate by $17.4 million (43.8 percent.) August corporate net income tax (CNIT) collections came in $4.8 million (8.2 percent) over estimate. FYTD CNIT revenues are exceeding expectations by

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MTR-2019-07.pdf

percent) higher than July 2018. The tax revenue sources with the largest increase from the prior year include corporate net income tax (CNIT), personal income tax (PIT) and inheritance tax. Sales and use tax (SUT) and realty transfer tax declined due to new or expanded

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MTR-2019-03.pdf

and are $381.9 million (1.6%) above estimate for the fiscal year-to-date (FYTD). Overages in corporate net income tax (CNIT) and insurance premiums tax offset shortfalls in gross receipts tax, cigarette tax and non-tax revenues. PIT collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $4,553 $4,551 $2 $24,750 $24,368 $382 Corp. Net Income 453 426 27 2,193 1,933 260 Sales and Use 821 812 8 8,211 7,991 220 Personal

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MTR-2017-08.pdf

rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing Domestic Product 8 2.8% 1.8% 1.2% 3.0% 6.0% 1.7% 1.2% n.a. Personal Income 9 2.6% 1.6% 3.1% 2.9% 3.3% 2.5% 3.9% n.a. Completed Home Sales

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MTR-2016-06.pdf

June suggest possible weakness in Pennsylvania. June sales and use tax revenues declined (-1.1%) year-over- year, while personal income tax (PIT) collections exhibited unexpected weakness for withholding (0.9%) and estimated payments (-11.4%). Positive signs from June include Domestic Product 8 3.9% 2.0% 1.4% 1.1% 0.2% 2.0% 1.7% n.a. Personal Income 9 4.5% 4.5% 4.3% 4.4% 3.3% 3.4% 3.5% 4.2% FHFA House Price

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MTR-2016-01.pdf

Domestic Product 8 0.6% 3.9% 2.0% 0.7% -0.7% 4.1% n.a. n.a. Personal Income 9 4.5% 4.5% 4.7% 4.3% 3.4% 3.3% 3.6% n.a. FHFA House Price rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MTR-2015-10.pdf

If Pennsylvania’s Social Security recipients would have received an average COLA for 2016, an additional $800 million of personal income would have been added to the state economy. The recent decline in consumer prices is primarily the result of depressed Domestic Product 8 2.1% 0.6% 3.9% 1.5% 1.8% n.a n.a. n.a. Personal Income 9 5.2% 4.5% 4.2% 4.2% 4.3% 3.5% 3.3% n.a. FHFA House Price

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MTR-2015-08.pdf

Domestic Product 8 4.3% 2.1% 0.6% 3.7% 1.8% 1.8% n.a. n.a. Personal Income 9 4.5% 5.2% 4.5% 4.2% 3.3% 4.0% 4.0% n.a. FHFA House Price as quarterly data are not available. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MQRE-FY18-19-July.pdf

Additional detail regarding the recent enactments can be found in the next section. FY 2018-19 Corporate Net Income -$7.5 Insurance Premiums -2.0 Bank Shares -1.8 Personal Income - Withholding -25.1 Personal Income - Annual -7.5 Treasury 30.4 Total -13.5 Table 1 General Fund Adjustments Note: figures in

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Monthly_Economic_Update_June_2020.pdf

revenues to continue operations. For FY 2019-20, the primary driver of this outcome is the projected reduction in earned income tax revenues, with an estimated shortfall of $526 million. Other revenue sources including amusement tax (-25%), parking revenue (-20%) and 3% to 8% with the highest share of municipalities at risk in the northeast and southwest regions. U.S. Personal Income Records Strong Growth in April On May 29, 2020 the U.S. Bureau of Economic Analysis released personal income statistics

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MER-2015-01.pdf

Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-

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IFO_Testimony_CR_June_29_2023.pdf

to file a combined return as if the related entities were a single corporation. The combined return reflects the net income or loss associated with the business operations of all members of the unitary group, and income is apportioned to the state based on the activity of the combined group within the state. Advocates assert that the

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2006_surviving_spouse_healthcare_study.pdf

PEBTF invoice the Office of Administration monthly for the cost of claims and administra- tive expenses, less other sources of income such as subscriber premiums and independ- ent agency contributions. The Commonwealth then reimburses the PEBTF for the net costs. Unlike impact on the ability 6 of surviving spouses to pay their premiums, particularly if they 7 have fixed or limited incomes; and 8 WHEREAS, Health insurance coverage is critical to ensuring 9 access to medical care and maintaining the physical and

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2002_dbdc_report.pdf

in PSERS. If authorized by the school district, the 403(b) plan may be used by members to provide retirement income funded through their tax- deferred, pre-retirement contributions. Currently, the number of school districts that have authorized participation in a of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit

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TC_2023_PA_Resource_Manufacturing.pdf

used to manufacture ethylene. The credit program has no annual cap. Tax credits may be utilized against Pennsyl- vania personal income, corporate net income, bank and trust company shares, title insurance company shares, insurance premiums and mutual thrift institutions taxes for the tax year

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TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf

base year, up to an annual maximum of $100,000. 4 The credit may be applied against personal income tax (PIT) or corporate net income tax (CNIT) liabilities. If the firm’s liability is insufficient to utilize the credit, the unused portion can be carried forward for

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TC_2019_Historic_Preservation_Tax_Credit_Report.pdf

work and visit.  Long-term economic development as reflected by various economic metrics, such as business sales, income and jobs. Administration and Implementation The Pennsylvania Department of Community and Economic Development (DCED) and the Pennsylvania Historical and Museum Commission (PHMC State Tax Credit Comparison For 2018, more than 30 states offered an Historic Preservation Tax Credit (HPTC) for income-producing commercial properties. 15 Table 3 displays relevant information for states that have an HPTC in ascending order based on the size

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

COMPETITIVENESS STATE  Uncompetitive treatment of NOLs  Room for improvement in treatment of capital investment  High Corporate Net Income Tax (CNIT) rate  Regular property assessments not required LOCAL  Local earned income tax base differs from state income tax base  Localities rely on local gross receipts taxes (GRTs), including Mercantile and

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RTR-2015-04.pdf

and a $100 million inheritance tax payment in October 2014, fiscal year-to-date growth is 6.1%.  Personal income tax withholding revenues increased by $34 million (4.3%) for the month and by $282 million (3.8%) for the prior year’s weak collections and by $271 million (12.1%) for the fiscal year-to-date.  Corporate net income tax revenues increased by $24 million (7.2%) for the month and by $276 million (13.9%) for the fiscal

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RTR-2015-03.pdf

time transfers and an unexpected inheritance tax payment, the year-to-date growth was $875 million (4.3%). • Corporate net income tax revenues increased by $96 million (22.8%) for the month and $252 million (15.3%) for the fiscal year-to-date compared to the same periods in the prior fiscal year. • Personal income tax withholding revenues increased $33 million (4.2%) for the month and $248 million (3.8%) for the fiscal year-

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RTR-2015-02.pdf

fiscal year-to-date. The three and twelve-month growth rates were 14.2% and 9.5%, respectively.  Personal income tax remittances grew $74 million (10.0%) for the month and $266 million (3.9%) over the prior fiscal year-to-date. Withholding, which constitutes the majority of personal income tax collections, increased by $68 million (9.6%) in February and $215 million (3.7%) for the fiscal year-to-

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RTR-2014-10.pdf

payment, tax revenues increased by 2.1% for the month and 3.9% for the fiscal year.  Corporate net income tax revenues decreased by $23 million (-16.9%) compared with the prior year, but increased by $69 million (11.3% by $14 million (-15.4%). Estimated payments decreased by $9 million (-20.1%) compared to the prior year.  Personal income tax revenues increased by $32 million (3.6%) over the prior year and by $112 million (3.3%) over the

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RTR-2014-09.pdf

6.6%) compared to September 2013. Fiscal year-to-date tax revenues increased by $276 million (4.6%). • Corporate net income tax deposits increased by $96 million (25.2%) for the month. Quarterly and final payments increased by $81 million (25 4%) and $15 million (24.2%), respectively. For the fiscal year, total deposits increased by $92 million (19.3%). • Personal income tax revenues increased by $31 million compared to the prior year. Withholding collections increased by $25 million (3.9%), bringing

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RTR-2014-05.pdf

fiscal year-to-date. Additional information can be found in the table below and on the following pages. • Corporate net income tax revenues decreased by $32 million (-41.0%) from the prior year, yet remain $40 million (2.0%) above the 7 million (6.9%), bringing the three and twelve-month growth rates to 6.7% and 5.1%, respectively. • Personal income tax withholding revenues declined $92 million (-12.0%) from the prior year because of fewer due dates this May. Withholding

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RTR-2014-03.pdf

past three months, revenues increased by $14 million (0.2%) compared to the same period last year.  Corporate net income tax revenues increased by $63 million (17.7%) for the month. Most of the increase was in final payments, which by $63 million (1.1%) for nonmotor vehicle sales and $39 million (4.6%) for motor vehicle sales.  Personal income tax remittances grew $55 million (6.4%) for the month. Withholding increased by $38 million (5.1%) over last year

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RTR-2014-02.pdf

by $68 million (1.3%) for nonmotor vehicle sales and $35 million (4.7%) for motor vehicle sales.  Personal income tax remittances grew $30 million (4.2%) for the month and $127 million (1.9%) over the prior fiscal year-to-date. Withholding, the majority of personal income tax, increased by $27 million (4.0%) over last year and $124 million (2.2%) for the fiscal year-to-

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RTR-2014-01.pdf

increased by $9 million (0.4%). Increases in corporate taxes and sales tax were offset by a decline in personal income tax.  Sales and use tax collections increased by $24 million (3.0%) compared to January 2013. o Nonmotor vehicle the last three months revenues declined by 0.3%, and the twelve-month growth rate is 3.3%.  Personal income tax remittances declined by $34 million (-2.8%). o Withholding revenues increased by $6 million (0.7%) for the month

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RTR-2013-11.pdf

by $34 million (2.0%). The largest increases were in the sales and use tax ($14 million) and the personal income tax ($9 million).  Sales and use tax nonmotor vehicle deposits grew by $21 million (3.4%), bringing the three 7.6%). Fiscal year-to-date motor vehicle revenues are up $30 million from last year (6.1%).  Personal income tax withholding revenues increased by $12 million (1.8%) for the month, and the twelve-month growth rate is 2

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Revenue Trends Report - March 2013.pdf

million (4.2%) for the month and $372 million (10.2%) for the fiscal year-to-date. o Corporate net income tax and financial institutions tax deposits increased by $29 million and $68 million, respectively. Capital stock and franchise tax revenue 1 million (0.1%) and motor vehicle falling by $11 million (-3.8%).  Other sources reporting increases were personal income tax, realty transfer tax and nontax revenues. Inheritance and cigarette taxes registered declines. Change in General Fund Tax Revenues (compared

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Revenue Trends Report - January 2013.pdf

 Tax revenue grew by $176 million for the month, primarily due to an increase of $173 million in personal income tax collections.  Personal income tax receipts were robust for the following reasons: o A due date occurring in February last year fell in January

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Revenue Trends Report - February 2013.pdf

revenue fell by $85 million (-5.0%) for the month, primarily due to a decline of $98 million in personal income tax collections.  Personal income tax receipts declined for the following reasons: o Employer withholding deposits were $92 million (-11.9%) lower than the prior

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Revenue Trends Report - August 2013.pdf

1.7%). An increase in sales and use tax collections of $39 million (5.3%) partially offset decreases in personal income tax revenues totaling $75 million (-9.8%). For the most recent three-month period, tax revenues decreased by 0.2% sales and use tax revenues increased by 3.1%, and the twelve-month average increased by 1.4%.  Personal income tax revenues decreased by $75 million (-9.8%) with nearly all of that decrease occurring in withholding remittances. Employer withholding

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Response-Letter-10-7-2019.pdf

between $12.00 and $14.99 would also receive a modest average pay increase of four percent. Overall, the incremental income gain for all workers that benefit from the policy change is $3.87 billion. The middle portion of the table would be eliminated through a combination of layoffs, a slower pace of hiring and leaving vacant positions unfilled. The wage income reduction for those workers is $363 million. The bottom portion of the table presents the same data from Table 2

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RB_2022_08_Worker_Shortage.pdf

13 For both metrics, nearly 70% of excess savings are held by the top 20% of households as measured by income. Independent Fiscal Office Page 6 (average for quarter). Higher nominal savings and wealth likely encouraged an unknown number of workers annum for the average household (1.9 members). 15 Currently, all households formerly eligible only for partial benefits based on income levels are automatically raised to the maximum benefit for the household size. All households already at the maximum benefit amount

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RB_2022_07_Worker_Shortage.pdf

16 For both metrics, nearly 70% of excess savings are held by the top 20% of households as measured by income. Independent Fiscal Office Page 6 (average for quarter). Higher nominal savings and wealth likely encouraged an unknown number of workers annum for the average household (1.9 members). 18 Currently, all households formerly eligible only for partial benefits based on income levels are automatically raised to the maximum benefit for the household size. All households already at the maximum benefit amount

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QRE_FY14-15.pdf

2 General Fund Statutory Adjustment Detail – Acts 1A and 126 ($ millions) Revenue Source FY 2014-15 Corporate Net Income Tax $1.9 Capital Stock and Franchise Tax 1.6 Sales and Use Tax 22.5 Personal Income Tax 12.6 Inheritance Tax 1.4 Non-tax – escheats 150.0 Non-tax - fund transfers 321.6 Total 511.6 Page

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Presentation_PA_Bus_Council_6-22-15.pdf

Economic Analysis. 22.Jun.2015 4 Net Change = +$582 million Revised FY 2014-15 IFO Forecast Increases Decreases Corporate Net Income $336 Transfers -$95 Escheats 244 Casino Fees -75 Inheritance 79 Cigarettes -27 Sales and Use 45 Gross Receipts -12 Personal Income 61 All Other -12 All Other 38 Subtotal 803 Subtotal -221 Dollar amounts are in millions. 22.Jun.2015 5

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

 Federal tax cut / refunds  Consumer sentiment  Stock market volatility Maintain / Boost  Strong labor market  Solid income growth  Stable interest rates  Low/stable energy prices January 29, 2019 5 FYTD Revenues Through January January 29 Amount Growth Amount $ Diff Amount $ Diff General Fund $18,144 4.5% $17,835 $310 $17,865 $279 Corp. Net Income 1,651 24.7% 1,459 191 1,383 267 Sales - Non-Motor 5,758 8.1% 5,599 158

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PICA_Presentation_2020_11.pdf

data represent annualized amount and exclude self-employed. All rates or changes are year-over-year except Real GDP. PA Income Support Greatly Reduced in 2020 Q4 November 18, 2020 2 -$15 -$10 -$5 $0 $5 $10 $15 $20 $25 Q2 Q3 Q4 lost labor income state and federal UC + economic impact payments net impact $12.6 $7.0 -$2.8 -$11.7 -$7.4 -$6

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PBB_2020_DCED_REPORT.pdf

local com- munities through various programs that support housing and residential development, downtown improve- ments, revitalization of low-income communities, business development and construction of community facilities and infrastructure through financial investments and technical assistance. The goals and outcomes of this 37,006 42,309 46,558 New employment opportunities Property value increases generated Statewide Indicator 2 Median household income $53,234 $55,702 $56,907 $59,195 $60,905 -- # Families below poverty level 299,395 291,591 270,948 257,360

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PA_Assoc_of_Community_Bankers_Presentation_2020_12.pdf

data represent annualized amount and exclude self-employed. All rates or changes are year-over-year except Real GDP. PA Income Support Greatly Reduced in 2020 Q4 December 9, 2020 2 -$15 -$10 -$5 $0 $5 $10 $15 $20 $25 Q2 Q3 Q4 lost labor income state and federal UC + economic impact payments net impact $12.6 $7.0 -$2.8 -$11.7 -$7.4 -$6

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Newsstand_February_2020.pdf

by factors such as the poverty rate (e.g., TANF and SNAP), elderly population (e.g., Social Security) and personal income levels across states. In FFY 2018, New Mexico was the state with the most favorable balance of payments, receiving $10 The majority of the direct losses would impact the agricultural industry, especially nursery operators, and fruit and Christmas tree farms. Income Tax Breaks for Seniors Estimated at $1.5 Billion The Center on Budget and Policy Priorities released a report that

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MTR-2017-06.pdf

Domestic Product 8 1.4% 3.5% 2.1% 1.4% 3.2% 6.0% 1.7% n.a. Personal Income 9 3.4% 3.6% 3.0% 3.7% 2.7% 3.3% 2.5% 3.9% Completed Home Sales rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MTR-2016-05.pdf

Domestic Product 8 3.9% 2.0% 1.4% 0.8% 4.1% 2.5% n.a. n.a. Personal Income 9 4.5% 4.5% 4.3% 4.4% 3.3% 3.4% 3.0% n.a. Completed Home Sales rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MTR-2016-04.pdf

Domestic Product 8 3.9% 2.0% 1.4% 0.5% 4.1% 2.5% n.a. n.a. Personal Income 9 4.5% 4.5% 4.0% 4.1% 3.3% 3.4% 3.0% n.a. FHFA House Price rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MTR-2016-02.pdf

taxable profits) are the manufacturing, wholesale and retail trade sectors. These three sectors comprised 45.4% of total corporate net income tax (CNIT) collections for FY 2014-15. National profit trends for the third quarter of 2015 may suggest strong profit Domestic Product 8 0.6% 3.9% 2.0% 1.0% -0.7% 4.1% n.a. n.a. Personal Income 9 4.5% 4.5% 4.5% 4.1% 3.4% 3.3% 3.6% n.a. FHFA House Price

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MTR-2015-11.pdf

Domestic Product 8 2.1% 0.6% 3.9% 2.1% 1.8% n.a n.a. n.a. Personal Income 9 5.2% 4.5% 4.5% 4.7% 4.4% 3.5% 3.3% n.a. Completed Home Sales as quarterly data are not available. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MTR-2015-07.pdf

Domestic Product 8 4.3% 2.1% 0.6% 2.3% 1.8% 1.8% n.a. n.a. Personal Income 9 4.0% 4.7% 4.5% n.a. 3.3% 4.0% 4.0% n.a. FHFA House Price as quarterly data are not available. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. The annual growth rate of sales of existing

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MER-2015-03.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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MER-2014-03.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits

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Ironman_Triathlon_Impact_Analysis_2024_04.pdf

visitor spending at restaurants), (2) indirect effects (firms in the supply chain) and (3) induced effects (how workers spend extra incomes earned). The sum of these three impacts is referred to as the multiplier effect, as the original direct spending reverberates spent by recipients. 4 • Employee Compensation: The IMPLAN model estimates that $1.5 million in employee wages and self-employment income were generated for Pennsylvania workers related to the event. • Jobs: The number of full-time equivalent jobs supported by event

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IFO_Response_Letter_April_12_2022.pdf

new 2% tax is only imposed on those items not subject to the current 6% tax.  The additional personal income tax (PIT) would be collected at the local level, similar to the existing local earned income tax (EIT). The Department of Revenue devotes significant resources to ensure compliance with PIT laws, including the matching of state

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House_Maj_Policy_Comm_Aug_30_2021.pdf

0.32 Raise PIT from 3.07% to 4.92% 9.17 9.57 10.00 10.43 Tax Retirement Income at 4.92% (see note) 1.49 1.58 1.67 1.78 TOTAL 15.86 16.53 17.22 17.93 Note: Billions of dollars. SUT is sales and use tax. PIT is personal income tax. Retirement Income excludes Social Security. Estimates assume other Retirement Income will be taxed upon distribution such as DB and

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2012-08 Monthly Economic Summary_Final.pdf

2% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-

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TC_2022_Coal_Refuse_Energy_and_Reclamation.pdf

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

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TC_2019_New_Jobs_Tax_Credit_Report.pdf

control. Tax credits may be used to offset up to 100 percent of the firm’s corporate net income, capital stock and franchise, insurance premiums, gross receipts, bank shares, mutual thrift or personal income tax liabilities. The credit must be utilized within five years of receipt. Credits may not be carried back, refunded, trans- ferred or

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RTR-2014-11.pdf

for the large inheritance tax payment in October, tax revenues increased by 3.7% for the fiscal year.  Personal income tax revenues increased by $13 million (1.9%) over the prior year and by $124 million (3.1%) over the amounts in millions) Revenue Source November 2014 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $7.9 $77.1 $80.8 $169.2 percent change 20.6% 11.8% 14.5% 7.0% Other Corporate

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RTR-2014-08.pdf

9%. Fiscal year-to-date and recent twelve- month growth rates were 3.2% and 0.3%, respectively.  Personal income tax revenues increased by $22 million compared to August 2013. Withholding collections increased by $21 million (3.3%) for the amounts in millions) Revenue Source Aug 2014 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income -$5.1 -$3.8 $34.5 $75.8 percent change -13.6% -3.9% 6.5% 3.1% Other Corporate

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RTR-2014-07.pdf

twelve-month growth rates for nonmotor vehicle and motor vehicle deposits were 2.7% and 5.9%, respectively.  Personal income tax revenues increased by $27 million compared to July 2013. Withholding collections increased by $31 million (4.1%) for the amounts in millions) Revenue Source July 2014 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $1.3 $1.3 $7.5 $86.5 percent change 2.3% 2.3% 1.3% 3.6% Other Corporate

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RTR-2013-12.pdf

10.9%). Fiscal year-to-date motor vehicle revenues are up $39 million from last year (6.8%).  Personal income tax withholding revenues increased by $11 million (1.5%) for the month, and the fiscal year-to-date growth rate amounts in millions) Revenue Source December 2013 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income $27.7 $13.7 $34.3 $117.5 percent change 6.5% 1.3% 5.8% 5.1% Other Corporate

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Revenue Trends Report - November 2012.pdf

amounts in millions) Revenue Source November 2012 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $9.9 $163.4 $163.2 $71.5 percent change 39.8% 32.4% 40.1% 3.4% Other Corporate mainly due to a decline in employer withholding collections and weak sales and use tax receipts (see below).  Personal income tax employer withholding decreased by $76 million (-10.4%) largely because a due date that fell in November last year

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Revenue Trends Report - August 2012.pdf

amounts in millions) Revenue Source August 2012 FY 12-13 to Date 3 month aggregate 12 month aggregate Corporate Net Income -$10.7 $0.2 $141.6 -$142.5 percent change -25.0% 0.2% 32.9% -6.6% Other Corporate 613.5 percent change 0.0% 3.4% 0.1% 2.3% Revenue highlights for August:  The corporate net income tax declined (-25%) compared to the prior year. Generally, August is not a significant month for CNI collections. Revenues in

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RB_2022_06_PA_Migration.pdf

In May, the Internal Revenue Service released the latest state-level migration data. The dataset uses income tax returns to track the migration of filers (and dependents) between states for returns filed and processed during calendar years filed tax returns (including dependents) and will not reflect certain individuals who migrated but were exempt from filing due to income limits or other factors. Table 1 ranks states based on the ratio of net domestic migration (inflows into the state

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

the General Assembly, this research brief examines how the COVID-19 pandemic and mandated business closures could impact local earned income taxes (EIT), property taxes and gaming revenues received by municipalities, counties and school districts for the current year. The analysis to 2021 Q1). 1 Hence, COVID-19 will affect all four quarters of revenues received for the school year. Earned Income Tax The text that follows describes the methodology and data sources used to make projections for the growth rate of

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Presentation_Phil_Chamber_2-12-2015.pdf

General Fund Revenue Estimates FY 2014-15 IFO DOR Difference General Fund - Total $29,957 $30,181 -$224 Corporate Net Income Tax 2,484 2,501 -17 Sales and Use Tax 9,463 9,477 -14 Personal Income Tax 12,027 12,033 -6 All Other Tax Revenue 4,949 5,097 -148 Non-Tax Revenue 1,034

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PBB_2022_PHMC_REPORT.pdf

mission. Local partners derive revenue that is reinvested in the sites from mem- berships, admissions, fundraising, grants, donations and rental income. These local funds averaged $5.1 million per annum between FY 2016-17 and FY 2018-19, but declined to organizations to apply for grants to aid in historic preser- vation efforts. National Register designation is also an incentive for income-producing projects seeking historic preservation tax incentives to promote rehabilitation and reuse. The office also has a role in administering

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PA_Chamber_June_17_2021.pdf

Budget Outlook What happens when federal support expires? ▪ Nearly $160 billion of federal monies injected into state ▪ What happens to income levels when support is removed? When do workers return? Will jobs be available? ▪ IFO forecast: 2022 output exceeds 2019 w and C corporations. Source: U.S. Department of Labor, U.S. Treasury Department, Small Business Administration. Growth of PA Cash Income Peaks in 2020 Despite COVID June 17, 2021 4 -4.0% -2.0% 0.0% 2.0% 4.0% 6

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Newsstand_2019_April.pdf

year 2018: 69,100 (2018 Q1), 68,100 (2018 Q2), 65,000 (2018 Q3) and 56,700 (2018 Q4). Personal Income Growth Strong in 2018 Q4 On March 26, the U.S. Bureau of Economic Analysis (BEA) released state personal income data for 2018 Q4. For calendar year 2018, the data show that Pennsylvania personal income grew by 3.9%, with

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Newsstand_2018_July.pdf

3% of Centre County GDP may be harmed and 3.4% may be protected. PA Ranks 12 th in Personal Income Growth for 2018 Q1 On June 21, the U.S. Bureau of Economic Analysis released Personal Income data for 2018 Q1. The data show that Pennsylvania ranked 12 th across all states for year-over-year growth

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MRU_2022_04.pdf

2%) above estimate for the fiscal year-to-date (FYTD). The monthly overage was largely due to very strong personal income tax (PIT) and corporate net income tax (CNIT) payments. PIT collections for April were $4.15 billion, which were $1.53 billion (58.6%) above estimate

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MRU-2022-09.pdf

million lower than the estimate certified by the Governor.) The monthly overage can be attributed primarily to strong corporate net income tax (CNIT) and personal income tax (PIT) collections. September CNIT revenues of $1.06 billion exceeded the estimate by $192.7 million (22.1%). Higher

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MRU-2022-07.pdf

motor vehicle sales and use tax (SUT) to the Public Transportation Trust Fund ($42.2 million) and (2) from personal income tax (PIT) withholding to the Election Integrity Restricted Account ($45.0 million), collections increased $83.2 million (3.1%) from same month in the prior year. Growth (adjusted) in PIT and SUT was offset by a reduction in corporate net income tax (CNIT) revenues. Personal income tax (PIT) revenues for the month were $972.9 million, an increase of $13.8

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MRU-2022-05.pdf

the fiscal year-to-date (FYTD). The monthly overage was due to strength in sales and use tax (SUT), personal income tax (PIT) and corporate net income tax (CNIT) payments. Monthly SUT collections of $1.20 billion were $170.4 million (16.5%) higher than anticipated, driven

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MQRE-FY23-24_Revised_Jan.pdf

the estimates were not adjusted to reflect actual year-to-date monthly collections through December. FY 2023-24 Corporate Net Income -$11.1 Insurance Premiums -6.0 Financial Institutions -25.2 SUT - Non-Motor 6.0 Cigarette -115.3 Gaming -5 Corporation Taxes 185 120 1,045 180 170 973 219 194 2,873 846 477 502 7,783 Corporate Net Income 181 111 1,021 171 160 956 165 110 716 732 445 931 5,699 Gross Receipts 3 5 10

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Monthly_Economic_Update_October_2020.pdf

8%) reported strong growth. Food service (-13.7%) and clothing (-12.0%) remain weak relative to September 2019. Pennsylvania Personal Income Grows by 12.0% in Q2 On September 24, the U.S. Bureau of Economic Analysis (BEA) released state personal income data for 2020 Q2. Pennsylvania personal income grew 12.0% in the second quarter compared to the prior year. Transfer

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MER-2015-06.pdf

Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-

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MER-2015-04.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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MER-2015-02.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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MER-2014-11.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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MER-2014-10.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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MER-2014-09.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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MER-2014-08.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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MER-2014-06.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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MER-2014-05.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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MER-2014-04.pdf

growth rate of the U.S. economy. Excludes in Ðlation. 1 (Preliminary rate for 2014.1 is 0.1%). Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The

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MER-2014-01.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits

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MER-2013-12.pdf

Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi- ness and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-

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Budget_Hearing_Testimony-Feb2014.pdf

1.8 percent. The January through June growth rates for major General Fund revenue sources are as follows: • Corporate net income tax: 1.7 percent (vs. 1.3 percent in the first half). • Sales and use tax: 3.9 percent (vs. 2.3 percent in the first half). • Personal income tax withholding: 3.6 percent (vs. 2.2 percent in the first half). Unlike last year, we do not expect

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2020_Mid_Year_Update.pdf

Amount $ Diff Amount $ Diff General Fund $18,710 3.1% 4.1% $18,517 $194 $18,534 $177 Corp. Net Income 1,665 0.9% 1,632 33 1,797 -132 Sales - Non-Motor 5,933 3.0% 5.5 5 Year Update Estimate Amount $ Change Growth Adjust General Fund $35,518 $35,738 $220 2.5% 3.1% Corporate Net Income 3,458 3,433 -25 1.0 Sales - Non-Motor 9,996 10,051 55 4.5 .5.9 9

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2013-08 Monthly Economic Summary.pdf

econo- my. Excludes inflation. 1 Note: The GDP series was revised to include intangible assets (e.g., intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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2013-06 Monthly Economic Summary - FINAL.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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2012-07 Monthly Economic Summary10.pdf

annualized growth rate of the US economy. Excludes infla- tion. Data are from the US Bureau of Economic Analysis. Personal Income The year-over-year growth rate of US personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. In- cludes any inflationary gains. Data are from the US

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Senate Budget Hearing Request.pdf

10/0 Wisconsin 20/0 1 Nevada, Ohio, South Dakota, Texas, Washington and Wyoming do not levy a corporate net income tax. However, Ohio, Texas and Washington levy a gross receipts tax on business activities. Sources: Tax Foundation. Wolters Kluwer CCH IntelliConnect. Table B Corporate Net Operating Loss Deduction Caps by State 1 State Cap Connecticut 50% of taxable income on carryforwards Delaware $30,000 on carrybacks Idaho $100,00 on carrybacks Louisiana 72% of carryforward amount which cannot exceed

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SD_Prop_Tax_Update_Jun_2024.pdf

forecast assumes that reassessments and new construction cause the underlying tax base to expand by 1.5% per annum. Earned Income Tax Forecast Earned Income Tax revenues for FY 2023-24 are forecast by the IFO based on projected growth in gross compensation and net

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Revenue_Estimate_Performance_2023_08.pdf

million, or 0.4% of actual General Fund revenues. (See Tables 1 and 2, final columns.) An overprediction of personal income tax (PIT) (-$156 million) and sales and use tax (SUT) (-$45 million) was more than offset by an underprediction of escheats ($94 million), corporate net income tax (CNIT) ($53 million) and other revenues ($175 million, largely gross receipts, realty transfer and inheritance taxes). The forecast for

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Revenue_Estimate_2016-06-15_Snapshot.pdf

Source FY15-16 Growth FY16-17 Growth General Fund - Total $30,999 1.3% $31,661 2.1% Corporate Net Income 2,843 1.1% 2,921 2.8% Sales and Use - Total 9,842 3.7% 10,188 3.5% Motor 8,493 4.0% 8,807 3.7% Motor Vehicle 1,349 1.7% 1,382 2.4% Personal Income - Total 12,561 3.7% 13,014 3.6% Withholding 9,397 3.6% 9,671 2.9% Quarterly 1

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Revenue_Estimate_2014-06-16_Snapshot.pdf

for FY13-14 and $870 million lower for FY14-15, a two-year difference of $1,442 million. Corporate Net Income Tax – Revenues are expected to be flat in FY14-15. Lower tax liabilities from the expanded net operating loss deduction projects a moderate increase in non-motor collections consistent with higher consumer confidence, an improving labor market and increased disposable income. Receipts are restrained by low inflation for taxable consumer goods. Motor vehicle receipts are projected to display continued growth. Personal

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Revenue Trends Report - July 2012.pdf

amounts in millions) Revenue Source July 2012 FY 12-13 to Date 3 month aggregate 12 month aggregate Corporate Net Income $10.9 $10.9 $133.8 -$112.6 percent change 20.0% 20.0% 30.3% -5.2% Other Corporate 774.3 percent change 7.0% 7.0% 2.2% 2.9% Revenue highlights for July:  The corporate net income tax showed strength in July compared to the prior year. Revenues in the most recent three month period (May through

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Response-Letter-05-13-2019.pdf

085 2,145 2.00% 3,426 3,644 3,787 3,897 4,011 4,128 4,246 Retirement Income 4 3.07% 734 784 836 890 946 1,005 1,066 3.57% 852 910 970 1,033 1 do not receive a windfall from the increased tax rate. Options to Fund School District Property Tax Elimination 4 Retirement income net of previously taxed employee contributions and excluding Social Security. Moving forward, assumes that all retirement income will be taxed

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RB_2024_07_CNIT.pdf

Act 53 of 2022 phased down the corporate net income tax (CNIT) rate from 9.99% in tax year 2022 to 4.99% by tax year 2031. The new state losses are unused tax losses carried forward from prior tax years that can be used to offset current year taxable income. Act 56 of 2024 raises the NOL deduction threshold from 40% of taxable income (the maximum offset) for tax year

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QRR_2015Q3_preliminary.pdf

revenues were $74 million above estimate. The following bullets briefly discuss some of the highlights for the quarter. • Corporate net income tax revenues were $27 million below estimate due to lower-than- expected estimated payments. • Non-motor sales tax collections were 20 million below estimate. After a strong July, this revenue source displayed only modest growth in August and September. • Personal income tax withholding collections, which were higher than normal due to an extra weekly due date this quarter, met estimate. • Personal

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PBB_2022_DLI_REPORT.pdf

166 4,675 Average Weekly Full-Time Equivalent (FTE) Positions by Activity Activity Primary Service 1 Unemployment Comp. Benefits..................... Provide income support to unemployed workers 2 Unemployment Comp. Tax Services.............. Collect unemployment compensation taxes 3 Unemployment Comp. Appeals..................... Review appeals related for all activities related to the processing and payment of claims for unemployment compensation (UC). UC programs provide temporary, partial income replacement to workers who are unemployed through no fault of their own and meet other eligibility requirements. The department develops

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NewsStand_2019_October.pdf

million to 31 million. Nearly 10 million of those households are considered “cost-burdened” paying more than 30% of their income for housing. Older renters and older homeowners still making mortgage payments reported paying between $830 and $1,300 on monthly 85.8% after IRS auditing and enforcement efforts. The IRS finds that volun- tary compliance is much higher for wage income reported through withholding, with just 1% of this income un- derreported. For comparison, taxpayers filing for cash business or other

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Newsstand_2018_May.pdf

also discusses the Federal Reserve’s plan of action moving forward based on the report. IRS Releases Preliminary U.S. Income Tax Data for 2016 For most states, income tax revenues came in far below projections for FY 2016-17, leading to large budget defi- cits. New federal income

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MRU_2024_3.pdf

80 billion are $284 million (0.9%) higher than anticipated. Revenue highlights for the major tax types include: ▪ Monthly corporate income tax collections were $686 million, $30 million (-4.2%) below projections, due to estimated payments (for tax year 2024) which motor vehicle collections (+$183 million, +1.9%). FYTD motor vehicle collections are $62 million (-6.0%) below estimate. ▪ March personal income tax collections (PIT) of $1.53 billion exceeded estimate by $7 million (+0.5%) with lower than anticipated annual (-$26

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MRU_2024_2.pdf

77 billion, $110.0 million (+4.1%) above the IFO’s official estimate, driven by higher than expected corporate net income tax (CNIT), sales and use tax (SUT) and personal income tax (PIT) collections. The IFO estimate for February was $40.5 million lower than the administration’s recertified estimate. Collections

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MRU_2024_1.pdf

3.91 billion, $30.3 million (-0.8%) below the IFO’s official estimate, driven by a shortfall in personal income tax (PIT) collections and partially offset by overages in corporate net income tax (CNIT), sales and use tax (SUT) and Treasury collections. The IFO estimate for January was $104.9 million higher

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MRU_2024_09.pdf

FYTD collections were $248 million (+2.5%) higher. (See next page.) Revenue highlights for the major tax types include: Personal income tax (PIT) collections of $1.61 billion for September were $74 million (+4.8%) above last year and $41 million 2%) while annual payments decreased (-$13 million, -20.2%) from the same month of the prior year. Monthly corporate net income tax (CNIT) collections totaled $971 million and were $11 million (-1.1%) below the prior year. FYTD CNIT collections of

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MRU_2024_08.pdf

expected motor vehicle collections (-$8 million) are partially offset by higher than projected non-motor vehicle collections (+$3 million). Personal income tax (PIT) collections were $1.10 billion, a decrease of $82 million (-6.9%) relative to last year. ▪ Withholding revenues August was 5.7%. ▪ Annual payments increased (+$2 million, +5.6%); quarterly payments decreased (-$1 million, -1.3%). Corporate net income tax (CNIT) collections totaled $111 million and were $19 million (-14.6%) below the prior year. FYTD CNIT collections of

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MRU_2024_07.pdf

2023. Motor vehicle collections of $123 million for July were $7 million (+6.3%) higher than the prior year. Personal income tax (PIT) collections were $1.19 billion, an increase of $137 million (+13.0%) relative to last year. Withholding revenues was +2.2%.  Quarterly payments increased (+$15 million, +33.8%); annual payments increased (+$3 million, +9.0%). Corporate net income tax (CNIT) collections totaled $212 million and were $30 million (+16.7%) above the prior year. The increase was the

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MRU_2024_06.pdf

lower than collections for June 2023. (See next page.) Revenue highlights for the major tax types include: ▪ June corporate net income tax (CNIT) collections of $917 million were $13 million (-1.4%) below estimate. Fiscal year CNIT collections of $5.65 collections (+$267 million, +2.1%). Fiscal year motor vehicle SUT collections were $76 million (-5.3%) below estimate. ▪ Monthly personal income tax (PIT) collections of $1.53 billion were above estimate by $9 million (+0.6%) due to higher than expected

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MRU_2024_05.pdf

3.36 billion, $7 million (-0.2%) below the IFO’s official estimate, driven by a shortfall in corporate net income tax (CNIT) collections that was offset by an overage in non-motor vehicle sales and use tax (SUT). The IFO vehicle collections (+$254 million, +2.2%). FYTD motor vehicle SUT collections are $57 million (-4.4%) below estimate. ▪ Monthly personal income tax (PIT) collections of $1.30 billion were below estimate by $19 million (-1.4%) due to lower than expected

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MRU_2024_04.pdf

s official estimate, driven by strength in inheritance tax and escheats collections that was partially offset by weakness in personal income tax (PIT) collections. The IFO estimate for April was $331 million higher than the administration’s recertified official estimate. April are $326 million (+0.9%) higher than expected. Revenue highlights for the major tax types include:  April corporate net income (CNIT) collections were $702 million, $31 million (-4.2%) lower than anticipated due to estimated payments (tax year 2024) which

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MRU_2023_12.pdf

70 billion, $182.8 million (-4.7%) below the IFO’s official estimate, driven by a shortfall in corporate net income tax (CNIT) and personal income tax (PIT) collections. The IFO December estimate was $113.2 million higher than the administration’s estimate published in August

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MRU_2023_11.pdf

06 billion, $78.9 million (+2.6%) above the IFO ’s official estimate, driven by an overage in corporate net income tax (CNIT) which was partially offset by a shortfall in personal income tax (PIT). (The IFO November estimate was $32.5 million lower than the estimate certified by the Governor.) November collections

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MRU_2023_10.pdf

3.25 billion, $116.7 million (+3.7%) above the IFO’s official estimate, driven by overages in corporate net income tax (CNIT), personal income tax (PIT) and inheritance tax, which were partially offset by shortfalls in escheats. (The IFO October estimate was $3.2

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MRU_2023_09.pdf

were $4.06 billion, $163.6 million (-3.9%) below the IFO’s official estimate, driven by shortfalls in personal income tax (PIT), corporate net income tax (CNIT) and inheritance tax. (The IFO monthly estimate was $23.4 million higher than the estimate certified by the

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MRU_2023_08.pdf

were $2.90 billion, $8.7 million (0.3%) above the IFO’s official estimate, with overages in corporate net income tax (CNIT) and inheritance tax offseting shortfalls in sales and use tax (SUT) and personal income tax (PIT). (The IFO monthly estimate was $35.8 million lower than the estimate certified by the Governor.) August revenues

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MRU_2023_06.pdf

were $2.73 billion (6.5%) above estimate. The overage was primarily the result of higher than anticipated corporate net income tax (CNIT), non-motor sales and use tax (SUT) and Treasury collections. CNIT collections for June reached $1.02 billion 7 million (6.3%), due largely to higher than expected non-motor vehicle (+$809.6 million, 6.8%) collections. Personal income tax (PIT) collections of $1.44 billion for June were $37.5 million (-2.5%) below estimate, primarily the result

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MRU_2023_05.pdf

IFO monthly estimate was $38.8 million higher than the estimate certified by the Governor.) Weaker than anticipated corporate net income tax (CNIT) final payments and personal income tax (PIT) withholding payments were the primary reason monthly collections fell short of the estimate. CNIT collections for the month

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MRU_2023_02.pdf

date (FYTD). (The IFO monthly estimate was $55.2 million lower than the estimate certified by the Governor.) Corporate net income tax (CNIT) collections for the month were $207.5 million, which surpassed the estimate by $127.5 million (159.4% million (7.3%) above the forecast primarily due to non-motor vehicle (+$613.7 million, 7.8%) revenues. Monthly personal income tax (PIT) collections of $1.16 billion were over estimate by $93.9 million (8.8%), mostly due to withholding

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MRU_2022_12.pdf

200 million of revenue that would normally have been receipted in November to December ($184 million was withholding). December personal income tax (PIT) collections of $1.43 billion exceeded the estimate by $206.3 million (16.8%). The overage in withholding monthly forecast. FYTD PIT collections total $7.47 billion, which are $257.6 million (3.6%) above expectations. Corporate net income tax (CNIT) revenues for December came in at $994.6 million, which surpassed the monthly estimate by $139.6 million

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MRU_2022_03.pdf

for the fiscal year-to-date (FYTD). The monthly overage was driven by strong sales and use tax (SUT), personal income tax (PIT) and corporate net income tax (CNIT) collections. SUT collections were above estimate (+$213.0 million, 23.2%) for the month with both non-motor

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MRU_2022_02.pdf

billion (9.4%) for the fiscal year-to-date (FYTD). The monthly overage was driven by stronger than expected personal income tax (PIT) and sales and use tax (SUT) collections. Monthly PIT collections were $1.03 billion, which was $90.3 billion (+$732.4 million, 8.7%), driven mainly by non-motor vehicle collections (+$655.5 million, 8.9%). Corporate net income tax (CNIT) revenues for the month came in at $86.6 million, $5.1 million (6.3%) over estimate. FYTD

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MRU_2021_11.pdf

8 million (6.5%) due almost entirely to non-motor vehicle collections (+$293.0 million, 6.2%). November corporate net income tax (CNIT) revenues surpassed the forecast by $39.0 million (28.2%) due to final (+$21.5 million, 21.2% projection (+$362.9 million, 32.5%), and estimated payments comprise most of that overage (+$239.0 million, 32.3%). Personal income tax (PIT) collections of $997.5 million were over estimate by $53.9 million (5.7%) for the month, largely

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MRU_2021_09.pdf

million (16.0%) over estimate. The monthly differential was attributable to strength in all three major tax types: corporate net income tax (CNIT), sales and use tax (SUT) and personal income tax (PIT). Fiscal-year-to-date (FYTD) General Fund collections of $9.28 billion are $714.5 million (8.3%

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MRU_2021_08.pdf

57 billion, or $71.5 million (2.9%) over estimate. The monthly overage was almost entirely due to corporate net income tax (CNIT) and sales and use tax (SUT) collections. Fiscal-year-to-date (FYTD) General Fund collections are $5.27 the forecast by $12.6 million (0.5%), led by non-motor vehicle collections (+$8.0 million, 0.4%). Personal income tax (PIT) revenues hit estimate at $978.8 million for the month. A shortfall in quarterly payments (-$2.6 million

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MRU_2021_07.pdf

non-motor prepayment requirement. After adjusting for this shift, non-motor revenues increased $170.8 million (18.9%). July personal income tax (PIT) collections were $959.1 million, a decrease of $1.35 billion (-58.5%) from the prior year. Withholding by $10.8 million (38.2%) and total PIT collections increased by $91.7 million (10.6%). July corporate net income tax (CNIT) collections totaled $171.4 million and were $65.3 million (-27.6%) below the prior year. Adjusting for

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MRU_2021_05.pdf

Independent Fiscal Office’s (IFO) revised Official Estimate published in January 2021. The monthly overage was primarily due to personal income tax (PIT) annual payments. Fiscal-year-to- date (FYTD) General Fund collections are $36.62 billion, which are $1.60 2020). FYTD PIT collections total $14.85 billion and are $422.0 million (2.9%) above the forecast. Corporate net income tax (CNIT) revenues reached $417.5 million in May as a result of higher than anticipated final (+$141.8 million

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MRU_2021_04.pdf

s (IFO) revised Official Estimate published in January 2021. The monthly shortage was primarily due to lower than expected personal income tax (PIT) collections. Fiscal-year-to-date (FYTD) General Fund collections are $32.68 billion, which are $274.5 million is anticipated that the FYTD shortfall will be eliminated with the receipt of delayed annual payments in May. Corporate net income tax (CNIT) revenues reached $478.5 million in April. The monthly performance was the result of higher than anticipated final

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MRU_2021_03.pdf

IFO) revised Official Estimate published in January 2021. The monthly overage was largely the result of higher than expected personal income tax (PIT), corporate net income tax (CNIT) and inheritance tax collections. Fiscal-year-to-date (FYTD) General Fund collections of $28.71 billion are $551

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MRU_2021_02.pdf

IFO) revised Official Estimate published in January 2021. The overage was largely the result of a temporary shift in personal income tax (PIT) collections. Fiscal-year-to-date (FYTD) collections are $23.87 billion, or $267.5 million (1.1 percent) above estimate. Corporate net income tax (CNIT) collections were $1.8 million (2.6 percent) over the monthly projections for February due to stronger than

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MRU_2021_01.pdf

Official Estimate published in January 2021. The monthly shortfall was the largely the result of a temporary shift in personal income tax (PIT) collections. Fiscal-year-to-date (FYTD) collections are $21.2 billion, $242.1 million (-1.1 percent) lower than expected. Total corporate net income tax (CNIT) collections reached $146.0 million, largely meeting the January projection (0.1 percent). The monthly performance was due

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MRU_2020_11.pdf

2020 Official Estimate. The monthly outcome was due to stronger than expected sales and use tax (SUT) and corporate net income tax (CNIT) collections, which were largely offset by lower than expected personal income tax (PIT) withholding collections. Withholding collections in November were reduced by a $200 million transfer to the Property Tax Relief

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MRU-2023-04.pdf

lower than the estimate certified by the Governor.) The monthly overage is primarily due to stronger than anticipated corporate net income tax (CNIT) and sales and use tax (SUT). Monthly CNIT collections for April were $874.0 million, which exceeded the 8 million (7.6%) above estimate mainly due to non-motor vehicle (+$821.8 million, 8.4%) collections. April personal income tax (PIT) collections of $2.90 billion fell below projections by $33.9 million (-1.2%), due to non-withholding

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MRU-2023-03.pdf

FYTD). (The IFO monthly estimate was $5.3 million higher than the estimate certified by the Governor.) March corporate net income tax (CNIT) collections were $791.9 million, which surpassed the estimate by $216.9 million (37.7%), due to higher 7.5%) above the forecast primarily due to non-motor vehicle (+$692.9 million, 7.9%) tax revenues. March personal income tax (PIT) collections of $1.63 billion were over estimate by $35.5 million (2.2%), due to quarterly payments

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MRU-2023-01.pdf

6 million (7.1%) above the forecast due to non-motor vehicle (+$547.9 million, 7.8%) revenues. Corporate net income tax (CNIT) collections for January came in at $166.8 million, which surpassed the monthly estimate by $11.8 million the forecast due to estimated (+$265.5 million, 15.0%) and final (+$82.0 million, 11.6%) payments. Monthly personal income tax (PIT) collections of $1.73 billion were below estimate by $54.4 million (-3.0%). A shortfall in withholding

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MRU-2022-11.pdf

by $423.0 million (7.7%) due to non-motor vehicle (+$414.2 million, 8.4%) revenues. November corporate net income tax (CNIT) revenues came in at $174.6 million, which surpassed the monthly estimate by $4.6 million (2.7% above the forecast due to estimated ($123.3 million, 12.8%) and final ($72.8 million, 14.4%) payments. Personal income tax (PIT) collections of $994.1 million for the month fell short of estimate by $168.4 million (-14.5%

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MRU-2022-10.pdf

by the Governor.) The monthly overage is primarily due to stronger than anticipated sales and use tax (SUT) and personal income tax (PIT) revenues. October SUT collections of $1.27 billion were $139.9 million (12.4%) over estimate due entirely while quarterly (+$170.1 million, 25.8%) and annual (+$94.4 million, 42.4%) payments surpass the forecast. Corporate net income tax (CNIT) revenues for October came in at $176.4 million, which exceeded the monthly estimate by $16.4 million

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MRU-2022-08.pdf

156.6 million (6.9%), led primarily by non -motor vehicle collections (+$148.5 million, 7.3%). August corporate net income tax (CNIT) revenues of $102.0 million were $8.0 million ( -7.3%) lower than anticipated due to estimated payments million, which is $17.5 million ( -6.5%) below expectations, driven by estimated payments ( -$19.9 million, -14.2%). Personal income tax (PIT) revenues were $1.18 billion for the month, which were $17.8 million ( -1.5%) below the forecast

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MRU-2022-06.pdf

22 billion (14.8%) above estimate. This result was due to dramatic overages in almost every tax type, including personal income tax (PIT), corporate net income tax (CNIT) and sales and use tax (SUT). June PIT collections were $1.64 billion, $191.1 million (13.2%

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MRU-2022-01.pdf

to-date (FYTD). The monthly overage was primarily due to stronger than expected sales and use tax (SUT) and personal income tax (PIT) collections. SUT collections for the month came in at $1.26 billion and were $159.9 million (14 12.4%) payments. Adjusting for due dates and one-time transfers, FYTD withholding revenues grew 10.0%. January corporate net income tax (CNIT) revenues were $53.9 million (49.7%) above estimate due entirely to estimated (+$65.9 million, 148.9%

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MRU-2021-12.pdf

monthly overage was primarily due to higher than expected collections in all three of the largest revenue sources: corporate net income tax (CNIT), sales and use tax (SUT) and personal income tax (PIT). Monthly CNIT revenues exceeded the forecast by $273.7 million (44.4%) due to estimated (+$241.1 million

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MRU-2021-06.pdf

Fiscal Office’s (IFO) revised Official Estimate published in January 2021. The monthly overage was mainly due to corporate net income tax (CNIT) and sales and use tax (SUT) revenues. Fiscal year 2020-21 General Fund collections were $40.39 billion payments. For the entire fiscal year, CNIT collections were $4.42 billion, $649.2 million (17.2%) above estimate. Personal income tax (PIT) collections for June were $1.43 billion (+$54.3 million, 3.9%) as a result of stronger than

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MRU-2020-3.pdf

impact of the virus, FYTD collections exceed the IFO estimate by roughly $165 million (0.7 percent). March corporate net income tax (CNIT) collections were short $64.3 million, split almost evenly between final and estimated payments (-$31.9 million and some weakness (-$2.6 million) for the month, possibly impacted by the closure of the state liquor stores. March personal income tax (PIT) collections were below estimate by $116.0 million, with almost all of the shortfall attributable to the virus

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MRU-2020-10.pdf

Fiscal Office’s (IFO) June 2020 Official Estimate. The key variances are attributable to sales and use tax (SUT), personal income tax (PIT) and corporate net income tax (CNIT). Fiscal year-to-date (FYTD) collections exceed estimate by $1.01 billion (8.8 percent). SUT revenues for

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MRU-2020-09.pdf

Fiscal Office’s (IFO) June 2020 Official Estimate. The difference was attributable to sales and use tax (SUT), corporate net income tax (CNIT) and personal income tax (PIT). Fiscal year-to-date (FYTD) collections exceed estimate by $739.6 million (8.1 percent). Monthly SUT revenues

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MRU-2020-08.pdf

million (10.8 percent) higher than anticipated. The overage was largely attributable to sales and use tax (SUT) and personal income tax (PIT). Fiscal year-to-date (FYTD) collections exceed estimate by $392.3 million (6.3 percent). Monthly SUT revenues COVID-related tax due date extension. FYTD PIT collections are $4.6 million (-0.1 percent) below estimate. Corporate net income tax (CNIT) collections for the month totaled $287.3 million, $16.5 million (6.1 percent) higher than expected. The

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MRU-2020-07.pdf

business closures earlier this year and the continued effect of federal economic impact payments and enhanced unemployment compensation benefits. Personal income tax (PIT) collections for July were $2.31 billion, an increase of $1.29 billion (126.1 percent) above the result of motor vehicle SUT collections, which increased by $49.7 million (34.9 percent) for the month. Corporate net income tax (CNIT) collections for the month totaled $236.7 million and were $143.6 million (154.3 percent) above the

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MRU-2020-06.pdf

The impact of the virus was partially offset by a $35 million overage in various other revenue sources. Corporate net income tax (CNIT) collections for June were $243.8 million (-38.5 percent) below estimate. The majority of the shortfall (-$190 due date for most tax year 2019 final payments to August 14 and is expected in FY 2020-21. Personal income tax (PIT) collections for June were below estimate by $213.7 million (-17.4 percent). Shortfalls in withholding (-$75.4

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MRU-2020-05.pdf

4 percent) below estimate, with $135 million of the shortfall expected to be recovered in FY 2020-21. Corporate net income tax (CNIT) collections for May were below estimate by $208.9 million. The majority of the shortfall (-$200.2 million IFO projects that $340 million of the $387.0 million FYTD shortfall has been shifted to next fiscal year. Personal income tax (PIT) collections for May exceeded estimate by $46.6 million. A shortfall in withholding collections of $86.2 million

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MRU-2020-04.pdf

estimate through April and are 5.7 percent below collections for the same period in the prior fiscal year. Personal income tax (PIT) collections for the month were significantly below estimate (-$1.48 billion), with the entire shortfall attributable to the of most car dealerships in April. FYTD SUT collections are $388.0 million (-4.1 percent) below estimate. Corporate net income tax (CNIT) collections were below estimate by $158.6 million for the month. The majority of the shortfall (-$141.6

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Monthly_Economic_Update_July_2023.pdf

5.5%) The cost to rent a primary residence. Owner’s Equivalent Rent (OER) (30.6%) For homeowners, the rental income foregone if the home had been rented. By far, the single largest CPI-U component. Excludes maintenance and property taxes 3 2022.4 2023.1 Gross Domestic Product 9 -1.1% -0.9% 3.2% 3.2% 1.9% Personal Income 10 -4.6% 2.2% 3.5% 4.0% 5.1% Wages and Salaries 11 10.0% 9.5% 9

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Monthly_Economic_Update_August_2023.pdf

last year and 0.9% over the prior month. Owner’s Equivalent Rent (OER) (30.6%) For homeowners, the rental income foregone if the home had been rented. By far, the single largest CPI-U component. Excludes maintenance and property taxes 4 2023.1 2023.2 Gross Domestic Product 9 -0.9% 3.2% 3.2% 1.9% n.a. Personal Income 10 2.2% 3.5% 4.0% 5.1% n.a. Wages and Salaries 11 9.5% 9.5% 5

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Monthly_Economic_Update_August_2020.pdf

7 billion in support to unemployed workers. The impact of the UC payments is visible in the U.S. personal income data for 2020 Q2 published by the U.S. Bureau of Economic Analysis. Despite wages and salaries falling by 7.1% from 2020 Q1, personal income grew 7.3% in 2020 Q2 due to an influx of state and federal support through UC payments and other

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MER-2013-11.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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IFO_Revenue_Estimate_2013-14_Mid-Year_Update.pdf

65 million below the IFO estimate. Revenues have been characterized by weak nonmotor vehicle sales tax receipts and lackluster personal income tax remittances from wage and salary withholding. The table below displays first half growth rates for the General Fund and Revenue Growth 1st Half Growth 2 nd Half to Meet Estimate General Fund – Total 0.5% 2.7% Corp.Net Income 1.3% 1.7% Sales and Use 2.3% 5.5% Personal Income 2.7% 3.3% A significant acceleration

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IFO_Response_Letter_Feb_21_2023.pdf

That letter requests that the Independent Fiscal Office (IFO) project the impact of an increase in the share of taxable income that C corporations may offset through net operating loss (NOL) deductions in accordance with the two scenarios detailed below: 1. A one-time adjustment of the cap on NOL deductions from 40% to 44% of taxable income, applicable to tax year (TY) 2023 and later. 2. An adjustment of the cap on NOL deductions from 40% to

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HAC testimony Feb 2019.pdf

for January, revenues were roughly $100 million below estimate due to a shortfall in the fourth estimated payment for personal income tax. The year-to- date net overage is attributable to three sources: sales and use tax ($205 million over estimate), corporate net income ($191 million) and gaming expansion ($64 million). Those amounts were partially offset by a shortfall in personal income tax (-$197

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Five_Year_Outlook_Presentation_2023_final.pdf

Revenues November 15, 2023 7 Fiscal Year 23-24 24-25 25-26 26-27 27-28 28-29 Personal Income $18,294 $19,030 $19,812 $20,789 $21,531 $22,425 Sales and Use $14,059 $14,397 $14,830 $15,256 $15,691 $16,120 Corporate Net Income $5,540 $5,139 $4,767 $4,572 $4,439 $4,292 Treasury Collections $678 $561 $323 $207 $75 $75

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Five_Year_Outlook_Presentation_2022.pdf

6 $8.3 $0.1 Note: Billions of dollars. PEBT included with SNAP. SNAP still under Federal Public Health Emergency, income phase-out has been suspended FY 21-22 $3.84 billion in federal funds transferred to General Fund ERC ~$57 67.0 0.46 0.69 +0.22 Realty Transfer 58.6 0.07 0.10 +0.03 Corporate Net Income 56.7 0.43 0.60 +0.17 Inheritance 47.2 0.13 0.17 +0.04 Sales and Use

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Five_Year_Outlook_2017_Presentation.pdf

appear to rebound. Federal tax reform may have material impact.  Large tax cuts for corporate and pass-through business income.  100% full expensing for 2018 may delay business purchases. November 16, 2017 18 PA Economic Growth Rates 2013 2014 Thousands of annual job gains Revenue Impact of Two Recessions Mild Recession 2000-01 2001-02 2002-03 Forecast Personal Income 6.0% -4.7% -0.5% 4.3% Sales and Use 2.6% 1.2% 3.1% 3.0% Corporate

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EPLC_April_2024.pdf

available) by the IFO. Notes Education Policy & Leadership Center Slide 7 • Wages and Salaries 2024.1 estimated based on personal income tax withholding collections • RedFin Home Sales 2024.1 is based on Jan. and Feb. data • Change Payroll Jobs and All CNIT +71% Cap Gains +85% PA GDP +29% PIT non-wage +36% SUT +35% PIT wage +31% CNIT = Corporate Net Income ExcludesCNITrate cut PIT = Personal Income SUT = Sales and Use Slide 13 Education Policy & Leadership Center • FY 24-25 growth is

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Economic_and_Revenue_Update_Presentation_August_2020.pdf

19, 2020 6 IFO Admin $ Diff IFO $ Shifts General Fund $35,874 $34,631 $1,243 $1,995 Corporate Net Income 3,188 2,828 360 350 Gross Receipts 1,005 1,010 -5 Sales - Non-Motor 9,893 11,076 2,898 277 70 All Non-Tax 667 686 -20 25 Note: Dollar amounts are in millions. PIT is personal income tax. FY 20-21 has 53 Wednesdays which translates into ~$125 million in extra withholding monies. DOR has not published

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CompetePA_March_11_2021.pdf

recovery Labor Force -231,000 reasons unclear Small Business Revenue -28% no recovery in 2021 Q1 PA Economic Positives Cash Income (CY 2020) +8.3% highest since 1998 Home Values +10.8% highest since 2005 Sales Tax Revenues +5.4% online 11 USw 0.40 USw 2.48 USw 2.53 USuw 0.44 USuw 2.24 USuw 2.46 Corporate Income Personal Income Sales and Use Note: Average Tax Rate (ATR) is the ratio of the state-local tax revenue to

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2013-10 Monthly Economic Summary.pdf

econo- my. Excludes inflation. 1 Note: The GDP series was revised to include intangible assets (e.g., intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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2013-09 Monthly Economic Summary-FINAL.pdf

econo- my. Excludes inflation. 1 Note: The GDP series was revised to include intangible assets (e.g., intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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2013-07 Monthly Economic Summary.pdf

econo- my. Excludes inflation. 1 Note: The GDP series was revised to include intangible assets (e.g., intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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2013-05_Monthly_Economic_Summary.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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2012-12 Monthly Economic Summary FINAL.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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2012-10 Monthly Economic Summary FINAL.pdf

Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econ- omy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any in- flationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of

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Releases

year (FY) 2018-19 through FY 2023-24 and the first two months of FY 2024-25. Full Report County Income Patterns 2019 to 2022 September 09, 2024 | Economics and Other This annual research brief uses the latest published data to generate maps and rankings of county demographic and income trends. The release highlights population change, personal income growth, shares of transfer income and per capita amounts for all counties

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TC_Board_Hearing_Jan_24_2022.pdf

highest after Florida ($874m) ▪ Nearly all allow 5-10% retention for non-program costs | PA allows 20% ▪ 3 have no income limits | PA is highest for states with income limit Awards and contributions data (FY 19-20) ▪ Credit limit is $750k per firm or special purpose entity ▪ EITC: 2

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TC_2022_Mixed_Use_Development.pdf

Tax Credits by submitting a bid application to PHFA. The credit may be utilized by qualified taxpayers against Pennsylvania personal income (excludes withholding), corporate net income, bank and trust company shares, title insurance company shares, in- surance premiums, gross receipts and mutual thrift institutions taxes for

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SR2014-03-presentation.pdf

Dec.2014 13 Debt and Debt Service Computations for the real estate tax rate include these assumptions or scenarios: Earned income tax revenues (various rates): Other local revenues ($53.6 million) held constant. 16.Dec.2014 14 Real Estate Tax Computation 95 million $13.90 million $20.85 million Current countywide averages: Consolidated district ranges: 16.Dec.2014 16 Findings Earned Income Tax Real Estate Tax 0.56% 20.442 mills Earned Income Tax Admin. Savings Real Estate Tax 2.0% 75%

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SR2013-07-section-4-data.xlsx

Figure 4.1 Index Values for Figure 4.1 Fiscal Personal Sales School Regional Nominal Year Income and Use Property CPI GSP 1993-94 1.00 1.00 1.00 1.00 1.00 1994-95 1 40 1.59 2.00 2012-13 2.13 1.83 2.46 1.61 2.06 Notes: 1 Personal Income Tax index is rate adjusted for the 2004 rate increase. 2 Sales and Use Tax index prior to any transfers

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Revenue_Estimate_2015-06-15_Snapshot.pdf

higher for FY15-16, a two-year increase of $461 million. Highlights of the FY15-16 forecast include: Corporate Net Income Tax – Revenues are projected to register a small decline based on weakness in estimated payments for March and June, the projected to increase, but the rate of increase is expected to be lower than the prior year’s rate. Personal Income Tax – Continued wage and employment gains motivate growth in withholding revenues. A technical factor relating to the calendar results in

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RB_2024_10_Act_1.pdf

example, each school district is assigned a property tax reduction index by PDE that is based on its residents’ personal income, the equalized millage rate and the market value/personal income aid ratio. 2 In general, school districts that rank high in equalized millage relative to personal income metrics will receive

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RB_2024_05_ACP.pdf

Households were eligible for the program if at least one member qualified under any of the following criteria: 1 ▪ Has income that is at or below 200% of the federal poverty guidelines; ▪ Participates in certain assistance programs, such as Supplemental Nutrition Assistance Program (SNAP), Medicaid, Federal Public Housing Assistance, Social Security Income (SSI), Women, Infants & Children (WIC), or Lifeline; ▪ Participates in Tribal programs, such as Bureau of Indian Affairs General Assistance, Tribal

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RB_2022_03_Student_Loan.pdf

that nearly three-quarters of monthly student loan debt payments (in dollar terms) are from earners in the top two income quintiles. 3 Policymakers will need to compare the benefits of further relief relative to the significant federal costs incurred and potential negative implications for labor force participation that disproportionately benefits upper income earners. 2 See https://www.cbo.gov/system/files/2021-04/56997-PNPI.pdf. 3 The article finds that 40%

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Public_Data-General_Fund.xlsx

Tax Revenue Total Corporation Taxes Total Consumption Taxes Total Other Taxes Total Nontax Revenue | Corporate Tax Clearing Account Corporate Net Income Capital Stock & Franchise Gross Receipts Utility Property Insurance Premiums Financial Institutions | Sales and Use - Total Sales and Use - Nonmotor Sales and Use - Motor Vehicle Cigarette Other Tobacco Products Malt Beverage Liquor | Personal Income - Total PIT - Withholding PIT Non-withholding Realty Transfer Inheritance Table Games Minor and Repealed | Liquor Store Profits Lic, Fees & Misc

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

own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income to be derived therefrom as well as the probable safety of their capital. The authorization to make and retain investments other governmental function, official oppression, and speculating or wagering on official action or information. A criminal offense under the personal income tax chapter of the Tax Reform Code of 1971 is also such a crime as is a criminal offense under

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Presentation_PICPA_9-24-2013.pdf

Headwinds - Federal Policy Expiration of Payroll Tax Cut and the Sequester. o $5.3 billion reduction in 2013 PA Disposable Income. o Spending Sequester - $85 billion for FFY 2013 (US total). Debt Ceiling debate – possibility of gov’t shut down. o Revenues and PA Home Price Index (HPI) 24 . Sept . 2013 20 Other Tax Revenues 2013 Q3 As expected, Corporate Net Income revenues flat or declining slightly. o Impact of bonus depreciation after FY 2012-13. o Full phase-in of 100%

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Presentation_PICPA_12-3-2014.pdf

3.4 PIT – Other 566 570 4 0.7 Sales and Use 3,808 3,998 190 5.0 Corporate Income 653 730 77 11.8 Inheritance 355 450 95 26.8 All Other Tax 932 904 -28 -3.0 All Non-Tax 77 87 9 12.0 Note: millions of dollars. PIT is Personal Income Tax. FYTD is fiscal year-to-date. Note: FY 2014-15 excludes $227 million of transfers made in July from

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

1% Motor Vehicle Sales -0.9% 4.8% -3.7% 7.1% 9.9% 8.6% 3.9% Corporate Net Income 11.0% -3.3% 6.4% 5.7% 31.5% 23.7% 8.1% Personal Income - Withholding 4.4% 4.3% 4.3% 4.0% 3.4% 4.5% 3.7% Personal Income - Non-Withheld 0

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PBB_2023_EO_REPORT.pdf

recovered funds for SNAP, MA, Child Care, Temporary Assistance for Needy Families, Long-Term Care, Health Insurance Premium Payment, Low Income Home Energy Assistance Program, State Supplementary Payment, SNAP Special Allowance, Medical Assistance Buy-In, SNAP Trafficking Penalty, SNAP Trafficking Buyer, Low-Income Household Water Assistance Program and Emergency Rental Assistance Program. Office of the State Inspector General | Page 29 ▪ It is recommended

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NFIB_Presentation.pdf

thru Nov Dollar Difference Amount Growth Last Year Estimate All General Fund $11,237 3.7% $401 $26 Corporate Net Income 760 3.9% 28 9 Sales and Use 4,302 3.9% 162 -9 Personal Income 4,654 4.1% 183 -7 Cigarette 522 -2.4% -13 -13 Inheritance 403 9.3% 34 31 All Other

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NewsStand_2019_July.pdf

inflation remains low with 1.6% growth from the prior year, or 2.1% growth if energy is excluded. Personal Income Growth Moderates in 2019 Q1 On June 25, the U.S. Bureau of Economic Analysis released state personal income data for 2019 Q1. Compared to the prior year, data show that Pennsylvania personal income grew by 3.5% in

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Newsstand_2018_October.pdf

000, compared to 62,900 in 2017 and 50,000 for 2016. Finally, tax remit- tances based on the taxable income of pass-through businesses (i.e., S corporations, partnerships and sole proprie- tors) increased by 14.3% in the third quarter. Official government statistics will not be released for the third quar- ter until December 20, 2018 (state personal income) and January 29, 2019 (state gross domestic product). PA Social Security Payments to Increase by $1.3 Billion in CY

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MSC_March_31_2022.pdf

31, 2022 3 Actual Revenues ($ millions) Amount (e) Growth Notes on Adjustments General Fund $34,129 12.7% Corporate Net Income 3,237 28.7 due date shift Sales - Non-Motor 8,936 14.6 due date shift Sales - Motor Vehicle All Other 6,766 4.2 fed funds/transfer Note: Dollars in millions. Revenues through March 2022. PIT is personal income tax. Adjusted growth rate controls for due date shifts, one-time transfers and extra deposit day for withholding. Initial Revenue

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MRU_2021_10.pdf

FYTD) estimate. The monthly outcome was primarily due to stronger than expected sales and use tax (SUT) and corporate net income tax (CNIT) collections. Monthly SUT collections were $109.1 million (10.2%) higher than anticipated. The surplus was largely driven General Fund $2,814.1 $2,580.5 $233.6 $12,091.7 $11,143.6 $948.1 Corporate Net Income 157.9 113.7 44.2 1,301.5 977.6 323.9 SUT - Non-Motor 1,021.5 924

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MRU-2020-12.pdf

Independent Fiscal Office’s (IFO) June 2020 Official Estimate. The overage was primarily due to stronger than expected corporate net income tax (CNIT) collections and one-time transfers under Act 114 of 2020 (not included in the IFO’s Official Estimate Fund $3,681.4 $2,907.0 $774.4 $18,526.5 $16,646.4 $1,880.1 Corporate Net Income 760.9 427.1 333.8 2,138.3 1,542.9 595.4 SUT - Non-Motor 895.8 854

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MQRE_FY20_21_Revised_Feb.pdf

and Lottery Funds were not revised from those published by the IFO on August 27, 2020. FY 2020-21 Personal Income - Withholding -$200.0 Other Misc. 531.2 Total 331.2 Table 1 General Fund Adjustments Note: Figures in dollar millions Total Corporation Taxes 239 292 607 125 140 769 181 86 2,079 314 287 501 5,621 Corporate Net Income 237 287 594 121 138 761 146 70 400 260 260 500 3,775 Gross Receipts 1 3 4 3

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MQRE-FY20-21-Aug.pdf

regarding the recent enactments can be found in the next section. FY 2020-21 Cigarette -$115.3 Personal Income - Withholding -13.8 Licenses & Fees -1.1 Total -130.2 Table 1 General Fund Adjustments Note: Figures in dollar millions. Reflects the Taxes 221 278 489 98 69 444 115 136 2,089 294 305 524 5,060 Corporate Net Income 216 271 474 89 66 427 79 120 411 243 271 522 3,188 Gross Receipts 3 4 6 7 2 10

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Monthly_Economic_Update_Oct_2023.pdf

4 2023.1 2023.2 Gross Domestic Product 9 -0.9% 3.2% 3.2% 1.9% n.a. Personal Income 10 1.2% 2.8% 3.4% 6.1% 5.8% Wages and Salaries 11 8.4% 8.4% 4 4 2023.1 2023.2 Gross Domestic Product 9 -0.6% 2.7% 2.6% 2.2% 2.1% Personal Income 10 2.9% 4.2% 4.7% 5.8% 5.6% Wages and Salaries 11 8.1% 7.9% 5

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Monthly_Economic_Update_Nov_2023.pdf

1 2023.2 2023.3 Gross Domestic Product 9 3.2% 3.2% 1.9% n.a. n.a. Personal Income 10 2.8% 3.4% 6.1% 5.8% n.a. Wages and Salaries 11 8.4% 4.9% 6 1 2023.2 2023.3 Gross Domestic Product 9 2.7% 2.6% 2.2% 2.1% 5.2% Personal Income 10 4.2% 4.7% 5.8% 5.6% 4.8% Wages and Salaries 11 7.9% 5.2% 6

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Monthly_Economic_Update_May_2021.pdf

round of federal stimulus. The U.S. Bureau of Economic Analysis (BEA) has not released state-level data on personal income, but adjusted withholding trends can be used to provide a relatively accurate picture of wage growth. Compared to calendar year 3 2020.4 2021.1 Gross Domestic Product 8 -5.8% -34.0% 35.5% 3.7% n.a. Personal Income 9 2.5% 13.1% 9.0% 3.5% n.a. Wages and Salaries 10 2.2% -6.2% -1

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Monthly_Economic_Update_June_2021.pdf

Wage Gains Surge On May 28, the U.S. Bureau of Labor Statistics released monthly data on U.S. personal income (NIPA Table 2.6). For March and April (latest two months), the data show that wages-salaries grew by 1 3 2020.4 2021.1 Gross Domestic Product 8 -5.8% -34.0% 35.5% 3.7% n.a. Personal Income 9 2.5% 13.1% 9.0% 3.5% n.a. Wages and Salaries 10 2.2% -6.2% -1

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Monthly_Economic_Update_April_2021.pdf

sales is likely explained by the federal stimulus distributed in response to the COVID-19 pandemic, which increased households’ disposable income. The IFO estimates that $50.7 billion flowed to state residents in the form of economic impact payments and the 2 2020.3 2020.4 Gross Domestic Product 8 1.4% -5.8% -34.0% 35.5% 3.7% Personal Income 9 2.8% 2.5% 13.1% 9.0% 3.5% Wages and Salaries 10 4.3% 2.2% -6

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IFO_Response_Letter_March_7_2022.pdf

impact exceeds that threshold. The results for the three bills are as follows: • HB 105 allows conformity to the federal income tax code for like-kind exchanges (Section 1031 of the Internal Revenue Code). The IFO estimates a negative revenue impact effective) that declines to $20 to $25 million per annum after several years. • HB 333 allows conformity to the federal income tax code for Section 179 expensing for pass- through entities. For the current tax year, Section 179 allows full expensing

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IFO testimony CR Hearing Jan 29 2020.pdf

to file a combined return as if the related entities were a single corporation. The combined return reflects the net income or loss associated with the business operations of all members of the unitary group, and income is apportioned to the taxing jurisdiction based on the activity of the combined group within that jurisdiction. Those who support

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Smetters_Presentation_Full.pdf

Wharton Budget Model 8 Census Data Microsimulation Family Composition (1996 – 2070) Penn Wharton Budget Model 9 Census Data Microsimulation Wage income deciles (1996 – 2070) Penn Wharton Budget Model 10 Census Data Microsimulation Marriage (1996 – 2070) Penn Wharton Budget Model 11 Census PWBM Corporate tax rate 21% starting 2019 -1,389 -1,435 -4,185 Net interest deduction capped at 30% of income 253 193 753 Changes to the treatment of investment -86 -180 -152 Modification to net operating loss deductions 201 145

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Senate_Appropriations_Committee_Response_Letter_2021.pdf

clear once sufficient data have been compiled regarding the demographic characteristics of individuals who lost employment (e.g., gender, age, income level) and the reasons that motivate their choice to reenter or refrain from rejoining the labor force. Senator Santarsiero requested sales and use tax and withholding) as well as activity attributable to tax year 2020 (i.e., final corporate net income and personal income tax payments). Neither the IFO estimate nor the estimate published in the Executive Budget include the most

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RTR-May 2012.pdf

4104.8% (1.3) -159.8% 33265.8% -1015.0% 87.1% -75.1% 3.6 -33.8% Corporate Net Income 36.3 -33.7% 671.6 -21.5% 1.5% -14.5% 1.8% 32.0% 1,880.0 -12 9% 3,639.4 5.2% 0.1% 3.5% 4.7% 4.5% 12,052.9 3.6% Personal Income Total 803.6 16.9% 3,317.9 5.3% -0.1% 3.4% 4.3% 4.3% 10,834

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RTR-Mar 2012.pdf

1136.2% 18.4 33265.8% -1015.0% 87.1% -75.1% -99.2% 21.3 -2577.3% Corporate Net Income 328.2 5.1% 410.5 1.5% -14.5% 1.8% 32.0% 3.9% 2,079.6 8 0% 2,993.6 0.1% 3.5% 4.7% 4.5% 8.7% 11,802.8 3.2% Personal Income Total 833.6 -6.8% 2,705.8 -0.1% 3.4% 4.3% 4.3% 7.1% 10,605

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RTR-Jun 2012a.pdf

n.a. (15.1) n.a. n.a. n.a. n.a. n.a. 7.1 n.a. Corporate Net Income 474.4 42.5% 817.7 -6.7% 1.5% -14.5% 1.8% 32.0% 2,021.3 -5 0% 3,818.2 6.0% 0.1% 3.5% 4.7% 4.5% 12,018.6 3.7% Personal Income Total 995.3 -3.3% 3,479.6 5.9% -0.1% 3.4% 4.3% 4.3% 10,800

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RTR-Feb 2012.pdf

3830.4% 4.6 -2572.7% -1015.0% 87.1% -75.1% -99.2% 7.1 98.8% Corporate Net Income 27.7 -17.3% 371.8 -11.8% -14.5% 1.8% 32.0% 3.9% 2,063.7 8 4% 2,961.7 0.3% 3.5% 4.7% 4.5% 8.7% 11,872.9 4.7% Personal Income Total 812.8 21.1% 2,666.2 -0.6% 3.4% 4.3% 4.3% 7.1% 10,666

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RTR-Apr 2012.pdf

383.0% 18.9 1047.1% 33265.8% -1015.0% 87.1% -75.1% 22.9 -1712.9% Corporate Net Income 307.0 -37.1% 662.9 -20.5% 1.5% -14.5% 1.8% 32.0% 1,898.4 -12 0% 3,614.9 5.6% 0.1% 3.5% 4.7% 4.5% 11,919.1 2.6% Personal Income Total 1,680.7 7.2% 3,327.0 6.1% -0.1% 3.4% 4.3% 4.3% 10

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Roundtable_Jan_24_2023.pdf

2023 10 SNAP emergency allotments end Feb 2023 Student loans not repaid since Spring 2020, extended to June 2023 Lower income consumers under increasing stress $ billions $850 $900 $950 $1,000 $1,050 $1,100 $1,150 $1,200 Jan 18 Q1 = 1.00 +48% +68% pre-COVID economy Baseline Forecast: Big 3 Tax Revenues January 24, 2023 12 Corp Net Income +1.7% avg ann growth (AAGR) from base year PIT Non-Wage +4.7% AAGR Sales and Use +2.9%

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Revenue_Estimate_Performance_2024_07.pdf

by business profits, capital gains, rents and dividends. Data for tax year 2016 show actual declines in all of those income sources, which is highly unusual for a non-recession year. The SUT overprediction (-$236 million) was attributable to weak non- of 2017) that was not received is excluded, then the adjusted difference is $22 million, or 0.1%. Corporate net income tax revenues were below forecast likely due to profit shifting out of tax year 2017 in response to the large

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Revenue Trends Report - January 2012.pdf

239.7% 5.2 -557.6% -1015.0% 87.1% -75.1% -99.2% 5.7 68.6% Corporate Net Income 54.6 -6.9% 369.1 -12.1% -14.5% 1.8% 32.0% 3.9% 2,069.5 9 9% 2,909.8 -1.3% 3.5% 4.7% 4.5% 8.7% 11,726.7 3.6% Personal Income Total 1,059.4 -7.1% 2,622.6 -1.7% 3.4% 4.3% 4.3% 7.1% 10

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Response-Letter-2-27-2020.pdf

expiration of the waiver programs. Adoption Assistance The Fostering Connections to Success and Increasing Adoptions Act of 2008 gradually removed income tests for federal adoption assistance payments. The removal of income tests began with teenagers and were expected to extend to newborns in 2019, but the Family First Act temporarily halted

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RB_2024_03_Child_Care.pdf

weekly hours worked varies over time. In Pennsylvania, the Child Care Works (CCW) program provides subsidized child care for low-income families to meet the requirements of the Child Care Development Fund (CCDF), which is a federal and state partnership implemented also used so that child care providers could re-open with smaller class sizes, purchase protective equipment and assist low-income families pay child care costs. 2 See: A Closer Look at the Market Rate and Cost of Care in Pennsylvania

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RB_2023_06_Jackpot_Lottery.pdf

was primarily due to the removal of COVID-19 stay-at- home orders in FY 2019-20 and extra disposal income from various pandemic payments and tax credits. Game/ Fiscal Year Amount ($ millions) Growth (%) Number Cash Value Advertised Estimated Value Advertised IFO. FY 22-23 includes jackpots through June 12, 2023. Gross Sales are from the Pennsylvania Lottery, "Comparative Statement of Income and Expenditures" (June, various years). FY 22-23 Gross Sales are estimated by IFO. What Drives Record Lottery Jackpots? Independent

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RB_2023_03_Expiration_of_the_Enhanced_FMAP.pdf

is the share of program expenditures covered by the federal government and varies by state based on average per capita income. The three types of FMAP rates discussed in this brief are: (1) traditional, (2) newly eligible and (3) CHIP. For March 31, 2023, DHS will begin the redetermination process for all current enrollees. Individuals who no longer qualify based on income or other criteria will be redetermined to either (1) qualify for another Medicaid-funded program (e.g., Medical Assistance for

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QRE_FY15-16.xlsx

178.2 Total Corporation Taxes 660.3 733.0 2,547.8 1,066.0 5,007.1 Corporate Net Income 599.7 682.5 604.5 902.0 2,788.7 Capital Stock & Franchise 36.2 22.5 16.8 6 Total Other Taxes 3,135.5 2,981.0 3,403.4 4,545.7 14,065.6 Personal Income 1 2,767.8 2,650.9 3,104.0 4,139.4 12,662.1 Realty Transfer 120.8

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QRE_FY15-16.pdf

178.2 Total Corporation Taxes 660.3 733.0 2,547.8 1,066.0 5,007.1 Corporate Net Income 599.7 682.5 604.5 902.0 2,788.7 Capital Stock & Franchise 36.2 22.5 16.8 6 Total Other Taxes 3,135.5 2,981.0 3,403.4 4,545.7 14,065.6 Personal Income 1 2,767.8 2,650.9 3,104.0 4,139.4 12,662.1 Realty Transfer 120.8

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PSBA_January_19_2022.pdf

wage growth School District Property Tax Burden by County January 19, 2022 7 Property Tax Burden = All Property Tax / Total Income Includes homeowners, renters, landlords, firms See Property Tax Burden by County (Aug 2021) How Does PA Compare to Other States 2.44 Note: Average Tax Rate (ATR) is the ratio of the state-local tax revenue to modified state personal income. USw is weighted average. USuw is unweighted average (each state has same weight). Source: State and Local Tax Revenues: A

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Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdf

18.0% Year‐ over‐year growth rates for respective quarters. The growth in wages and salaries is based on personal income tax withholding. The growth in consumer prices is based on the Philadelphia CPI‐U. May 13, 2016 3 Latest Annual 2015‐16 2016‐17 Amount Growth Amount Growth General Fund $31,022 1.4% $31,586 1.8% Corporate Net Income 2,837 0.9% 2,876 1.4% Sales and Use 9,840 3.6% 10,183 3.5% Personal

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PMTA_Presentation_April_2023.pdf

State Rank PA Avg Tax Rate U.S. Avg Tax Rate Property 26.3% 27 2.66% 2.87% Personal Income 25.4% 22 2.57% 2.28% Sales and Use 19.4% 40 1.96% 2.43% All Other 11 weighted average rate is 10.14%. Excludes all severance taxes. Exemptions for groceries, clothing, fuel, services Avg Tax Rate = Taxes / Income high ratio = high rank Legalized gaming, high tax rates on slots and table games High motor fuel taxes, but low

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Pirates_Press_Release_2024_07.pdf

the spending. • The economic footprint includes $22 million in state taxes: $10 million in sales tax, $9 million in personal income tax and $4 million in other state taxes. Local taxes were not part of the request. Pittsburgh Pirates Economic Impact 145 $100 Total $385 $505 Economic Footprint ($ millions) Net Direct Spending $254 Total Spending $546 Spending Multiplier 2.15 Labor Income $219 FTE Jobs Supported 2,950 State Taxes $22 Personal Income $9 Sales & Use $10 Other $4 The report concludes

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Phillies_Press_Release_2024_07.pdf

the spending. • The economic footprint includes $45 million in state taxes: $22 million in sales tax, $16 million in personal income tax and $7 million in other state taxes. Local taxes were not part of the request. Philadelphia Phillies Economic Impact 165 $95 Total $465 $485 Economic Footprint ($ millions) Net Direct Spending $525 Total Spending $970 Spending Multiplier 1.85 Labor Income $427 FTE Jobs Supported 5,450 State Taxes $45 Personal Income $16 Sales & Use $22 Other $7 The report concludes

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NewsStand_2019_September.pdf

September 2019 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND Lower Mortgage Payments Bolster Disposable Income According to the CoreLogic Insight Blog, typical mortgage payments have decreased for most homebuyers this year when compared to the The article states that homebuyers can expect lower typical mortgage payments through June 2020. According to IHS Markit, personal disposable income increased for the first two quarters of 2019. Moderate income gains and falling mortgage rates have reduced financial pressure on

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MTR-2015-10-Highlights.pdf

October 2014 inheritance tax revenues included a $100 million payment that did not recur this year. In addition, some personal income tax withholding collections associated with weekly and quarterly due dates that occurred in October 2014 were received in late September 8%, which is significantly below the twelve-month average of 3.7%. • The three-month average growth rate for personal income tax withholding declined to 2.5% in October. For several months in the first half of calendar 2015 the three-

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MRU_2023_07.pdf

Estimate $ Diff General Fund $2,881.5 n.a. n.a. $2,881.5 n.a. n.a. Corporate Net Income 181.9 n.a. n.a. 181.9 n.a. n.a. SUT - Non-Motor 1,202.4 n.a 9 4.9 Total Corporation Taxes 188.2 177.9 188.2 177.9 5.8 5.8 Corporate Net Income 181.9 150.5 181.9 150.5 20.8 20.8 Gross Receipts 2.1 2.9 2.1

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Monthly_Economic_Update_Table_December_2020.pdf

1 2020.2 2020.3 Gross Domestic Product 7 2.5% 1.4% -5.8% -34.0% n.a. Personal Income 8 2.8% 2.8% 2.6% 12.0% n.a. Wages and Salaries 9 3.2% 4.3% 2 1 2020.2 2020.3 Gross Domestic Product 7 2.6% 2.4% -5.0% -31.4% 33.1% Personal Income 8 3.5% 3.5% 3.2% 10.7% 7.1% Wages and Salaries 9 3.9% 4.5% 3

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Monthly_Economic_Update_September_2022.pdf

4 2022.1 2022.2 Gross Domestic Product 8 4.7% 2.4% 6.4% -2.0% n.a. Personal Income 9 -1.1% 2.3% 6.0% -3.6% n.a. Wages and Salaries 10 12.6% 9.5% 9 4 2022.1 2022.2 Gross Domestic Product 8 6.7% 2.3% 6.9% -1.6% -0.6% Personal Income 9 1.6% 5.3% 7.5% -2.8% 4.5% Wages and Salaries 10 13.4% 11.4% 10

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Monthly_Economic_Update_September_2021_Indicators.pdf

4 2021.1 2021.2 Gross Domestic Product 8 -34.0% 35.5% 3.7% 6.0% n.a. Personal Income 9 13.1% 9.0% 4.3% 17.9% n.a. Wages and Salaries 10 -6.3% -1.0% 1 4 2021.1 2021.2 Gross Domestic Product 8 -31.2% 33.8% 4.5% 6.3% 6.6% Personal Income 9 10.9% 7.1% 4.8% 16.1% 1.1% Wages and Salaries 10 -3.2% 0.9% 3

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Monthly_Economic_Update_September_2021.pdf

4 2021.1 2021.2 Gross Domestic Product 8 -34.0% 35.5% 3.7% 6.0% n.a. Personal Income 9 13.1% 9.0% 4.3% 17.9% n.a. Wages and Salaries 10 -6.3% -1.0% 1 4 2021.1 2021.2 Gross Domestic Product 8 -31.2% 33.8% 4.5% 6.3% 6.6% Personal Income 9 10.9% 7.1% 4.8% 16.1% 1.1% Wages and Salaries 10 -3.2% 0.9% 3

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Monthly_Economic_Update_October_2022.pdf

4 2022.1 2022.2 Gross Domestic Product 8 4.6% 1.3% 8.4% -1.1% -0.9% Personal Income 9 0.0% 2.1% 5.8% -4.6% 1.9% Wages and Salaries 10 11.9% 8.5% 8 4 2022.1 2022.2 Gross Domestic Product 8 7.0% 2.7% 7.0% -1.6% -0.6% Personal Income 9 2.1% 4.9% 6.9% -3.5% 3.4% Wages and Salaries 10 12.7% 10.6% 9

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Monthly_Economic_Update_October_2021_Indicators.pdf

4 2021.1 2021.2 Gross Domestic Product 8 -32.4% 34.8% 5.2% 3.0% 5.9% Personal Income 9 13.0% 8.8% 4.5% 16.4% -2.8% Wages and Salaries 10 -4.5% -0.7% 1 4 2021.1 2021.2 Gross Domestic Product 8 -31.2% 33.8% 4.5% 6.3% 6.7% Personal Income 9 10.9% 7.1% 4.8% 16.1% 1.1% Wages and Salaries 10 -3.2% 0.9% 3

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Monthly_Economic_Update_October_2021.pdf

4 2021.1 2021.2 Gross Domestic Product 8 -32.4% 34.8% 5.2% 3.0% 5.9% Personal Income 9 13.0% 8.8% 4.5% 16.4% -2.8% Wages and Salaries 10 -4.5% -0.7% 1 4 2021.1 2021.2 Gross Domestic Product 8 -31.2% 33.8% 4.5% 6.3% 6.7% Personal Income 9 10.9% 7.1% 4.8% 16.1% 1.1% Wages and Salaries 10 -3.2% 0.9% 3

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Monthly_Economic_Update_November_2022.pdf

1 2022.2 2022.3 Gross Domestic Product 8 1.3% 8.4% -1.1% -0.9% n.a. Personal Income 9 2.1% 5.8% -4.6% 1.9% n.a. Wages and Salaries 10 8.5% 8.3% 10 1 2022.2 2022.3 Gross Domestic Product 8 2.7% 7.0% -1.6% -0.6% 2.6% Personal Income 9 4.9% 6.9% -3.5% 3.4% 4.3% Wages and Salaries 10 10.6% 9.9% 10

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Monthly_Economic_Update_November_2021.pdf

1 2021.2 2021.3 Gross Domestic Product 8 34.8% 5.2% 3.0% 5.9% n.a. Personal Income 9 8.8% 4.5% 16.4% -2.8% n.a. Wages and Salaries 10 -0.7% 1.8% 2 1 2021.2 2021.3 Gross Domestic Product 8 33.8% 4.5% 6.3% 6.7% 2.0% Personal Income 9 7.1% 4.8% 16.1% 1.1% 4.3% Wages and Salaries 10 0.9% 3.4% 2

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Monthly_Economic_Update_November_2020_Final.pdf

1 2020.2 2020.3 Gross Domestic Product 7 2.5% 1.4% -5.8% -34.0% n.a. Personal Income 8 2.8% 2.8% 2.6% 12.0% n.a. Wages and Salaries 9 3.2% 4.3% 2 1 2020.2 2020.3 Gross Domestic Product 7 2.6% 2.4% -5.0% -31.4% 33.1% Personal Income 8 3.5% 3.5% 3.2% 10.4% 6.8% Wages and Salaries 9 3.9% 4.5% 3

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Monthly_Economic_Update_May_2023.pdf

3 2022.4 2023.1 Gross Domestic Product 8 -1.1% -0.9% 3.2% 3.2% n.a. Personal Income 9 -4.6% 2.2% 3.5% 5.0% n.a. Wages and Salaries 10 10.0% 9.5% 9 3 2022.4 2023.1 Gross Domestic Product 8 -1.6% -0.6% 3.2% 2.6% 1.1% Personal Income 9 -3.5% 3.2% 4.6% 5.7% 6.2% Wages and Salaries 10 10.9% 9.1% 9

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Monthly_Economic_Update_May_2022.pdf

2 2021.3 2021.4 Gross Domestic Product 8 5.2% 2.7% 4.7% 2.4% 6.4% Personal Income 9 4.5% 15.6% -1.1% 2.2% 5.4% Wages and Salaries 10 1.9% 1.0% 12 3 2021.4 2022.1 Gross Domestic Product 8 6.3% 6.7% 2.3% 6.9% -1.4% Personal Income 9 16.1% 1.6% 5.3% 7.2% -3.0% Wages and Salaries 10 2.9% 13.4% 11

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Monthly_Economic_Update_May_2020.pdf

3 2019.4 2020.1 Gross Domestic Product 7 3.3% 1.7% 2.1% 2.1% n.a. Personal Income 8 5.0% 5.2% 4.0% 3.8% n.a. Wages and Salaries 9 4.6% 4.7% 3 3 2019.4 2020.1 Gross Domestic Product 7 3.1% 2.0% 2.1% 2.1% -4.8% Personal Income 8 4.6% 4.7% 4.2% 4.1% 3.1% Wages and Salaries 9 5.0% 4.8% 4

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Monthly_Economic_Update_March_2023.pdf

2 2022.3 2022.4 Gross Domestic Product 8 8.4% -1.1% -0.9% 3.2% n.a. Personal Income 9 5.8% -4.6% 2.3% 3.3% n.a. Wages and Salaries 10 8.3% 10.0% 9 2 2022.3 2022.4 Gross Domestic Product 8 7.0% -1.6% -0.6% 3.2% 2.7% Personal Income 9 6.9% -3.5% 3.2% 4.6% 5.6% Wages and Salaries 10 9.9% 10.9% 9

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Monthly_Economic_Update_March_2022.pdf

2 2021.3 2021.4 Gross Domestic Product 8 5.2% 2.7% 4.7% 2.4% n.a. Personal Income 9 4.5% 15.6% -1.1% 2.5% n.a. Wages and Salaries 10 1.9% 1.0% 12 2 2021.3 2021.4 Gross Domestic Product 8 4.5% 6.3% 6.7% 2.3% 7.0% Personal Income 9 4.8% 16.1% 1.6% 5.3% 7.2% Wages and Salaries 10 3.4% 2.9% 13

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Monthly_Economic_Update_March_2021.pdf

2 2020.3 2020.4 Gross Domestic Product 8 1.4% -5.8% -34.0% 35.5% n.a. Personal Income 9 2.8% 2.5% 13.1% 9.6% n.a. Wages and Salaries 10 4.3% 2.2% -6 2 2020.3 2020.4 Gross Domestic Product 8 2.4% -5.0% -31.4% 33.4% 4.1% Personal Income 9 3.5% 3.2% 10.7% 6.8% 4.0% Wages and Salaries 10 4.5% 3.2% -3

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Monthly_Economic_Update_June_2023.pdf

3 2022.4 2023.1 Gross Domestic Product 8 -1.1% -0.9% 3.2% 3.2% n.a. Personal Income 9 -4.6% 2.2% 3.5% 5.0% n.a. Wages and Salaries 10 10.0% 9.5% 9 3 2022.4 2023.1 Gross Domestic Product 8 -1.6% -0.6% 3.2% 2.6% 1.3% Personal Income 9 -3.5% 3.2% 4.6% 5.1% 5.5% Wages and Salaries 10 10.9% 9.1% 9

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Monthly_Economic_Update_June_2022.pdf

3 2021.4 2022.1 Gross Domestic Product 8 2.7% 4.7% 2.4% 6.4% n.a. Personal Income 9 15.6% -1.1% 2.2% 5.4% n.a. Wages and Salaries 10 1.0% 12.6% 9 3 2021.4 2022.1 Gross Domestic Product 8 6.3% 6.7% 2.3% 6.9% -1.4% Personal Income 9 16.1% 1.6% 5.3% 7.2% -3.0% Wages and Salaries 10 2.9% 13.4% 11

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Monthly_Economic_Update_June_2021_Indicators.pdf

3 2020.4 2021.1 Gross Domestic Product 8 -5.8% -34.0% 35.5% 3.7% n.a. Personal Income 9 2.5% 13.1% 9.0% 3.5% n.a. Wages and Salaries 10 2.2% -6.2% -1 3 2020.4 2021.1 Gross Domestic Product 8 -5.0% -31.4% 33.4% 4.3% 6.4% Personal Income 9 3.2% 10.7% 6.8% 4.7% 16.6% Wages and Salaries 10 3.2% -3.9% 0

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Monthly_Economic_Update_July_2022.pdf

3 2021.4 2022.1 Gross Domestic Product 8 2.7% 4.7% 2.4% 6.4% -2.0% Personal Income 9 15.6% -1.1% 2.3% 6.0% -3.6% Wages and Salaries 10 1.0% 12.6% 9 3 2021.4 2022.1 Gross Domestic Product 8 6.3% 6.7% 2.3% 6.9% -1.6% Personal Income 9 16.1% 1.6% 5.3% 7.5% -2.8% Wages and Salaries 10 2.9% 13.4% 11

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Monthly_Economic_Update_July_2021_Indicators.pdf

3 2020.4 2021.1 Gross Domestic Product 8 -5.8% -34.0% 35.5% 3.7% 6.0% Personal Income 9 2.5% 13.1% 9.0% 4.3% 17.9% Wages and Salaries 10 2.2% -6.3% -1 3 2020.4 2021.1 Gross Domestic Product 8 -5.0% -31.4% 33.4% 4.3% 6.4% Personal Income 9 3.2% 10.7% 6.8% 4.7% 16.6% Wages and Salaries 10 3.2% -3.9% 0

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Monthly_Economic_Update_July_2020.pdf

3 2019.4 2020.1 Gross Domestic Product 7 3.3% 1.7% 2.1% 2.1% -5.6% Personal Income 8 5.0% 5.1% 4.0% 4.0% 2.9% Wages and Salaries 9 4.5% 4.6% 3 3 2019.4 2020.1 Gross Domestic Product 7 3.1% 2.0% 2.1% 2.1% -5.0% Personal Income 8 4.6% 4.7% 4.2% 4.2% 3.2% Wages and Salaries 9 5.0% 4.8% 4

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Monthly_Economic_Update_January_2023.pdf

1 2022.2 2022.3 Gross Domestic Product 8 1.3% 8.4% -1.1% -0.9% 3.2% Personal Income 9 2.1% 5.8% -4.6% 2.3% 3.3% Wages and Salaries 10 8.5% 8.3% 10 1 2022.2 2022.3 Gross Domestic Product 8 2.7% 7.0% -1.6% -0.6% 3.2% Personal Income 9 4.9% 6.9% -3.5% 3.2% 4.1% Wages and Salaries 10 10.6% 9.9% 10

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Monthly_Economic_Update_January_2022.pdf

1 2021.2 2021.3 Gross Domestic Product 8 34.8% 5.2% 3.0% 5.9% 2.2% Personal Income 9 8.8% 4.5% 16.3% -1.5% 2.6% Wages and Salaries 10 -0.7% 1.8% 2 1 2021.2 2021.3 Gross Domestic Product 8 33.8% 4.5% 6.3% 6.7% 2.3% Personal Income 9 7.1% 4.8% 16.1% 1.6% 5.2% Wages and Salaries 10 0.9% 3.4% 2

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Monthly_Economic_Update_January_2021_Indicators.pdf

1 2020.2 2020.3 Gross Domestic Product 8 2.5% 1.4% -5.8% -34.0% 35.5% Personal Income 9 2.8% 2.8% 2.5% 13.1% 9.6% Wages and Salaries 10 3.2% 4.3% 2 1 2020.2 2020.3 Gross Domestic Product 8 2.6% 2.4% -5.0% -31.4% 33.4% Personal Income 9 3.5% 3.5% 3.2% 10.7% 7.1% Wages and Salaries 10 3.9% 4.5% 3

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Monthly_Economic_Update_January_2021.pdf

1 2020.2 2020.3 Gross Domestic Product 8 2.5% 1.4% -5.8% -34.0% 35.5% Personal Income 9 2.8% 2.8% 2.5% 13.1% 9.6% Wages and Salaries 10 3.2% 4.3% 2 1 2020.2 2020.3 Gross Domestic Product 8 2.6% 2.4% -5.0% -31.4% 33.4% Personal Income 9 3.5% 3.5% 3.2% 10.7% 7.1% Wages and Salaries 10 3.9% 4.5% 3

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Monthly_Economic_Update_Indicators_February_2022.pdf

2 2021.3 2021.4 Gross Domestic Product 8 5.2% 2.7% 4.7% 2.4% n.a. Personal Income 9 4.5% 15.6% -1.1% 2.5% n.a. Wages and Salaries 10 1.9% 1.0% 12 2 2021.3 2021.4 Gross Domestic Product 8 4.5% 6.3% 6.7% 2.3% 6.9% Personal Income 9 4.8% 16.1% 1.6% 5.2% 7.0% Wages and Salaries 10 3.4% 2.9% 13

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Monthly_Economic_Update_February_2022.pdf

2 2021.3 2021.4 Gross Domestic Product 8 5.2% 2.7% 4.7% 2.4% n.a. Personal Income 9 4.5% 15.6% -1.1% 2.5% n.a. Wages and Salaries 10 1.9% 1.0% 12 2 2021.3 2021.4 Gross Domestic Product 8 4.5% 6.3% 6.7% 2.3% 6.9% Personal Income 9 4.8% 16.1% 1.6% 5.2% 7.0% Wages and Salaries 10 3.4% 2.9% 13

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Monthly_Economic_Update_February_2021_Indicators.pdf

2 2020.3 2020.4 Gross Domestic Product 8 1.4% -5.8% -34.0% 35.5% n.a. Personal Income 9 2.8% 2.5% 13.1% 9.6% n.a. Wages and Salaries 10 4.3% 2.2% -6 2 2020.3 2020.4 Gross Domestic Product 8 2.4% -5.0% -31.4% 33.4% 4.0% Personal Income 9 3.5% 3.2% 10.7% 7.1% 4.3% Wages and Salaries 10 4.5% 3.2% -3

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Monthly_Economic_Update_February_2021.pdf

2 2020.3 2020.4 Gross Domestic Product 8 1.4% -5.8% -34.0% 35.5% n.a. Personal Income 9 2.8% 2.5% 13.1% 9.6% n.a. Wages and Salaries 10 4.3% 2.2% -6 2 2020.3 2020.4 Gross Domestic Product 8 2.4% -5.0% -31.4% 33.4% 4.0% Personal Income 9 3.5% 3.2% 10.7% 7.1% 4.3% Wages and Salaries 10 4.5% 3.2% -3

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Monthly_Economic_Update_December_2022.pdf

1 2022.2 2022.3 Gross Domestic Product 8 1.3% 8.4% -1.1% -0.9% n.a. Personal Income 9 2.1% 5.8% -4.6% 1.9% n.a. Wages and Salaries 10 8.5% 8.3% 10 1 2022.2 2022.3 Gross Domestic Product 8 2.7% 7.0% -1.6% -0.6% 2.9% Personal Income 9 4.9% 6.9% -3.5% 3.2% 4.1% Wages and Salaries 10 10.6% 9.9% 10

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Monthly_Economic_Update_December_2021.pdf

1 2021.2 2021.3 Gross Domestic Product 8 34.8% 5.2% 3.0% 5.9% n.a. Personal Income 9 8.8% 4.5% 16.4% -2.8% n.a. Wages and Salaries 10 -0.7% 1.8% 2 1 2021.2 2021.3 Gross Domestic Product 8 33.8% 4.5% 6.3% 6.7% 2.1% Personal Income 9 7.1% 4.8% 16.1% 1.6% 5.2% Wages and Salaries 10 0.9% 3.4% 2

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Monthly_Economic_Update_December_2020.pdf

1 2020.2 2020.3 Gross Domestic Product 7 2.5% 1.4% -5.8% -34.0% n.a. Personal Income 8 2.8% 2.8% 2.6% 12.0% n.a. Wages and Salaries 9 3.2% 4.3% 2 1 2020.2 2020.3 Gross Domestic Product 7 2.6% 2.4% -5.0% -31.4% 33.1% Personal Income 8 3.5% 3.5% 3.2% 10.7% 7.1% Wages and Salaries 9 3.9% 4.5% 3

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Monthly_Economic_Update_August_2022.pdf

4 2022.1 2022.2 Gross Domestic Product 8 4.7% 2.4% 6.4% -2.0% n.a. Personal Income 9 -1.1% 2.3% 6.0% -3.6% n.a. Wages and Salaries 10 12.6% 9.5% 9 4 2022.1 2022.2 Gross Domestic Product 8 6.7% 2.3% 6.9% -1.6% -0.9% Personal Income 9 1.6% 5.3% 7.5% -2.8% 4.6% Wages and Salaries 10 13.4% 11.4% 10

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Monthly_Economic_Update_August_2021.pdf

3 2020.4 2021.1 Gross Domestic Product 8 -5.8% -34.0% 35.5% 3.7% 6.0% Personal Income 9 2.5% 13.1% 9.0% 4.3% 17.9% Wages and Salaries 10 2.2% -6.3% -1 3 2020.4 2021.1 Gross Domestic Product 8 -5.1% -31.2% 33.8% 4.5% 6.3% Personal Income 9 3.3% 10.9% 7.1% 4.8% 16.1% Wages and Salaries 10 4.1% -3.2% 0

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Monthly_Economic_Update_April_4_2023.pdf

2 2022.3 2022.4 Gross Domestic Product 8 8.4% -1.1% -0.9% 3.2% 3.2% Personal Income 9 5.8% -4.6% 2.2% 3.5% 5.0% Wages and Salaries 10 8.3% 10.0% 9 2 2022.3 2022.4 Gross Domestic Product 8 7.0% -1.6% -0.6% 3.2% 2.6% Personal Income 9 6.9% -3.5% 3.2% 4.6% 5.7% Wages and Salaries 10 9.9% 10.9% 9

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Monthly_Economic_Update_April_25_2023.pdf

2 2022.3 2022.4 Gross Domestic Product 8 8.4% -1.1% -0.9% 3.2% 3.2% Personal Income 9 5.8% -4.6% 2.2% 3.5% 5.0% Wages and Salaries 10 8.3% 10.0% 9 2 2022.3 2022.4 Gross Domestic Product 8 7.0% -1.6% -0.6% 3.2% 2.6% Personal Income 9 6.9% -3.5% 3.2% 4.6% 5.7% Wages and Salaries 10 9.9% 10.9% 9

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Monthly_Economic_Update_April_2022.pdf

2 2021.3 2021.4 Gross Domestic Product 8 5.2% 2.7% 4.7% 2.4% 6.4% Personal Income 9 4.5% 15.6% -1.1% 2.2% 5.4% Wages and Salaries 10 1.9% 1.0% 12 2 2021.3 2021.4 Gross Domestic Product 8 4.5% 6.3% 6.7% 2.3% 6.9% Personal Income 9 4.8% 16.1% 1.6% 5.3% 7.2% Wages and Salaries 10 3.4% 2.9% 13

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Monthly_Economic_Update_April_2021_Indicators.pdf

2 2020.3 2020.4 Gross Domestic Product 8 1.4% -5.8% -34.0% 35.5% 3.7% Personal Income 9 2.8% 2.5% 13.1% 9.0% 3.5% Wages and Salaries 10 4.3% 2.2% -6 2 2020.3 2020.4 Gross Domestic Product 8 2.4% -5.0% -31.4% 33.4% 4.3% Personal Income 9 3.5% 3.2% 10.7% 6.8% 4.0% Wages and Salaries 10 4.5% 3.2% -3

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Monthly_Economic_Update_April_2020.pdf

3 2019.4 2020.1 Gross Domestic Product 7 3.3% 1.7% 2.1% 2.1% n.a. Personal Income 8 5.0% 5.2% 4.0% 3.8% n.a. Wages and Salaries 9 4.6% 4.7% 3 3 2019.4 2020.1 Gross Domestic Product 7 3.1% 2.0% 2.1% 2.1% n.a. Personal Income 8 4.6% 4.7% 4.2% 4.1% n.a. Wages and Salaries 9 5.0% 4.8% 4

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Kling_Presentation.pdf

paper on how CBO projects labor force participation rates  An appendix describing how CBO analyzed the distribution of household income  A slide deck about modeling the subsidy rate for federal single-family mortgage insurance  An appendix describing how tax parameters and effective marginal tax rates  10-year projections of economic output, prices, labor market measures, interest rates, income, and other economic factors  Details of projections and underlying parameters for Social Security, Medicare, student loans, agriculture programs, and

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jackson ppt.pdf

any form without prior written consent. (Percent Change From Year Ago) PA Gross State Product Growth Declines in 2011, While Incomes Continue to Rebound 10 -4 -2 0 2 4 6 2005 2008 2011 2014 2017 Real GSP Growth Real Personal Income Growth © 2012, IHS Inc. No portion of this presentation may be reproduced, reused, or otherwise distributed in any form without

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Initial_Estimate_May_2017_Press_Release.pdf

increase by $914 million (3.0 percent) from the prior year. “The three largest General Fund revenue sources, corporate net income, sales and use and personal income taxes, are underperforming in FY 2016-17,” Knittel noted. “The downward revision in the estimate is largely attributable to a

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IFO_Response_Letter_May_16_2022.pdf

same percentage can be applied to other full-year SUT estimates based on the anticipated year of implementation. For personal income tax (PIT), the IFO assumes an effective date of January 1, because a mid-year PIT increase would be difficult to implement, particularly for the new tax on retirement income (and associated new exemption for contributions to retirement accounts). Adjusting for a January 1 effective date, the IFO estimates that

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IFO_Response_Letter_Jan_20_2023.pdf

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

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House_Maj_Policy_Com_Testimony_June_8_2022.pdf

2018-19 2021-22 Cumulative Avg Ann All Tax Revenues (millions) $34,056 $43,073 26.5% 8.1% Personal Income - Non-Wage $3,652 $5,992 64.1% 17.9% Corporate Net Income $3,398 $5,057 48.8% 14.2% Inheritance $1,054 $1,576 49.6% 14.4% Sales and Use

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House Budget Hearing Request.pdf

in and out migration by the age of the primary tax filer. These data may be utilized to estimate the income earners and dependents migrating in and out of the state by age group. Tables presenting the IRS migration data for contact my office. Sincerely, Matthew J. Knittel Director Enclosures 3 Table A Pennsylvania Federal Tax Returns by Age of Primary Income Filer and Domestic Migration from 2013 to 2014 Number of Federal Tax Returns in/from Pennsylvania Net Migration as a

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GPNP July 10, 2012 final.pdf

Conference Official Revenue Estimate, FY 2012-13 $ millions Preliminary Projected Change Revenue Source FYE 2012 FYE 2013 Dollar Percent Corporate Income 2,022 2,302 280 13.8% Capital Stock 837 536 -301 -36.0% Sales and Use Non-Motor Vehicle 75 6.5% Cigarette and Liquor 1,394 1,404 10 0.7% Inheritance 828 860 32 3.9% Personal Income Taxes Withholding 8,296 8,582 286 3.4% Non-Withholding 2,504 2,666 162 6.5% All Other

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Five_Year_Outlook_Presentation_2021.pdf

15, 2021 3 Four Key Assumptions Inflation decelerates, but does not reverse ▪ Nominal sales and use tax, personal and corporate income revenues Some pandemic-induced changes partly reverse ▪ Very high profit margins ▪ Consumer spending: more goods, fewer services, less gasoline Others Notes Sales - Motor Vehicle -5.7% decline due to shifted sales in prior year Realty Transfer 26.2% Corporate Net Income 50.6% forecast assumes profits up +30% in CY 2021 Sales - Non-Motor 13.5% PIT - Withholding 10.4% beginning

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Demographics_Outlook_2020.pdf

in September 2018 and as a full-time staff member in December 2018. 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 remit roughly 29 to 32 percent of all homeowner property taxes, 13 to 16 percent of state personal income tax and 19 to 22 percent of state sales tax. See “Senior Spending and Tax Revenues,” IFO legislative request, September 23, 2019

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2004_srpvffinal.pdf

recent societal changes such as: the more mobile work force, the presence of competing interests, and the demands of two-income families. The decline in available volunteer manpower has compelled many community leaders to consider various types of incentive programs to any legislation establishing a SRPVF designate the SRPVF as the exclusive means by which volunteer firefighters receive compensation representing retirement income payments, pension payments, deferred compensation or length of service awards and prohibit volunteer fire companies from prospectively establishing or participating

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TC_2023_Waterfront_Development.pdf

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

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Supplemental_Table.pdf

752 $33,972 $28 -$58 Total Tax Revenue 31,922 33,180 32,158 33,361 -237 -181 Corporate Net Income 2,991 3,318 3,010 3,075 -19 243 Gross Receipts 1,241 1,186 1,229 1,230 10,629 10,407 10,782 -169 -152 Cigarette 1,231 1,194 1,230 1,183 0 11 Personal Income 13,300 13,903 13,400 14,127 -100 -224 Inheritance 1,009 1,022 1,013 1,062 -3

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SD_Prop_Tax_Update_Jun_2023.pdf

region of the state. The top counties had a relatively higher reliance on property taxes (as opposed to local earned income taxes or state funds) for school district funding. For FY 2021-22, current-year property taxes as a share of index or an adjusted index, depending upon the district’s aid ratio. The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the Public School Code

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SD_Prop_Tax_Update_Aug_2022.pdf

of statewide total local school district revenue was 77.5% in FY 2020-21. (Other primary revenue sources included earned income taxes (9.2%) and delinquent taxes (all types, 3.5%)). The average for the top five counties shown was 85 index or an adjusted index, depending upon the district’s aid ratio. The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the Public School Code

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SD_Property_Tax_Forecast_Nov_2021.pdf

P.L. 1873, No. 1, known as the “Taxpayer Relief Act.” 4 The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the Public School Code to distribute property tax relief allocated from slots proceeds (Act 1 allocations). A few school districts also increased their earned income taxes under Act 1 to provide for additional homestead exclusions. Table 5 (next page) provides estimates of FY 2019-20

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SD-Property-Tax-Forecast-2020.pdf

to distribute property tax relief allocated from slots proceeds (Act 1 allocations). A few school districts also increased their earned income taxes under Act 1 to provide for additional homestead exclusions. Table 5 (next page) provides estimates of FY 2017-18 P.L. 1873, No. 1, known as the “Taxpayer Relief Act.” 3. The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the Public School Code

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SD-Property-Tax-Forecast-2019.pdf

to distribute property tax relief allocated from slots proceeds (Act 1 allocations). A few school districts also increased their earned income taxes under Act 1 to provide for additional homestead exclusions. Table 5 (next page) provides estimates of FY 2016- 17 P.L. 1873, No. 1, known as the “Taxpayer Relief Act.” 3. The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the Public School Code

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Revenue_Estimate_2015-06-15_Release.pdf

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

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Revenue_Estimate_2015-05-04_Release.pdf

million (6.8 percent) from the prior year. “The two largest General Fund revenue sources, sales and use and personal income taxes, are meeting or slightly exceeding expectations,” Knittel noted. “The upward revision in the estimate is largely because of unexpected revenue from the corporate net income tax and unclaimed property.” FY 2015-16 unrestricted General Fund revenues are projected to be $30.72 billion, an increase

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Revenue_Estimate_2014-06-16_Release.pdf

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

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RB_2024_06_Revenues_Spending.pdf

mandatory spending (e.g., Medicaid). Over the past five years, General Fund revenues grew 30%. The growth in corporate net income tax (66%) was notable, and would have been higher (80%) without the rate reduction from 9.99% to 8.99% Brief | June 2024 General Fund Revenues and Spending 18-19 23-24 Growth Revenues $34,858 $45,489 30% Personal Income 14,096 17,814 26% Sales and Use 11,100 14,276 29% Corporate Net 3,398 5,654 66%

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RB_2024_01_SNAP.pdf

changes expanded the number of recipients or the average benefit paid. • In October 2022, the Commonwealth elected to increase SNAP income eligibility from 165% of the federal poverty income guidelines (FPIG) to 200%. At the time, the Department of Human Services (DHS) estimated that 420,000 residents would become

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RB_2022_10_Worker_Shortage.pdf

force participation, or alternatively, policies that do not discourage it. For example, the previous update discussed the current lack of income phase-outs for expanded SNAP benefits (emergency allotments) that effectively result in a marginal income tax rate that could approach 100% for certain workers (i.e., a vertical benefits cliff). Economic research finds that very

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RB-2018-01.pdf

to distribute property tax relief allocated from slots proceeds (Act 1 allocations). A few school districts also increased their earned income taxes under Act 1 to provide for additional homestead exclusions. Table 5 (next page) provides estimates of FY 2015- 16 P.L. 1873, No. 1, known as the “Taxpayer Relief Act.” 4. The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the Public School Code

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Presentation-2018-11-19-CCAP.pdf

Forecasts by IFO. FY 18-19 Revenues Strong Thru October November 19, 2018 9 Gain Thru October Notes Corporate Net Income +$96 profit shifting, older tax years Sales - Non-Motor +$67 very strong growth +8.7% Sales - Motor Vehicle +$30 strong growth Personal Income -$8 statewide wage growth is ~4% Gaming Expansion +$1 see slide detail Escheats -$55 much lower remittances All Other +$54

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PBB_2022_AGRICULTURE_REPORT.pdf

Confirmed Alleged Alleged Confirmed Food Assistance | Page 13 Activity 2: Food Assistance The Food Assistance Activity provides food to low-income Pennsylvanians. The department manages food and related funding allocations by working with all 67 counties, more than 800 public and its value as used rather than the prevailing market value. Under the program, farmland is assessed per the amount of income the land can produce at its highest and best agricultural use rather than the prevailing market value. ▪ BMPs are Best

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novak ppt.pdf

Domestic Product Pennsylvania * 4-quarter growth rates in real terms Percent -6 -4 -2 0 2 4 6 8 Personal Income GDP Personal income declined • Transfer payments and capital gains portion fell in Q3. • Other indicators suggest a different story – Wage and salaries increased

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Newsstand_2018_June.pdf

the fourth quarter of 2017. These administrative data provide the final benchmark upon which all published state employment and wage income trends will be based. The data show a clear strengthening of the Pennsylvania labor market through 2017 in terms of are excluded, then the profits growth rate increases to 5.8%. (See Table 6.16D.) Due to the federal corporate income tax cut, after-tax profits re- tained by corporations increased by 35.8% in the first quarter on a year-

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Newsstand_2018_April.pdf

Roughly one out of five new mortgages this winter were given to Americans who use 45 percent of their monthly income for debt service. The number of mortgages originated with a debt-to-income ratio of 45 percent or greater is three times higher than in 2016. Home affordability is a major driver of

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MQRE_FY23-24_08_2023.pdf

Corporation Taxes 185 119 1,044 179 170 972 219 193 2,901 861 482 502 7,826 Corporate Net Income 180 110 1,020 170 160 955 165 110 715 745 450 930 5,710 Gross Receipts 3 5 10 Certified Diff. Total General Fund $45,406 $44,881 $524 Total Corporation Taxes 7,826 7,901 -75 Corporate Net Income 5,710 5,651 59 Gross Receipts 1,194 1,307 -113 Utility Property 46 46 0 Insurance Premiums 505

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

revenue estimate. Revisions to the IFO’s FY 2014-15 Revenue Estimate ($ millions) Revenue Source Revision Notes Increases Corporate Net Income $230 Strong final payments for 2013. Sales and Use 160 Lower gasoline prices and stronger consumer confidence. Inheritance 100 Large programs. ------ Subtotal – Increases 520 Decreases Non-Tax Revenue -160 No Oil & Gas Lease Fund transfer or casino license fees. Personal Income -55 Concerns about wage growth and strength of annual payment. Bank Shares -15 Overpayments from prior year will reduce cash

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May_1_Revenue_Update.pdf

20, 2023). Updates for specific sources that impact the revenue forecast for the current and subsequent fiscal year include: • Personal income tax (PIT) annual payments (for tax year 2023) fell $79 million below estimate in April and were $34 million (-2 than the prior year (+2.3%). This foreshadows potential weakness for the second estimated payment due in June. • Corporate net income tax (CNIT) final payments in April ($639 million) were solid. However, the much smaller CNIT estimated payment portion ($62 million

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Like-Kind_Exchange_Analysis.pdf

on the income tax retum. 5 Firm A therefore defers tax on the remaining $50,000 gain, but it also forgoes $50,000 In this example, that amount is treated as a "recaptured" gain under IRC Section 1245 and subject to ordinary federal income tax rates , as opposed to capital g ains tax rates. 6 This exam p le is from "Recent Trends in

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Lancaster_Chamber_Presentation_ Oct_6_2021.pdf

be paid out in July ▪ PA: 1.3 million payments (2.2 million children) | average of $424 per month ▪ Former income requirements eliminated (fully refundable) ▪ If 2 dependents, monthly benefits range from $500-$600 per month Expanded SNAP benefits remain in source: USDA) ▪ October 2021: $251 per person under emergency allotments (~doubled) ▪ Family of 4 maximum benefit of $835 per month | income limit of $34,450 ▪ Falls to $169 per person per month when emergency allotments end October 6, 2021 8 CreationDate

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IFO_Hearing_8-30-2017.pdf

2015-16 2016-17 2017-18 2015-16 2016-17 2017-18 2017-18 Growth IFO Est. $ Diff Corporate Net Income $2,842 $2,751 $2,855 1.1% -3.2% 3.8% $96 17.3% $92 $3 Sales and Use 9,795 $10,005 $10,236 3.2% 2.1% 2.3% $1,760 4.5% $1,781 -$22 Personal Income $12,506 $12,664 $13,322 3.3% 1.3% 5.2% $1,721 4.1% $1,710 $11 Cigarettes

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Five_Year_Outlook_2016_IFO_PPT.pdf

2006 2008 2010 2012 2014 2016 2018 2020 2022 SUT 3.5% Wages 4.0% PIT 4.4% PIT = Personal Income Tax SUT = Sales and Use Tax Service Sector Drives Job Gains (000s) 11/15/2016 20 11.8 9.5 Retail Transport & Storage Manufacturing Local Gov't Mining Long Run Growth Rate Discrepancy 11/15/2016 21 Revenue Growth Pers. Income 4.6% Corporate Net 4.3% Sales-Use 3.4% All Other 2.7% Cigarette -3.4% TOTAL 3.6%

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Five_Year_Outlook_2015_Press_Release.pdf

in the 65+ cohort through 2025. The increase in this cohort will (1) restrain the growth of tax revenues (personal income and sales) due to the changing income and spending patterns associated with an aging populace and (2) increase state expenditures associated with the long-term care of

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Economic_Summit_Presentation_Sept_2023.pdf

2021-22 2022-23 1 Sales and Use 6.9% -0.1% 14.3% 9.8% 4.4% 2 Personal Income 5.4% 0.9% 6.5% 19.6% -2.5% 3 Corporate Net Income 18.0% -6.5% 28.2% 30.7% 15.4% Federal or National Data Federal Fiscal Year 2018-19 2019-

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Economic_Forecast_Business_Leadership_Summit_Feb_2024.pdf

3.4% Durable Goods + Energy Food Shelter All Other YOY Change Philly CPI-U PA Profits (CNIT) Reversion • Corporate Net Income Tax (CNIT) up 124% since 16-17 • Larger share of extra consumer spending falls to bottom line (i.e., higher margins) • Non-traditional financing tapped (BNPL)? • Lower-income credit cards now maxed out Slide 14 Feb 2024 Economic Summit 1.00 1.20 1.40 1.60 1

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Congressional_Budget_Office_Nov_15_2022.pdf

terms. Net interest outlays increase substantially as interest rates rise and debt mounts. 12 Revenues, by Category Receipts from individual income taxes—the largest source of federal revenues—rose sharply in 2021 and are projected to do so again in 2022 growth ▪ Labor supply ▪ Supply chains ▪ International issues Longer Term ▪ Fiscal trajectory ▪ Size of the labor force ▪ Productivity and capital accumulation ▪ Income distribution ▪ Climate change Short- and Longer-Term Economic Issues CreationDate: 2022-11-09 22:35:12 Creator: Microsoft® PowerPoint® for

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April_1_Revenue_Update.pdf

revenues through March will increase the transfer to the Municipal Pension Aid Fund. • The first estimated payment for corporate net income tax (CNIT) remitted in March (tax year 2024) was very weak, down 30% from last year. This implies materially lower and higher IPT June transfer. We will plan to send another revenue update at the end of April when personal income tax final (tax year 2023) and first estimated (tax year 2024) payments are largely known. On May 20, the IFO

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2021-SD-Property-Tax-Forecast.pdf

P.L. 1873, No. 1, known as the “Taxpayer Relief Act.” 4 The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the Public School Code to distribute property tax relief allocated from slots proceeds (Act 1 allocations). A few school districts also increased their earned income taxes under Act 1 to provide for additional homestead exclusions. Table 5 (next page) provides estimates of FY 2019-20

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Links

Labor Statistics • Census Bureau • Weekly Jobless Claims • Employment Situation • Advance Retail Sales • Existing Home Sales • GDP and Profits • Monthly Personal Income • New Residential Sales • Case-Shiller Home Prices • Consumer Confidence PA Economic Indicators • Labor Force and Employment • Quarterly Personal Income • Gross State Product • Business Outlook, Philadelphia Fed State Government • Department of Labor and Industry • Department of Revenue • General Assembly • Office

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TC_Board_Hearing_Jan_10_2023.pdf

day | $76.7m in annual tax credits ▪ 600 direct FTEs | 3,600 total FTEs (assumes fully developed supply chain) ▪ Wage income of $282m = $9m in additional PIT revenue ▪ Unclear if tax credit deciding factor in location decision | other incentives used Recommendations

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SERS_Stress_Test_Impact_Analysis_2023.pdf

assumed to grow at a rate of 2% per annum. Estimates include the phase-in of the reduced corporate net income tax rate through tax year 2031. It is noted that all revenue (IFO) and economic (S&P Global) projections assume

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SERS_Stress_Test_Impact_Analysis_2022.pdf

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

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Response-Letter-09-06-2019.pdf

proposed rebate for school district property taxes paid up to $5,000 for homeowners age 65 or older with household incomes of $60,000 or less. Using the same methodology used from the August 16 letter, the IFO projects that the

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RB_2024_02_Jobs_Revised.pdf

labor market is less robust than current published data suggest, and that is supported by real-time data on withheld income tax revenues. For the last three quarters, YOY withholding tax revenue growth is as follows: 4.4% (2023 Q3), 4

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RB_2024_01_Min_Wage.pdf

policymakers have expressed interest in raising the state minimum wage. While advocates note that a higher wage will provide an income boost to low-paid workers, opponents assert that higher business costs will reduce employment, especially for younger workers or those

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RB_2023_03_Rental_Assistance.pdf

extended the program (ERAP2) with an additional $22 billion of funds. Qualifications for both programs are similar and provide low-income renters assistance with rent and utilities (current or owed). 2 Program funds were provided directly to state and large county

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RB_2023_02_ChildCare.pdf

Block Grant (CCDBG) in 2020 and 2021. Funds from the CCDBG are traditionally used to provide financial assistance to low-income families, improve teacher workforce and support higher standards in child care programs. Child care centers also received approximately $250 million

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RB_2022_06_PA_Gasoline_Tax.pdf

are from various licenses and fees (22%), taxes on diesel (22%), alternative fuels and other motor receipts (e.g., investment income, permits and other miscellaneous revenue). MLF revenues support highway maintenance, capital projects and bridge construction and rehabilitation. 2 State transportation

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RB_2021_11_Economic_Development_Incentives.pdf

40 million annually. • Act 25 of 2021 created the Pennsylvania Housing Tax Credit. Taxpayers that own or develop qualified low-income housing projects can claim up to $1.5 million per taxpayer (annual program cap of $10.0 million). • As part

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RB_09_2023_Treasury.pdf

not required to meet current operational needs. For purposes of the General Fund, this excess balance is invested in fixed income securities, primarily of a short duration, with a goal of generating a competitive return while preserving capital (e.g., money

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RB-2016-02.pdf

500 full‐time jobs. Promoting Employment Across Pennsylvania Program $0 $0 Permits companies to retain 95 percent of Pennsylvania personal income tax withheld from new employees. To qualify, a company must create 250 new jobs within Ðive years. The new jobs

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RB 2019 RACP.pdf

the state and the other $1.0 is referred to as indirect (other businesses) and induced (workers who receive higher income and spend it) spending. It is noted that figure double counts certain products in the supply chain because it measures

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PSERS_Stress_Test_Impact_Analysis_2023.pdf

beyond are assumed to grow at a rate of 2% per annum. Estimates include the reduction of the corporate net income tax rate through tax year 2031. 1 See: Stress Testing Analysis: Pennsylvania Public School Employees’ Retirement (December 2022). 2 A

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PSBA Webinar - IFO - Act5_Actuarial.pdf

of Act 120 Benefits Default Hybrid Plan 82% 75% 69% DC-Only Plan 41% 36% 33% Replacement of Pre-Retirement Income Act 120 68% 48% 29% Default Hybrid Plan 55% 36% 20% DC-Only Plan 28% 17% 9% 6/28/2017

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Press_Release_2017_Economic_and_Budget_Outlook.pdf

20-64) moderates economic growth. An increase in the 65+ cohort will (1) restrain tax revenues due to the changing income and spending patterns associated with an aging populace and (2) increase healthcare and other expenditures associated with the long-term

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

3% 8.3% Motor Vehicle SUT 9.7% 0.8%-0.9%4.8%-3.7%7.1% 9.9% Corporate Net Income-12.3%3.9%11.0%-3.3%6.4% 5.7%31.0% PIT - Withholding 4.0% 3.7% 4.4% 4.3%

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PBB_Board_Hearing_Mar_09_2022.pdf

generally prohibits the collection of student-level data, unless mandated by federal or state law. March 9, 2022 5 Spending, Income Levels and Student Outcomes “The data suggest there is little to no correlation between current expenditures per student and the

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PBB_Board_Hearing_Jan_10_2023.pdf

and back child support payments | $1.1m in FY 21-22 PTRR program provides tax and rent rebates to lower-income, older residents or residents age 18+ with disabilities ▪ $213 million for claim year 2020 (distributed in 2021) ▪ $351 million estimated

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PBB_Board_Hearing_Jan_09_2023.pdf

2019, 53% of PA residents lived within a 10-minute walk of service area | 75% of minorities | 60% of low-income | to be updated in 2023 Lack of data on infrastructure project efficiency ▪ Recommendations include on-time, on-budget metrics for

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PBB_Board_Amend_03_09_22.pdf

legislature in Section 2502.53(c)(2)(ii)(A) of Act 14 of 1949) by quartiles based upon median household income and students of color as a share of enrollment 7. In the “Comparison of School District Per Student Expenditures to

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PBB_2021_PSP_REPORT_ADDENDUM.pdf

auto-approvals are listed in the table below. The PSP do not track the average wait time by type of incoming customer request (e.g., firearm purchase background check vs. a license-to-carry permit background check.) 2015 2016 2017 2018

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PBB_2021_PennDOT_REPORT_ADDENDUM.pdf

from 2013 to 2018. Counties with the broadest coverage are urban and suburban counties that have relatively high per capita income and population density, with the inverse being true for counties having the lowest coverage rates. The map below shows counties

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PBB_2021_DHS_REPORT_ADDENDUM.pdf

2 PBB Schedule Review of FY 2020-21 Budgeted Expenditures Note: Expenditures in dollar millions. Part 1 includes Medical Assistance, income maintenance programs and other program eligibility and benefits. Part 2 includes services for persons with ID/autism, child welfare and

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PBB_2020_DOH_REPORT_Final_Update.pdf

injection of federal funds into the state economy not only enhances research, it also creates jobs and raises income levels. Much of the federal funds flow to universities that will partner with private industry and generate additional economic benefits. 3 Although

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PBB_2019_JCJC_Report.pdf

relative trends or growth rates between states because the data do not control for relevant factors such as income levels and varying program parameters. National Juvenile Placement Rate The following table compares Pennsylvania’s juvenile placement rate with neighboring states and

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PBB_2019_Criminal_Justice_Report.pdf

relative trends or growth rates between states, because the data do not control for relevant factors such as income levels, the share of the state population in urban settings and varying program parameters. The following tables compare Pennsylvania’s criminal justice

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PA_Turnpike_Toll_Projections_May_31_2013.pdf

positive impact on toll revenues because it implies more commuters and additional demand for commercial trucking services. Stable and predictable income gains should also encourage more interstate and intrastate travel for personal and leisure activities. The analysis finds that driver responsiveness

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PACB_Presentation_2021_8.pdf

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

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NFIB_Feb_2024.pdf

Dec 2023 • Home Values +47% • US Checking-Savings peaks in Mar 2022 +38%; falls to +32% Dec 2023 Change by Income Decile Top 20%: up +40% Middle 20%: up +22% Bottom 20%: down -12% Slide 6 Feb 2024 Economic Forum 0

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NewsStand_2019_August.pdf

increased by 29% and filers who itemized deductions de- creased by 65%. The data also show that dividends and interest income increased by 13% and 21%, respectively. Natural Gas Prices Plummet Due to Oversupply A recent WSJ article notes that despite

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Newsstand_2018_August.pdf

prior year. That pace reflects the strongest 3-month gain since April 2012. A strong labor market and higher discretionary income from federal tax cuts are likely two relevant factors that contribute to that outcome. PA Consumer Debt Increases 0.6%

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Labor_Market_Update_July_2021.pdf

traditional) or $19.60 (PUA) per hour if the tax-free status of UC benefits is included (excludes any federal income tax). If employed 15 hours per week, then the equivalent wage rate doubles. The IFO projects that many traditional UC

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IFO_Testimony_Min_Wage_Feb_16_2021.pdf

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

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IFO_PASBO_Oct_2024.pdf

23-24 AAGR Property taxes $14,481 $14,791 $15,184 $15,567 $15,964 $16,500 2.6% Earned income taxes 1,657 1,674 1,739 1,892 2,019 2,100 4.9% Other local 2,018 1

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Five_Year_Outlook_2016_Press_Release.pdf

An increase in the 65+ cohort (14.7 percent through 2020) will (1) restrain tax revenues due to the changing income and spending patterns associated with an aging populace and (2) increase healthcare and other expenditures associated with the long-term

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Economic_and_Budget_Outlook_Announcement_2023.pdf

federal relief programs, a rapidly expanding 75+ age cohort and the depletion of surplus balances that currently generate significant interest income. CreationDate: 2023-11-08 16:51:16 Creator: Canva Keywords: DAFvMZfp-tk,BAE9-b1inXk ModDate: 2023-11-08 17:48

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Econ Summit Presentation Feb 28 2017.pdf

Amounts 2016-17 Change Growth Change Growth Total General Fund $17,973 $218 1.2% -$9 -0.1% Corporate Net Income 1,281 -136 -9.6% -94 -6.6% Capital Stock 35 -71 -67.0% 0 n.a. Sales - Non-Motor

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Act_1_Index_Update_Nov_2023.pdf

index as the limit for millage rate increases while others have an adjusted index based on the district’s personal income/aid ratio. 3 The base index for FY 2024-25 was recently certified as 5.3%, the highest rate since

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2020 PBB Agenda.pdf

Office of Medical Assistance Programs Valerie Vicari, Deputy Secretary, Mental Health & Substance Abuse Services Lisa Watson, Deputy Secretary, Office of Income Maintenance Charles Tyrrell, Director, PeopleSTAT Dennis Bookwalter, Director, Bureau of Budget 3:45 pm Member Comments/Adjournment CreationDate: 2020-01-

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