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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

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

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

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-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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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-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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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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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_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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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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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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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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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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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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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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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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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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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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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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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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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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Independent Fiscal Office

Majority Policy Committee. ... (Full Report) Property Tax Burden by County Property Tax August 25, 2021 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 state pension systems to the House State Government Committee, Subcommittee on Public Pensions, Benefits and Risk Management. ... (Full Report) County Income Patterns News Stand & Other August 10, 2021 This research brief presents five maps that display recent demographic and income trends

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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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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-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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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-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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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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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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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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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-2018-07.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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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_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-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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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_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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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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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_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-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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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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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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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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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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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_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-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_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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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_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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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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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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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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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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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_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 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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About IFO

on special projects pertaining to education, demographics, minimum wage and other subjects as needed. Ms. Maynard also previously forecasted personal income tax revenues. Prior to working at the IFO, she was formerly employed as an Economist at the Joint State Government Commission where she provided statistical and economic data analysis on a very broad range of subjects including Earned Income Tax Credits, K-12 and post secondary education, health care and state pension benefits. Ms. Maynard holds a M.A

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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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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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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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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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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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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_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_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_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_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_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_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_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_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_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_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_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_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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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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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_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-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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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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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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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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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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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_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-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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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_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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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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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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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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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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