Search Results

Your search for net returned 525 results.
Corporate Net Income Tax Proposals

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

Tags: corporate, income, legislative, net, request

PA Population Contracts Since 2020

The IFO published a research brief that uses the latest Census data to rank states based on net migration between states since 2020. During the past two years, Pennsylvania recorded a net domestic outflow of 16,220. Relative to state population, the net outflow caused state population to contract by 0.1%, which ranked 29th across all states.

01/04/2023

PA Residents Migrating to Southern States

The IFO posted a research brief that uses recent IRS tax data to track migration between states for 2019 and 2020. The IRS data show large net inflows from most border states and net outflows to southern states, most notably Florida. net outflows were much heavier for residents age 55 and older.

06/02/2022

Corporate net Income Tax Proposals

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

03/15/2022

Senate Budget Hearing Request

The Independent Fiscal Office (IFO) responded to several questions raised at the office's budget hearing before the Senate Appropriations Committee. The questions relate to the impact of the COVID-19 pandemic on employment based on gender, net domestic migration for Pennsylvania and border states, and education sector employment for Pennsylvania and border states.

04/09/2021

Impact of the TCJA on Pennsylvania Taxpayers

This research brief uses newly released IRS tax data to examine how the Tax Cuts and Jobs Act of 2017 impacted Pennsylvania federal income taxpayers. The analysis finds that tax law changes likely reduced federal income taxes by roughly $8.5 to $9.0 billion.  This research brief was originally posted on October 2 but was updated and reposted on October 13 so that refundable tax credits and certain miscellaneous taxes (AMT and net investment tax) are reflected in average tax rate and estimated tax cut computations. Previously, those amounts were itemized separately.  

10/13/2020

Testimony on Combined Reporting

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

01/29/2020

Corporate net Income Tax Rate Reduction

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

04/11/2018

Mid-Year Update FY 2017-18

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

01/29/2018

Revenue_Proposal_Analysis_2021_04.pdf

state.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 the Office of the Budget.” The report contains three sections. The first section analyzes the proposal to lower the corporate net income tax rate (CNIT) and enact combined reporting. The second section examines the proposal to increase the personal income tax

Hits: 63

Five_Year_Outlook_2019.pdf

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 769 Less Refund Reserve -1,306 -1,270 -1,302 -1,335 -1,368 -1,402 -1,437 Net Revenue 33,552 34,448 35,702 36,766 37,599 38,944 40,332 State Expenditures 2 -33,402 -34,778

Hits: 52

Single-Use Plastics Report-2020_06.pdf

Kathleen 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 and Production ..................................................................... 31 Manufacturer Response to Regulations ........................................................................................... 32 Petrochemical and Plastics Manufacturing from Natural Gas ............................................................. 33 Section 6: Net Economic Impacts ........................................................................................... 37 Consumption and Spending on Retail Bags...................................................................................... 37 Impact on Employment and Earnings ............................................................................................. 39 Treatment of Fee Revenues ........................................................................................................... 41 Section

Hits: 43

Revenue-Proposal-Analysis-2020-04.pdf

pa.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 data sources and methodologies used to derive the revenue estimates, as well as an interstate comparison of corporate net income tax (CNIT) rates and filing methods. The second section analyzes the proposal to increase the state minimum wage from $7.25

Hits: 40

Demographics_Outlook_2020.pdf

as the base year of the forecast. 1 From the base year, the IFO projects birth, death and net migration rates for Pennsylvania residents. The treatment of COVID-19, the recent worldwide pandemic, is also briefly discussed on the next page then moderate in the long term. Projected death rates are then applied to the projected population. Migration Total net migration for 2019 by individual age is calculated using the 2019 population minus the 2018 population (aged by one year) plus 2019

Hits: 33

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

liability must be converted into cash flows that could span multiple fiscal years. The personal income and corporate net income taxes use this method. In general, tax return data used for personal and corporate net income tax projections are available with a two-year lag. For this exercise, the latest year of final data is tax year

Hits: 32

TC_2019_Film_Production_Tax_Credit_Report.pdf

in the state regardless of the tax credit. This analysis examines these and other issues that affect the net economic return of the FPTC. The IFO welcomes all questions and comments on the contents of this report. Questions and comments can or resold because recipients lack sufficient tax liability to utilize the credits.  The analysis finds that the net return on investment (ROI) is 13.1 cents of state tax revenue for each tax credit dollar. That ROI is consistent with

Hits: 30

TC_2021_Keystone_Special_Development_Zones_Update.pdf

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 investment in a brownfield site $100,000 Kentucky 25% Expenditures made at a qualifying property $150,000 Massachusetts 25-50% Net response and removal costs None Mississippi 25% Remediation costs $150,000 Missouri 100% Cost to remediate the project None New

Hits: 28

Official_Revenue_Estimate_Methodology_2021.pdf

3) tax liability must be converted into cash flows that could span multiple fiscal years. The personal income and corporate net income taxes use this method. In general, tax return data used for personal and corporate net income tax projections are available with a two-year lag. For this exercise, the latest year of final data is

Hits: 28

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

liability must be converted into cash flows that could span multiple fiscal years. The personal income and corporate net income taxes use this method. In general, tax return data used for personal and corporate net income tax projections are available with a two-year lag. For this exercise, the latest year of final data is tax year

Hits: 28

Demographics_Outlook_2021.pdf

876) contained in the 2020 De- cennial Census count. 1 From the base year, the IFO projects birth, death and net migration rates for Penn- sylvania residents. Incorporated impacts from the COVID-19 pandemic are detailed in the sub-sections of counterfactual rates assuming COVID-19 did not occur. Projected death rates are then applied to the projected population. Migration Total net migration for 2020 by individual age is calculated using the 2020 population minus the 2019 population (aged by one year

Hits: 28

CNIT-Rate-Cut-2018-04.pdf

2018 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 may be pertinent and useful to policymakers as they contemplate changes to the Pennsylvania CNIT rate. SECTION 1: STATE CORPORATE NET INCOME TAX RATES The analysis begins with an itemization of state CNIT rates. Table 1 lists the highest statutory rates

Hits: 28

TC_2021_Entertainment_Economic_Enhancement_Program.pdf

years of historical data were available for review. This analysis examines avail- able data and other issues that determine the net economic return of the EEEP Tax Credit. The IFO welcomes all questions and comments on the contents of this report performers, the tax credit may provide greater incentives by making a tour more financially viable. ▪ The analysis finds that the net return on investment (ROI) is 15 to 35 cents of state tax revenue for each tax credit dollar. The final

Hits: 27

Revenue-Estimate-2020-05.pdf

revenues that may be considered for appropriation in the General Appropriations Act. Estimates for the Lottery Fund represent net revenues after the deduction of certain expenses. Federal funds subject to General Fund appropriation are stated separately. The report also provides detail pendent contractors.  Payroll Employment contracts by 495,300 (2020, annualized basis) and expands by 357,100 (2021) net jobs. These figures exclude self-employed and independent contractors.  The Philadelphia CPI-U (consumer price index) increases by 0.5 percent

Hits: 27

Official_Revenue_Estimate_Methodology_2022.pdf

3) tax liability must be converted into cash flows that could span multiple fiscal years. The personal income and corporate net income taxes use this method. In general, tax return data used for personal and corporate net income tax projections are available with a two-year lag. For this exercise, the latest year of final data is

Hits: 27

Official-Revenue-Estimate-2020-06.pdf

revenues that may be considered for appropriation in the General Appropriations Act. Estimates for the Lottery Fund represent net revenues after the deduction of certain expenses. Federal funds subject to General Fund appropriation are stated separately. The report also provides detail pendent contractors.  Payroll Employment contracts by 453,000 (2020, annualized basis) and expands by 309,700 (2021) net jobs. These figures exclude self-employed and independent contractors.  The Philadelphia CPI-U (consumer price index) increases by 0.5 percent

Hits: 27

TC_2021_Video_Game_Production.pdf

three years of historical data were available for review. This analysis examined available data and other issues that determine the net economic return of the VGP Tax Credit. The IFO welcomes all questions and comments on the contents of this report appear that the VGP Tax Credit has had a significant impact on Pennsylvania employment.  The analysis finds that the net return on investment (ROI) is 8 to 16 cents of state tax revenue for each tax credit dollar. This result

Hits: 26

TC_2020_Research and Development Tax Credit.pdf

firms.  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 fiscal gross return on investment (ROI) to the state is 16 cents per tax credit dollar, while the net ROI is 12 cents. The gross ROI does not reflect the alternative use of the tax credit funds. On an annual basis

Hits: 26

Revenue-Proposal-Analysis-2018-04.pdf

KNITTEL 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 Revenue Proposals | Page 3 Tax and Revenue Proposals The 2018-19 Executive Budget proposes changes to the corporate net income tax and a new tax levy on the severance of natural gas. By fiscal year (FY) 2022-23, the analysis projects

Hits: 26

Five_Year_Outlook_2022.pdf

15 Revenue Outlook .............................................................................................................................. 17 Tax Revenue Trends and Projections .............................................................................................. 18 Personal Income Tax ..................................................................................................................... 19 Sales and Use Tax ......................................................................................................................... 20 Corporate Net Income Tax ............................................................................................................. 21 Other Revenue Highlights .............................................................................................................. 22 Expenditure Outlook.......................................................................................................................... 25 Technical Notes and Methodology .................................................................................................. 28 Current Services Versus Cost-to- Act funds is removed, then the decline is 1.4% ($0.61 billion). The contraction is due to the corporate net income tax (CNIT) rate cut ($0.20 billion), the new motor vehicle sales and use tax transfer ($0.50 billion

Hits: 26

Revenue-Proposal-Analysis-2019-03.pdf

pa.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 language for the proposed increase in the minimum wage, but language was not available for the proposed corporate net income tax rate reduction, enactment of combined reporting or the newly proposed transfers. - This page intentionally left blank. - Tax and Revenue Proposals

Hits: 25

IFO - Economic and Budget Outlook - January 2012.pdf

contained in this report. However, in certain instances, it is also necessary that projections incorporate technical adjustments. For example, corporate net income tax revenues are temporarily low due to conformity with the federal provision that provides for the full expensing of to these write-downs, financial institutions tightened lending standards and curtailed loans to individuals and businesses. FDIC data show that net loans to businesses decreased at an average rate of -5.8 percent per annum from the third quarter of 2008

Hits: 24

Economic_and_Revenue_Update_2020.pdf

Losses by Sector ....................................................................................... 6 State Metric Comparison ............................................................................................................................ 7 Pennsylvania Demographic Snapshot .................................................................................................... 8 Most PA Job Gains to Age 55+ ................................................................................................................. 9 Net Domestic Migration Trends ............................................................................................................ 10 PA Demographic Trends Cause Tight Labor Market ...................................................................... 11 General Fund Financial Statement Comparison .............................................................................. 12 FY 2019- Projections ........................................................................................................... 14 Growth of Top 3 Revenue Sources ....................................................................................................... 15 Impact of Federal Changes on Tobacco Taxes ................................................................................. 16 Lottery Sales and Net Revenues ............................................................................................................ 17 Gaming Expansion Revenues .................................................................................................................. 18 State and Local Tax Burden Comparison ........................................................................................... 19 Property Tax Data ....................................................................................................................................... 20 Natural Gas Production

Hits: 24

TC_2021_Neighborhood_Assistance_Program.pdf

5 million in credits were committed to offset $67.8 million in anticipated contributions/investments. The analysis finds that the net return on investment (ROI) is 5 cents of state tax revenue for each tax credit dollar. How- ever, that ROI 18.0 million to the current $36.0 million. 7 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 the taxable

Hits: 23

TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf

impact of the direct capital investment on the state economy. This analysis examines the issues that affect the net economic return of the Pennsylvania MTBI Tax Credit. The IFO welcomes all questions and comments on the contents of this report. Questions in 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

Hits: 23

Revenue-Estimate-2019-05.pdf

revenues that may be considered for appropriation in the General Appropriations Act. Estimates for the Lottery Fund represent net revenues after the deduction of certain expenses. Federal funds subject to General Fund appropriation are stated separately. A separate report that describes 4.0 percent and 4.1 percent.  Payroll Employment will expand by 57,700 and 54,600 net jobs. The Philadelphia CPI-U (consumer price index) will increase by 1.6 percent and 2.0 percent. Table 1.2

Hits: 23

Economic_and_Revenue_Update_2021.pdf

Actual and Projected Federal Relief for Pennsylvania ................................................. 6 COVID-19 Impact on Economic Growth Rates ........................................................... 7 Pennsylvania Demographic Snapshot ........................................................................ 8 Net Domestic Migration Trends ................................................................................ 9 PA Labor Force Participation Rates ......................................................................... 10 Fiscal Year to Date Revenues ................................................................................. 11 General Fund Revenue Projections Impact 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

Hits: 23

RB_2022_06_PA_Migration.pdf

were exempt from filing due to income limits or other factors. Table 1 ranks states based on the ratio of net domestic migration (inflows into the state less outflows) to state population. The data show that: ▪ Idaho recorded the strongest relative growth, as net migration increased the state population by 1.99% (36,655). ▪ Two other western states also recorded domestic migration gains that

Hits: 21

Official-Revenue-Estimate-2019-06.pdf

revenues that may be considered for appropriation in the General Appropriations Act. Estimates for the Lottery Fund represent net revenues after the deduction of certain expenses. Federal funds subject to General Fund appropriation are stated separately. A separate report that describes Labor Statistics. The trends reveal the recent mod- eration in the Pennsylvania labor market as the pace of net new jobs creation fell from 69,600 (annualized rate) in 2018 Q1 to 50,800 (preliminary) in 2019 Q1. The data also

Hits: 21

PBB_2023_DOR_REPORT.pdf

rate (% calls not dropped) -- -- 72.5% 77.0% 67.1% 72.0% Overall customer experience rating -- -- -- 78% 84% 80% Lottery Net Lottery profits ($ millions) $1,094 $1,143 $1,142 $1,303 $1,195 $1,109 Administration expenses as a % of received). (See pages 13 to 16.) Lottery Lottery proceeds benefit older Pennsylvanians, and the primary goal is to responsibly maximize net profits to support Lottery-funded programs. Lottery has maintained or increased Lottery profits in recent years despite competition from slots

Hits: 20

Official-Revenue-Estimate-2018-06.pdf

revenues that may be considered for appropriation in the General Appropriations Act. Estimates for the Lottery Fund represent net revenues after the deduction of certain expenses. Federal funds subject to General Fund appropriation are stated separately. A separate report that describes and 4.2 percent (2019).  Payroll Employment will expand by 62,500 (2018) and 57,000 (2019) net jobs. Table 1.2 (next page) compares the economic forecast used for the Independent Fiscal Office (IFO) official revenue estimate in June

Hits: 20

Initial-Revenue-Estimate-2018-05.pdf

revenues that may be considered for appropriation in the General Appropriations Act. Estimates for the Lottery Fund represent net revenues after the deduction of certain expenses. Federal funds subject to General Fund appropriation are stated separately. A separate report that describes and 4.2 percent (2019).  Payroll Employment will expand by 62,500 (2018) and 57,000 (2019) net jobs. Table 1.2 (next page) compares the economic forecast used for the Independent Fiscal Office (IFO) official estimate in June 2017

Hits: 20

Five_Year_Outlook_2021.pdf

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 Services Versus Cost-to-Carry Baselines ...............................................................33 General Fund 587 $46,107 Less Refund Reserve -1,262 -1,325 -1,300 -1,325 -1,350 -1,375 -1,400 Net Revenue 39,130 42,848 41,575 40,522 41,794 43,212 44,707 State Expenditures 2 -34,013

Hits: 20

ACN_SB1_A01354_A01558_2017_06_03a.pdf

strategies in relation to future investment activities and (3) alternative in- vestment strategies that will maximize future rates of return net of fees. The commission must also recommend the lowest amount of investment fees necessary to achieve each System’s current 37% 20% 20% DC-Only Plan 28% 32% 17% 20% 9% 11% Notes: 1. Rate of return is 6.0% net of fees (0.5%) for the DC plans. 2. DB is based on the maximum single life annuity. DC is

Hits: 20

Senate_Appropriations_Committee_Response_Letter_2021.pdf

and the impact of immigration on the state economy. Page 9 of the IFO’s budget hearings packet contains total net domestic migration trends by state from the U.S. Census Bureau from 2011 through 2019. As of March 10, 2021 state students coming into the state. In 2018, 28.9% (34,258 students) of first-time students were non-residents. Netting out those Pennsylvania students that leave for other states (20,898), Pennsylvania had a net migration of 13,360 first-

Hits: 19

RB-2017-5.pdf

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 of the analysis contains three sections. Tables 1 through 3 display the state tax rates levied on personal income, corporate net income and sales and use. Tables 4 through 6 rank states based on the average annual growth rate of (1

Hits: 19

Five_Year_Outlook_2020.pdf

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 .............................................................................................. 27 Current Services Versus Cost-to-Carry Baselines .............................................................................. 30 828 $42,321 Less Refund Reserve -1,150 -1,300 -1,326 -1,353 -1,380 -1,407 -1,435 Net Revenue 31,126 37,137 35,349 36,498 37,972 39,421 40,885 State Expenditures 2 -34,090

Hits: 19

TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf

innovation, which can further stimulate the state economy. This analysis examines these and other issues that affect the net economic return of the Pennsylvania KIZ Tax Credit. The IFO welcomes all questions and comments on the contents of this report. Questions innovation.  The fiscal gross return on investment (ROI) is 32 cents per tax credit dollar while the net ROI is 27 cents. The gross ROI does not reflect the alternative use of the tax credit funds. The recommendations of this

Hits: 17

NAP-2018-03.pdf

individuals 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 contribution reduces the cost of the donation by $35,750. (See Table 1.) This calculation utilizes the 2017 federal corporate net income tax (CNIT) rate of 35 percent. NAP 55% Tax Credit Traditional Donation Donation ($100,000) ($100,000) NAP Tax

Hits: 17

ACN_SB1071_A10803_text.pdf

period ending June 30, 2014, and every three years thereafter, the board shall compare the actual investment rate of return, net of fees, to the annual interest rate adopted by the board for the calculation of the normal contribution rate, based on the market value of assets, for the prior ten-year period. If the actual investment rate of return, net of fees, is less than the annual interest rate adopted by the board by an amount of 1% or more

Hits: 17

Response_Letter_9_23_2019.pdf

the same years, actual and budgeted revenues attributable to seniors by major category of 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 consider indirect taxes that are levied on a business and passed through to shareholders, workers or consumers (e.g., corporate net income, insurance premiums and bank shares), mid-sized or smaller tax types (e.g., realty transfer) and taxes not based

Hits: 16

IFO_Hearing_Packet_Feb2019.pdf

Rates 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 February 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

Hits: 16

IFO_Hearing_Packet_Feb2018.pdf

S. Census Bureau. U.S. Census Bureau. Age detail for 2017 is an IFO projection based on Census total. 10 Net Domestic Migration Trends Net Domestic Migrants (000s) 2015-17 Share of Top Outlfow 2015 2016 2017 Average Residents 1 New York -168.6 -193

Hits: 16

Demographics_Outlook_2022.pdf

from the U.S. Census Vintage 2021 Population Estimates. 1 From the base year, the IFO projects birth, death and net migration rates for Pennsylvania residents. The impacts from the COVID-19 pandemic are detailed in the births, deaths and migration 5 Since then, many COVID-19 restrictions have been lifted and migrant flows have started to recover. For 2022, total net migration (domestic and international) by individual age is calculated using the four-year average migration rate prior to COVID-19

Hits: 16

Revenue_Estimate_2022_06.pdf

License Fund revenues that may be considered for appropriation in the General Appropriations Act. Estimates for the Lottery Fund represent net revenues after the deduction of certain expenses. Federal funds subject to General Fund appropriation are stated separately. A separate report earned by self-employed and independent contractors). ▪ Payroll Employment expands by 135,000 (2022, annual average) and 30,000 (2023) net jobs (ex- cludes self-employed and independent contractors). ▪ The Philadelphia CPI-U (consumer price index, annual average) increases by 7

Hits: 15

Revenue_Estimate_2022_05.pdf

License Fund revenues that may be considered for appropriation in the General Appropriations Act. Estimates for the Lottery Fund represent net revenues after the deduction of certain expenses. Federal funds subject to General Fund appropriation are stated separately. A separate report earned by self-employed and independent contractors). ▪ Payroll Employment expands by 130,000 (2022, annual average) and 40,000 (2023) net jobs (ex- cludes self-employed and independent contractors). ▪ The Philadelphia CPI-U (consumer price index, annual average) increases by 7

Hits: 15

Revenue_Estimate_2021_05.pdf

the revenue impact of increased federal funding related to the outbreak of COVID-19. Estimates for the Lottery Fund represent net revenues after the deduction of certain expenses. Federal funds subject to General Fund appropriation are stated separately. A separate report self-employed and independent contractors). ▪ Payroll Employment expands by 100,000 (2021, average for full year) and 80,000 (2022) net jobs (excludes self-employed and independent contractors). ▪ The Philadelphia CPI-U (consumer price index) increases by 3.5% (2021) and

Hits: 15

State and Local Tax Burden Study.pdf

income (e.g., social security and various medical and income maintenance benefits). 1 Personal income does not include net capital gains. For this report, the Independent Fiscal Office (IFO) adds those amounts to all state personal income measures because many states not appear in total income. For tabulations of state and local revenues, the U.S. Census Bureau includes net lottery proceeds with other revenues, not tax revenues. For this report, the IFO includes those amounts in tabulations of tax revenues for

Hits: 14

Revenue_Proposal_Analysis_2022_04.pdf

Matthew J. Knittel Director - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Tax and Revenue Proposals ...................................................................................................... 3 Corporate Net Income Tax ............................................................................................................... 3 Cigarette Tax .................................................................................................................................. 5 Personal Income Tax ....................................................................................................................... 5 Gaming Taxes ................................................................................................................................. 5 Nontax Revenues ............................................................................................................................ 5 Raising the Minimum Wage report contains two sections. The first section analyzes general tax and revenue proposals, including the proposed expansion of the corporate net income tax base and the lowering of the tax rate. The second section analyzes the proposal to increase the state

Hits: 14

June_Revenue_Estimate_2021.pdf

the revenue impact of increased federal funding related to the outbreak of COVID-19. Estimates for the Lottery Fund represent net revenues after the deduction of certain expenses. Federal funds subject to General Fund appropriation are stated separately. A separate report self-employed and independent contractors). ▪ Payroll Employment expands by 100,000 (2021, average for full year) and 80,000 (2022) net jobs (excludes self-employed and independent contractors). ▪ The Philadelphia CPI-U (consumer price index) increases by 3.7% (2021) and

Hits: 14

State_Tax_Comparison_2020_11.pdf

used throughout this analysis. For tabulations of state and local tax revenues, the U.S. Census Bureau includes net lottery profits with non-tax revenue sources, not tax revenues. This report includes those amounts with tax revenues so that net lottery profits are treated the same as tax revenues from table games and slots, since all three are forms of recreational gaming

Hits: 13

SR2017-03.pdf

income is used throughout this analysis. For tabulations of state and local tax revenues, the U.S. Census Bureau includes net lottery profits with non-tax revenue sources, not tax revenues. This report includes those amounts with tax revenues so that net lottery profits are treated the same as tax revenues from table games and slots, since all three are forms of

Hits: 13

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

sent in March 2020, (2) EIT remittances received during the calendar year, which are attributable to wage compensation and certain net profits earned one quarter prior (i.e., 2019 Q4 to 2020 Q3) and (3) gaming local share assessment distributions on revenues are generally related to property tax bills sent in July 2020 and EIT remittances are attributable to wages and net profits earned one quarter prior (i.e., 2020 Q2 to 2021 Q1). 1 Hence, COVID-19 will affect all four

Hits: 13

MTR-2015-09.pdf

of matched returns allows the IRS to identify a migrating taxpayer’s origin and destination states. 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 of New York (6,925), New Jersey (3,858) and Maryland (1,056) 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

Hits: 13

IFO_Hearing_Materials_Feb_22_2022.pdf

5 Economics – Pandemic Relief Programs ...................................................................... 6 Demographics – Pennsylvania Snapshot ..................................................................... 7 Demographics – Pennsylvania Decedent Trends and Excess Death Estimate ................. 8 Demographics – Net Domestic Migration Trends ......................................................... 9 Revenues – Fiscal Year to Date ................................................................................ 10 Revenues – General Fund Projections ...................................................................... 11 Impact Fee and Natural Gas Trends ......................................................................... 12 State and Local Tax Burden ..................................................................................... 13 Corporate Net Income Tax State Comparison ........................................................... 14 State Pension Outlook ............................................................................................. 15 Economic Development Incentives ........................................................................... 16 Minimum Wage by State ......................................................................................... 18 PBB – Agency

Hits: 13

State_Tax_Comparison_2022_01.pdf

income is used throughout this analysis. For tabulations of state and local tax revenues, the U.S. Census Bureau includes net lottery profits with non-tax revenue sources, not tax revenues. This report includes those amounts with tax revenues so that net lottery profits are treated the same as tax revenues from table games and slots, since all three are forms of

Hits: 12

State-Tax-Comparison-2020-01.pdf

used throughout this analysis. For tabulations of state and local tax revenues, the U.S. Census Bureau includes net lottery profits with non-tax revenue sources, not tax revenues. This report includes those amounts with tax revenues so that net lottery profits are treated the same as tax revenues from table games and slots, since all three are forms of recreational gaming

Hits: 12

IFO-Presentation-11-14-2019.pdf

16 “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 on record PA labor market shows signs of slowing  Minor deceleration of wage growth in 2019 Q3 (prelim)  Net job gains down notably from last year (very prelim) Other state fundamentals remain in good shape  Home sales sluggish

Hits: 12

Electricity_Update_Sep_2021.pdf

Information Administration (EIA), Pennsylvania is the top exporter of electricity in the country by a significant margin. Table 1 shows net electricity generation by fuel source, total electricity consumption and net exports for Pennsylvania and other regional states. Net generation is broken down into electricity generated from natural gas, coal, nuclear

Hits: 12

Electricity_Update_March_2022.pdf

in September 2021 and incorporates the latest data published by the U.S. Energy Information Administration (EIA). Table 1 shows net electricity generation by fuel source, total electricity consumption and net exports for Pennsylvania and other regional states. Net generation is broken down into electricity generated from natural gas, coal, nuclear

Hits: 12

Economic_and_Revenue_Update_2020_10.pdf

2.6% 2.3% -5.6% 5.5% Wages-Salaries 4.3% 4.2% -3.2% 5.0% Net Payroll Jobs (000s) 69 56 -453 310 Philadelphia CPI-U 1.3% 2.0% 0.5% 1.5% October 2020 Forecast 2018 1.9% 2.4% -4.6% 3.0% Wages-Salaries 4.3% 4.3% -2.0% 3.8% Net Payroll Jobs (000s) 68 54 -450 100 Philadelphia CPI-U 1.3% 2.0% 0.9% 1.5% Table 1.1 Pennsylvania

Hits: 12

2018_Mid-Year_Update.pdf

Index 4.3% 4.6% 4.3% n.a. Philadelphia CPI-U 2.1% 1.0% 1.4% 0.8% Net Job Gains (000s) 68.9 57.2 69.8 70.2 Note: Real GDP and components are quarterly annualized rates. All others are year-over-year. Job gains represent annual rate of net job creation. All data except CPI-U are preliminary and subject to revision. Sources: U.S. Bureaus of Labor Statistics

Hits: 12

Revenue-Estimate-2020-05-Presentation.pdf

Real GDP 2.1% 1.9% 2.3% n.a. Wages-Salaries 4.7% 3.5% 4.3% 3.7% Net New Jobs (000s) 53.1 54.7 48.2 51.4 FHFA Home Price Index 4.9% 4.8% 5 3.7% 3.8% Revenues Through March (exclude COVID-19) +$165 million over estimate Note: Figures for 2020.1 for Net New Jobs and Home Sales are for January and February only. Source: U.S. Bureau of Economic Analysis, U.S

Hits: 11

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

3 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 0.6% 1.9% 2.3% 2.2% Wages-Salaries 4.1% 1.3% 3.3% 4.3% 4.2% Net Job Gains (000s) 47.3 50.0 62.9 62.5 57.0 Philadelphia CPI-U -0.1% 0.6%

Hits: 11

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

Real GDP 2.1% 1.9% 2.3% n.a. Wages-Salaries 4.7% 3.5% 4.3% 3.7% Net New Jobs (000s) 53.1 54.7 48.2 51.4 FHFA Home Price Index 4.9% 4.8% 5 3.7% 3.8% Revenues Through March (exclude COVID-19) +$165 million over estimate Note: Figures for 2020.1 for Net New Jobs and Home Sales are for January and February only. Source: U.S. Bureau of Economic Analysis, U.S

Hits: 11

MER-2014-07.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth

Hits: 11

EPLC Feb 2020 FINAL.pdf

3% 4.4% 3.9% 4.0% Philadelphia CPI-U 1.3% 1.3% 2.0% 1.8% 1.9% Net Payroll Jobs (000s) 58.8 65.6 45.6 45.4 45.7 Source: Historical data from the U.S 20.7 -19.6 -- Residents Age 20-64 -23.9 -32.5 -32.2 -26.7 -30.6 -32.4 Net Payroll Jobs 46.2 48.6 58.8 65.6 45.6 45.4 Unemployment Rate 5.3% 5.4%

Hits: 11

Revenue-Estimate-2019-05-Presentation.pdf

4.0% 3.2% 2.5% n.a. Wages-Salaries 4.1% 4.0% 3.5% 4.2% 3.8% Net New Jobs (000s) 69.6 68.4 64.1 60.4 50.8 Philadelphia CPI-U 0.5% 1.6% 7 April 2018 April 2019 Dollar Change Growth Rate General Fund Revenues $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

Hits: 10

Response_Letter_2021_April.pdf

consider 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 might effectively pay one-fifth of that amount ($290 to $440 million) for FY 2020-21. Table 4 provides Pennsylvania net migration data across seven age groups from 2013 to 2019. The data reflect both international and domestic net migration. For

Hits: 10

QRR_2015Q2.pdf

General 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 revenues were $96 million above estimate. 2 For the fiscal year, General Fund revenues were $635 million above estimate. Corporate net income collections $328 million above estimate, sales and use tax deposits were $30 million above estimate and personal income tax

Hits: 10

Municipal_Analysts_Presentation.pdf

Year Revenues 28,607 30,593 30,902 6.9% 1.0% Less: Refunds -1,105 -1,340 -1,250 Net Revenue Available 27,502 29,253 29,652 Escheats / Transfers Less: Expenditures -28,395 -29,153 -30,127 2.7% 30,593 30,902 31,670 $32,491 Less: Refunds -1,105 -1,340 -1,250 -1,340 -1,280 Net Revenue Available 27,502 29,253 29,652 30,330 31,211 Less: Expenditures 2 -28,395 -29,153 -30

Hits: 10

IFO_Testimony_RGGI_Nov_4_2022.pdf

currently at $5.00 for the rest of 2022 (+53%). The final page of this submission displays historical data for net generation and CO2 emissions for the 10 original RGGI states (excludes Virginia which joined in 2021) and 4 adjacent non-RGGI states from 2008 to 2020. CO2 emissions fell dramatically across all states while net generation increased only for Pennsylvania and Virginia. RGGI Auction Market Clearing Prices RGGI auction prices much higher than assumed in

Hits: 10

IFO Five-Year Outlook.pdf

832 -6 -384 -563 -624 -753 Less: Refunds -1,300 -1,311 -1,346 -1,392 -1,434 -1,475 Net Difference -468 -1,317 -1,730 -1,955 -2,058 -2,228 The Economic and Budget Outlook Slide 6 15 4,999 to -2,000 -1,999 to 0 1 to 1,999 2,000 to 9,999 ≥10,000 Net Migration to Pennsylvania The Economic and Budget Outlook Slide 11 15.Nov.2012 Net Migration Data, 2006-2010 The Economic

Hits: 10

House Budget Hearing Request.pdf

Age of Primary Income Filer and Domestic Migration from 2013 to 2014 Number of Federal Tax Returns in/from Pennsylvania Net Migration as a share of total returns in 2014 Age Group of Primary Tax Filer In PA both 2013 and 2014 Outflow 2013 to 2014 Inflow 2013 to 2014 Total Net Domestic Migration All ages 4,938,483 113,575 95,598 5,034,081 -17,977 -0.4% under 26

Hits: 10

TC_2019_New_Jobs_Tax_Credit_Report.pdf

much job creation does the program actually incentivize? This analysis examines this and other issues that affect the net economic return of the Pennsylvania JCTC. The IFO welcomes all questions and comments on the contents of this report. Questions and comments credit if they can’t find qualified unemployed individuals or veterans to fill the position(s).  The net economic impact of the credit is too small to model formally. Research finds that roughly 95 percent of the jobs created under

Hits: 9

TC_2019_Historic_Preservation_Tax_Credit_Report.pdf

drive the results. Many of those assumptions are not appropriate for an analysis that seeks to determine the net economic impact of a tax credit from the perspective of the government entity that provides the funds. For this reason, this report only the fed- eral HPTC (20 percent). In those cases, a state tax credit could actually have a net negative economic impact because it did not alter outcomes, and the funds could have been used for other purposes, such as education

Hits: 9

Revenue-Update-2020-04.pdf

Official Mid-Year Change Official Budget Change General Fund $35,518 $35,738 $220 $35,497 $35,697 $200 Corporate Net Income 3,458 3,433 -25 3,558 3,401 -158 Gross Receipts 1,211 1,197 -14 1,229 employed individuals and independent contractors. Wages motivate personal income tax withholding revenues. The non-wage income shown in Table 2 (net profits of sole proprietors, self-employed, partnerships and S corporations, capital gains and dividends) reflect most other income that is

Hits: 9

RB_2022_06_Act_105_Pre-Funding_Impact.pdf

December 31, 2019. Source: State Employees' Retirement System. Table 1: Top Five Eligible SERS Employers Based on UAL Baseline Setoff Net Debt Net Cost/ FYE Contribution Credit Contribution Service (Savings) 2021-2025 $636 -$466 $170 $229 -$238 2026-2030 580 -466 114 259

Hits: 9

RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdf

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 dividends. For 2018, the growth of capital gain and dividend income is likely related to the reduction in the corporate net income tax rate from 35 to 21 percent for tax year 2018. For the high income group, the strong growth

Hits: 9

Presentation-2018-06-PICPA.pdf

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.  Final personal income tax payments up +11.7%. Spending Real GDP 2.6% 0.9% 1.9% 2.3% Wages-Salaries 4.1% 1.3% 3.3% 4.3% Net Job Gains (000s) 47.3 50.0 62.9 62.5 Philadelphia CPI-U -0.1% 0.6% 1.3%

Hits: 9

PICPA_Presentation.pdf

Base Base 2017 Change Growth Change Growth 1 Total General Fund $28,405 $564 2.0% -$84 -0.3% Corporate Net Income 2,130 -181 -7.8% -154 -6.7% Capital Stock 34 -114 n.a. 0 n.a. Gross Receipts 17 IFO Revenue Shortfall = -$900m June 7, 2017 5 -$40 -$200 -$300 -$300 -$60 PIT Non-Wage PIT Wages Corp Net Income Sales Tax Net Loans Note: Dollar amounts are in millions. Income Does Not Translate to Spending June 7, 2017

Hits: 9

HAC testimony Feb 2019.pdf

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

Hits: 9

Five_Year_Outlook_2017_Presentation.pdf

force. But participation rates increase. No signs of “brain drain” or strong elderly inflow.  Recent data suggest a small net inflow of 18-24 age group.  Elderly continue to move to warmer weather locations. November 16, 2017 11 U 11 8 62 Domestic Migrate -17 -31 -35 -45 -46 -175 Int’l Migrate 29 30 34 35 35 162 Net Migration 12 -1 -2 -10 -11 -12 Total Population 12,772 12,781 12,791 12,792 12,784 Change

Hits: 9

2020_Mid_Year_Update.pdf

1.3% 1.3% 1.7% 2.0% Jan 2020 1.3% 1.3% 2.0% 1.8% 1.9% Net Payroll Jun 2019 58.8 65.6 57.7 54.6 Employment (000s) Jan 2020 58.8 65.6 45 1.3% 0.6% 2.6% 2.1% Wages-Salaries 4.1% 1.3% 4.0% 4.3% 4.4% Net Jobs Creation (000s) 46.2 48.8 58.8 65.6 45.6 U.S. Financials Corporate Domestic Profits -1

Hits: 9

SERS_Stress_Test_Impact_Analysis_2022.pdf

based on risk factors: • Investment Risk - Investment performance exceeds or fails to meet the assumed rate of return (6.875% net of fees for years after calendar year 2022). • Demographic Risk - Demographic factors, such as mortality rates and employee salary growth are assumed to grow at a rate of 2% per annum. Estimates include the phase-in of the reduced corporate net income tax rate through tax year 2031. The IFO analysis also projects the share of pension contributions that will be

Hits: 8

Presentation-2019-3-1-EPLC.pdf

2 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 +$373 million to official revenue estimate. Growing concern over moderate slowdown next Fund March 1, 2019 4 Fiscal Year ($ billions) 18-19 19-20 20-21 21-22 22-23 23-24 Net Revenues + Lapses $33.0 $33.9 $35.2 $36.3 $37.1 $38.3 growth rate 2.7% 3.7%

Hits: 8

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

0.6% 1.3% 1.8% 2.2% Jan 2019 0.6% 1.3% 1.5% 1.8% 2.0% Net Jobs (000s) Jun 2018 50.0 62.9 62.5 57.1 Jan 2019 50.0 62.9 70.9 1.2% 2.2% 2.2% 2.0% Wages-Salaries 3.9% 1.5% 4.0% 4.1% 4.0% Net Jobs (000s) 47.3 50.0 62.9 70.9 58.7 U.S. Financials Corporate Domestic Profits -3.5%

Hits: 8

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

000 120,000 140,000 160,000 180,000 2005 2010 2015 2020 2025 turn age 65 deaths age 65+ net gain age 65+ 5.3% 4.8% 4.6% 4.2% Note: figures in red are decedent rates for age 11,916 12,284 12,711 Average Annual Levels (000s) Number Births 154 145 140 Number Deaths -126 -128 -129 Net Domestic Migration 0 -4 -25 Net Int’l Migration 9 18 29 Residual 0 12 0 Ending Population (000s) 12

Hits: 8

MTR-2019-08.pdf

largely 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 Diff General Fund $2,192.9 $2,125.8 $67.1 $4,522.1 $4,546.9 -$24.8 Corporate Net Income 63.3 58.5 4.8 156.4 151.4 5.0 SUT - Non-Motor 830.6 800.9

Hits: 8

MTR-2017-07.pdf

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 (19%). Net earnings include wages and salaries (less social insurance tax contributions) and business profits. Transfer receipts include government assistance to individuals

Hits: 8

MSC_March_31_2022.pdf

March 31, 2022 3 Actual Revenues ($ millions) Amount (e) Growth Notes on Adjustments General Fund $34,129 12.7% Corporate Net Income 3,237 28.7 due date shift Sales - Non-Motor 8,936 14.6 due date shift Sales - Motor Change Percent Change Adjusted Growth or Notes General Fund $45,322 $43,319 -$2,003 -4.4% -0.8% Corporate Net Income 4,866 4,654 -212 -4.4 no stimulus, wages Sales - Non-Motor 11,668 11,300 -368 -3

Hits: 8

Monthly_Economic_Update_July_2021_Final.pdf

27 through June, an increase of 56.8% over the same period in 2020. IRS Migration Data Continue to Show Net Outflow from PA The IRS recently released migration data by state in 2019 compared to 2018. The tax data show that Pennsylvania had a net outflow of 13,126 residents to other states (excludes international migration). The states with the largest net outflow of residents

Hits: 8

Initial_Estimate_May_2017_Presentation.pdf

Forecast.  All forecasts except tobacco and IPT underperform.  Base growth rate for FYTD is negative (-1.0%).  Net revenue gains from transfers / tax law changes. The Big Picture 2 02.May.2017 Change to PA Economic Forecast Growth 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

Hits: 8

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

paid a fee that, including an inflation adjustment, was $5,400 more than the same type of well in 2016. Net impact: +$36.7 million.  Collections from New Wells. The collections from wells in operating year one more than offset decreased collections from older wells as their fees decline. Net impact: +$13.0 million.  Exempt Status and Other. This includes (1) the net effect of reduced collections from newly-

Hits: 8

Budget_Hearing_Background_Feb2016.pdf

IFO DOR Total General Fund $30,922 $30,871 $50 $31,525 $31,772 ‐$247 2.0% 2.9% Corporate Net Income 2,739 2,812 ‐73 2,775 2,877 ‐102 1.3% 2.3% Gross Receipts 1,276 1 profits (‐$20 million). Fiscal Year, Dollar Amounts 2011‐12 2012‐13 2013‐14 2014‐15 2015‐16 2016‐17 Corporate Net Income 2,022 2,423 2,502 2,812 2,739 2,775 Capital Stock and Franchise 837 602 320

Hits: 8

Budget_Hearing_Background-Feb2014.pdf

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 was created by Act 120 FY 2013-14 IFO Official Revenue Estimate ($ millions) Revenue Source Estimate Growth General Fund - Total $29,154 1.8% Corporate Net Income 2,460 1.5% Sales and Use 9,239 3.9% Personal Income 11,720 3.1% All Other

Hits: 8

Independent Fiscal Office

January 04, 2023 The IFO published a research brief that uses the latest Census data to rank states based on net migration between states since 2020. During the past two years, Pennsylvania recorded a net domestic outflow of 16,220. Relative to state population, the net outflow caused state population to contract by 0.1%

Hits: 8

TC_2022_Educational_Tax_Credits.pdf

improvement organizations and $12.5 million to the PKTC. 11 Tax credits may be utilized against Pennsylvania personal income, corporate net income, bank and trust company shares, title insurance shares, insurance premiums, mutual thrift institutions, malt beverage and surplus lines taxes State in lower public education expenditures. Given that the cost of the STO Tax Credit was $12.0 million, the net fiscal impact of the tuition grants in that year is an estimated $12.6 million. 25 “Iowa’s School Tuition

Hits: 7

Sen_Maj_Pol_Comm_Brain_Drain_Workshop_04_30_2019.pdf

State Office Building 400 Market Street Harrisburg, PA 17105 1 Year Population Estimate Population Change 1 Births Deaths Natural Increase Net International Migration Net Domestic Migration Net Migration 2000 12,284,173 20,368 145,351 129,761 15,590 n.a. n.a

Hits: 7

Revenue_Estimate_Presentation_2022_05.pdf

1.4% 0.9% 1.4% Wages-Salaries 4.4% -0.3% 7.7% 7.8% 5.5% 4.3% Net Job Gains (000s) 56.1 -461.1 145.5 130.0 40.0 41.4 Philadelphia CPI-U 2.0% 0.9% 4.0% 7.0% 4.5% 2.8% Note: Net Job Gains for payroll employment only. Excludes self-employed and independent contractors. Source: U.S. Bureau of Labor Statistics and

Hits: 7

Revenue_Estimate_2021_05_Presentation.pdf

GDP 2.4% -4.4% 3.6% 2.4% Philadelphia CPI-U 2.0% 0.9% 3.5% 2.7% Net Job Gains (000s) 56.0 -438.0 100.0 80.0 Wages-Salaries 4.3% -0.1% 6.7% 4.3% Home Price Index 5.1% 7.4% 11.9% -- Note: Net Job Gains for payroll employment only. Excludes self-employed and independent contractors. Home Price Index for 2021 is year-over-

Hits: 7

Revenue_and_Economic_Update_Presentation_2020_10.pdf

GDP 2.6% 2.3% -5.6% 5.5% Wages-Salaries Paid 4.3% 4.2% -3.2% 5.0% Net Job Gains (000s) 69 56 -453 310 Philadelphia CPI-U 1.3% 2.0% 0.5% 1.5% October 2020 GDP 1.9% 2.4% -4.6% 3.0% Wages-Salaries Paid 4.3% 4.3% -2.0% 3.7% Net Job Gains (000s) 68 54 -450 100 Philadelphia CPI-U 1.3% 2.0% 0.9% 1.5% Source: U

Hits: 7

Revenue Conference Presentation Jan 2013 FINAL.pdf

1.9% 1.5% 2.3% 3.0% Jan 2013 1.2% 1.8% 1.5% 2.3% Payroll Employment (Net Job Gains, 000s) May 2012 67.2 57.5 84.1 84.4 Jan 2013 67.2 36.1 68 Fund 23.Jan.2013 2013 Revenue Conference 11 Revenue Source Estimate Growth Total General Fund $28,510 3.0% Corporate Net Income 2,257 11.6% Sales and Use 9,179 4.6% Personal Income 11,220 3.9% All Other

Hits: 7

REU-2019-11.pdf

2.2 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 Diff General Fund $2,356.5 $2,314.4 $42.1 $12,733.6 $12,461.6 $272.0 Corporate Net Income 137.7 127.7 10.0 1,045.8 962.0 83.8 SUT - Non-Motor 817.5 806

Hits: 7

RB_2021_02 County Income Patterns.pdf

g., Allegheny, Washington and Armstrong) and northern counties (e.g., Potter, Bradford and Susquehanna) due to strong gains recorded for net earnings (earnings from labor) and dividends, interest and rent. Moreover, some of those counties (Armstrong, Bradford, Potter and Susquehanna) recorded the dataset because a significant proportion (approximately 45%) of the population is institutionalized, which produced artificially low personal income and net earnings data. (Note: This analysis does not control for student, nursing home or institutionalized populations in other counties.) Counties with

Hits: 7

QRR_2015Q1.pdf

General 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 4 million above estimate. 2 For the fiscal year through March, General Fund revenues were $470 million above estimate. Corporate net income collections $290 million above estimate, sales and use tax deposits were $49 million above estimate and personal income tax

Hits: 7

QRR_2014Q4.pdf

General 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 187 million above estimate. 2 For the fiscal year through December, General Fund revenues were $297 million above estimate. Corporate net income and sales and use tax revenues were above estimate by $132 million and $69 million, respectively. Personal income tax

Hits: 7

QRR_2014Q2.pdf

approximately $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 were below estimate by $128 million. 2 For the fiscal year, General Fund revenues were $547 million below estimate. Corporate net income tax revenues were $42 million above estimate, but sales and use and personal income taxes were below estimate by

Hits: 7

QRR_2013Q4.pdf

approximately $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 estimate by $35 million. 2 For the fiscal year through December, General Fund revenues were $65 million below estimate. Corporate net income tax revenues were $33 above estimate, but sales and use and personal income taxes were below estimate by $47

Hits: 7

Presentation-2018-11-19-CCAP.pdf

from 2010 to 2017. Source: U.S. Census Bureau. PA Domestic Migration Statistics 2016 November 19, 2018 5 Age Group Net Migration State Net Migration 0 to 19 23,796 New York 17,539 20 to 24 -16,632 New Jersey 16,304 25

Hits: 7

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

Close 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 40.5 Total Tax Cut -280.0 -257.2 All Individual and Pass Throughs -188.8 -168.5 One-Third Net Corporate (see note) -30.4 -29.5 Tax Cut Realized -219.2 -198.1 Estimated PA Share 3.5% 3

Hits: 7

PICPA Presentation_ June 11, 2019.pdf

4.0% 3.2% 2.5% n.a. Wages-Salaries 4.1% 4.0% 3.5% 4.2% 3.8% Net New Jobs (000s) 69.6 68.4 64.1 60.4 50.8 Philadelphia CPI-U 0.5% 1.6% 7 May 2018 May 2019 Dollar Change Growth Rate General Fund Revenues $31,483 $31,779 $296 0.9% Corporate Net Income 2,318 2,825 508 21.9% Gross Receipts 1,143 1,221 78 6.9% Sales – Non-Motor

Hits: 7

Pennsylvania_Aging_Presentation.pdf

York, West Virginia and Wyoming. Note: Amounts do not sum to total, excludes undefined residual. Source: U.S. Census Bureau. Net Senior Inflow Age 75+ May 24, 2017 9 Domestic Migration to/from PA Age Group Inflow Outflow Share Net Under 18 38,253 43,028 1.7% -4,775 18 to 29 95,886 104,409 5.0% -8

Hits: 7

PBB_Board_Hearing_Apr_26_2021.pdf

affected? ▪ Use IMPLAN to estimate jobs, output and “multiplier” impacts Economic metrics for NAP, EEEP and VGP ▪ Gross ROI vs. net ROI (deducts alternative use of monies) ▪ Output or spending | labor earnings | number of jobs ▪ Not possible to estimate certain spillover solely to the tax credit to reimburse the state ▪ This is a large amount of activity (see Appendix to reports) Net ROI deducts impacts from alternate uses (e.g., spending) ▪ Net ROI = Gross ROI – impact from gov’t spending or tax

Hits: 7

NGIFE-2016.pdf

the 503 new wells spud is not expected to offset reduced collections from older wells as their fees decline. Estimated net impact: -$9.6 million.  Exempt status and other. Includes the net effect of: (1) reduced collections from newly-exempt wells as their production falls below the 90 mcf threshold; (2) collections

Hits: 7

MTR-2019-09.pdf

86.2 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 Diff General Fund $3,185.0 $3,074.0 $111.0 $7,707.1 $7,620.9 $86.2 Corporate Net Income 610.6 570.5 40.1 767.0 721.9 45.1 SUT - Non-Motor 808.4 807.0

Hits: 7

MTR-2019-07.pdf

1 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 Estimate $ Diff Actual Estimate $ Diff General Fund $2,329 n.a. n.a. $2,329 n.a. n.a. Corporate Net Income 93 n.a. n.a. 93 n.a. n.a. SUT - Non-Motor 783 n.a. n.a. 783

Hits: 7

MTR-2017-04.pdf

college degrees moved to (outflow) along with graduates who moved from those states (inflow) for Pennsylvania. Overall, there was a net outflow of 12,981 graduates in 2015. The data reveal that over 47,000 graduates, who were living in Pennsylvania moved to Pennsylvania in 2015. New York and New Jersey were the only two states from which Pennsylvania recorded a net inflow. Relative to Pennsylvania, these states both generally have higher tax rates and a less affordable housing market. Despite the

Hits: 7

MQRE-FY19-20-Aug.pdf

1. 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 Corporation Taxes 98 66 593 123 133 567 165 104 2,352 357 351 642 5,550 Corporate Net Income 93 59 571 112 128 546 124 71 499 295 328 633 3,458 Gross Receipts 4 5 6 8 3

Hits: 7

Mid_Year_FY16-17_Presentation.pdf

2016-17 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 12 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%

Hits: 7

mid-year-FY14-15-presentation.pdf

to $15 million. • Jan to Jun 2015: +$45 to $60 million. • Other secondary effects as well. Businesses: Lower Costs Increase Net Profits. 28.Jan.2015 11 The Potential Revenue Impact Real Wage Growth = Avg. Wage Growth ‐ Inflation. • For 2007 to 2013 2015 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

Hits: 7

Five_Year_Outlook_2016_IFO_PPT.pdf

Productivity and wages lower? New Data Suggest Int’l Migration Much Higher.  Domestic migration changes from positive to negative (net outflow).  International migration into PA revised much higher. 11/15/2016 8 PA Snapshot: 2005 to 2015 Age Cohort Start of Decade or Period 12,803 13,041 13,506 12,803 Births less Deaths 72 57 -82 46 Net Domestic Migration -30 -64 -66 -159 Net International Migration 196 473 577 1,246 End of Decade or Period 13

Hits: 7

Budget Hearings Packet.pdf

data show a significant contraction of the PA economy in the first quarter of 2016. Despite weak economic growth, the net number of new jobs in 2016 was similar to non-recession years. The forecast for 2017 projects an acceleration of 0 5,641 Note: Natural growth is births less deaths. Domestic migration is migration from other states. International migration is net inflow from other countries. Sum of natural growth and migration slightly different than total change for states. AAGR is average

Hits: 7

Budget Hearings Packet- Web Version.pdf

data show a significant contraction of the PA economy in the first quarter of 2016. Despite weak economic growth, the net number of new jobs in 2016 was similar to non-recession years. The forecast for 2017 projects an acceleration of 0 5,641 Note: Natural growth is births less deaths. Domestic migration is migration from other states. International migration is net inflow from other countries. Sum of natural growth and migration slightly different than total change for states. AAGR is average

Hits: 7

2013-06 Monthly Economic Summary - FINAL.pdf

n e 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 7

2013 Appropriation Hearings Background Information.pdf

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 13 Suggested Reading 14 1 FY 2012-13 IFO Official Revenue Estimate ($ millions) Revenue Source Estimate Growth Total General Fund $28,510 3.0% Corporate Net Income 2,257 11.6% Sales and Use 9,179 4.6% Personal Income 11,220 3.9% All Other

Hits: 7

TC_2022_Coal_Refuse_Energy_Reclamation.pdf

oversubscribed, then the amount awarded to each facility is prorated. Tax credits may be utilized against Pennsylvania personal income, corporate net income, bank and trust company shares, title insurance company shares, insurance premiums, gross receipts and mutual thrift institutions taxes for 8.1 $8.3 $16.9 $15.4 Transfer Fees -$0.1 -$0.2 -$0.2 -$0.3 -$0.3 Net Value to Recipients $7.1 $9.4 $8.7 $16.9 $15.9 Share of Credits Awarded 94.1% 93

Hits: 6

REU-2020-02.pdf

for 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 Diff General Fund $2,167.5 $2,064.6 $102.9 $20,879.6 $20,581.2 $298.4 Corporate Net Income 83.7 70.8 12.9 1,747.9 1,703.0 44.9 SUT - Non-Motor 709.7

Hits: 6

REU-2020-01.pdf

exceeding 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 Diff General Fund $3,071.0 $3,089.4 -$18.4 $18,712.0 $18,516.6 $195.4 Corporate Net Income 92.0 124.1 -32.1 1,664.3 1,632.2 32.1 SUT - Non-Motor 955.5

Hits: 6

REU-2019-12.pdf

above 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 Diff General Fund $2,907.1 $2,965.6 -$58.5 $15,641.1 $15,427.2 $213.9 Corporate Net Income 526.5 546.1 -19.6 1,572.3 1,508.1 64.2 SUT - Non-Motor 845.9

Hits: 6

REU-2019-10.pdf

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 Diff General Fund $2,670.0 $2,526.3 $143.7 $10,377.0 $10,147.2 $229.8 Corporate Net Income 141.1 112.4 28.7 908.1 834.3 73.8 SUT - Non-Motor 897.8 857.3

Hits: 6

RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdf

assumes that 5% of the total $78.0 billion paid in federal stimulus flows out of state. This adjustment represents net amounts that were spent out-of-state (e.g., due to travel) by residents and fraudulent UC payments (notably the available individual income tax data from the IRS Statistics of Income Division (2018). 2 Flows Out-of-State adjusts for net stimulus flows across states as well as fraudulent payments to non- residents. These amounts are not reflected in average stimulus

Hits: 6

QRR_2016Q1.pdf

General 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 116 million above estimate. 2 For the fiscal year-to-date, General Fund revenues exceeded estimate by $362 million. Corporate net income was below estimate by $20 million. Sales and use tax, personal income tax and all other General Fund revenues

Hits: 6

QRR_2015Q4.pdf

General 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 93 million above estimate. 2 For the fiscal year-to-date, General Fund revenues exceeded estimate by $168 million. Corporate net income and sales and use taxes were below estimate by $47 million and $11 million, respectively. Personal income tax and

Hits: 6

Presentation-2018-06-PASBO.pdf

Close 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 40.5 Total Tax Cut -280.0 -257.2 All Individual and Pass Throughs -188.8 -168.5 One-Third Net Corporate (see note) -30.4 -29.5 Tax Cut Realized -219.2 -198.1 Estimated PA Share 3.5% 3

Hits: 6

Pitt_Chamber_Presentation.pdf

4.1% 1.3% 3.9% 4.3% Philadelphia CPI-U -0.1% 0.6% 1.3% 2.3% Average Net Job Gains (000s) 46.7 52.2 60.4 61.8 Home Price Index 2.5% 4.1% 4.4% billion to PA disposable income  There are ~5.0 million PA households in 2018: ~$1,500 per household Corporate net income tax  Expansion of state corporate income tax base adds ~$160 million next year i. Eliminate Section 199 deduction

Hits: 6

MTR-2017-11.pdf

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 Fund revenues of (1) Acts 42, 43, 44 and 55 of 2017 and (2) a recent Supreme Court decision on net operating loss deductions. FY 2017-18 Revenue Performance Through November Diff. w/ Estimate Diff. w/ Last Year Dollar Percent Dollar

Hits: 6

MTR-2017-05.pdf

in take home pay. However, data for January to April 2017 suggest a strong labor market that created 63,000 net new jobs (annualized rate), compared to 52,200 for CY 2016. Moreover, withholding tax revenues show solid growth in take 17 Unemployment Rate 1 4.7% 4.5% 4.4% 4.3% 5.0% 4.8% 4.9% n.a. Net Job Gains (000s) 2 232.0 50.0 174.0 138.0 70.5 68.9 n.a. n.a

Hits: 6

Impact-Fee-Update-Outlook-2019-06.pdf

The collections from wells in operating year one more than offset decreased collections from older wells as their fees decline. Net impact: +$26.5 million.  Previous Disputes. In December 2018, the Pennsylvania Supreme Court ruled in favor of the PUC payment of the impact fee based on the interpretation of stripper well status are required to pay those disputed fees. Net impact: +$8.9 million.  Other/Late. Includes (1) fees paid late for prior years but included in 2018 disbursements

Hits: 6

Impact-Fee-Update-2017-Outlook-2017-07.pdf

2.) Revenue from the 504 new wells spud did not offset reduced collections from older wells as their fees decline. Net impact: ‐$7.8 million.  Exempt status and other. Includes the net effect of: (1) reduced collections from newly‐exempt wells as their production falls below the 90 Mcf threshold; (2) collections

Hits: 6

HTAE_2019_05_15.pdf

1.1% 1.7% 2.1% 1.9% Wages-Salaries 4.0% 1.3% 4.0% 4.0% 3.9% Net New Jobs (000s) 46.2 48.8 58.8 65.6 57.7 Philadelphia CPI-U -0.1% 0.6% 1.3% 1.3% 1.6% Note: Corporate profits are domestic profits only. Includes S corporations. Net new jobs excludes self-employed and independent contractors. Source: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor

Hits: 6

TC_2023_Rural_Jobs_Investment.pdf

Jobs and Investment Tax Credit Overview | Page 7 ▪ Have fewer than 150 employees and not more than $15 million in net income for the preceding calendar year. ▪ Have principal business operations in one or more rural areas of the state. 4 of annual jobs included. The lower figure uses the number of new and retained jobs, while the higher figure uses net new jobs only. The report recommends only counting the number of net new annual jobs created. The method used is

Hits: 5

Senate Budget Hearing Request.pdf

at the recent budget hearing for the Independent Fiscal Office (IFO). Specifically, Senator Vulakovich inquired about the treatment of corporate net operating losses (NOLs) in other states as compared to Pennsylvania. Current federal law allows 20 years of NOL carryforwards and further questions, please do not hesitate to contact my office. Sincerely, Matthew J. Knittel Director Enclosures 2 Table A Corporate Net Operating Loss Carryforward and Carryback Periods Number of Years by State 1 State Carryforward/back State Carryforward/back Alabama 15

Hits: 5

RTR-2015-01.pdf

inheritance 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-

Hits: 5

RTR-2014-06.pdf

following 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 income taxes increased by $66 million (0.6%) despite a decline of $155 million (-11.4%) in annual payments. • Corporate net income tax revenues in June increased by $38 million (8.8%) from the prior year. Estimated payments were $61 million

Hits: 5

Revenue Trends Report - September 2012.pdf

dollar 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 212.7 $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

Hits: 5

Revenue Trends Report - October 2012.pdf

dollar 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 in personal income tax employer withholding (see below). Another 29% of the monthly revenue growth was due to the corporate net income tax.  Personal income tax employer withholding increased by $108 million (16.6%) because a due date that occurred

Hits: 5

Revenue Trends Report - May 2013.pdf

found 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

Hits: 5

Revenue Trends Report - June 2013.pdf

year, 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 million (19.9%

Hits: 5

Revenue Trends Report - December 2012.pdf

dollar 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 3.1% 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

Hits: 5

RB_2023_1_Population_Contraction.pdf

351,130) exceeded the number of births (294,980). International migration added 37,560 residents over the two years while net domestic migration reduced state residents by 16,220 (i.e., migration outflows to other states exceeded inflows). The final two columns list the ratio of net domestic migration to state residents (April 2020) and the state rank based on that ratio. For Pennsylvania, the share is

Hits: 5

RB-2019-01.pdf

from the 779 new wells spud offset reduced collections from older wells as their fees decline or they become exempt. Net impact: +$15.1 million.  Collections from previously disputed wells and outstanding payments. This estimate includes (1) all payments disputed Pennsylvania Supreme Court regarding stripper well status and (2) the collection of other outstanding payments from the previous year. 3 Net impact: +$22.3 million. The impact fee does not directly respond to the price of natural gas or the volume

Hits: 5

QRR_2017Q1.pdf

quarter 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 3,636.6 59.7 Accelerated Deposits 1.5 0.0 1.5 2.9 0.0 2.9 Corporate Net Income 554.4 445.2 109.2 1,738.2 1,665.0 73.2 Capital Stock & Franchise 0.4

Hits: 5

QRR_2016Q3.pdf

s 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 664 1,131 554 2,617 2,786 865 679 1,171 $0 $1,000 $2,000 $3,000 Corporate Net Income Sales and Use Personal Income GF All Other Motor License Fund Lottery Fund Third Quarter Revenue Snapshot Actual GF

Hits: 5

QRR_2015Q3.pdf

General 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 Actual 1 Estimate 2 Variance 3 Total General Fund $6,736 $6,662 $74 $6,736 $6,662 $74 Corporate Net Income 573 600 -27 573 600 -27 Sales and Use 2,490 2,507 -17 2,490 2,507 -17

Hits: 5

QRR_2013Q3.pdf

approximately $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 Actual a Estimate b Difference c Total General Fund $6,110 $6,152 -$42 $6,110 $6,152 -$42 Corporate Net Income 478 503 -25 478 503 -25 Sales and Use 2,302 2,317 -15 2,302 2,317 -15

Hits: 5

Presentation_PA_Bus_Council_6-22-15.pdf

22.Jun.2015 3 Real Per Capita GDP Growth Source: U.S. Bureau of 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

Hits: 5

Presentation_Lancaster_Chamber_2017-07-14.pdf

14/2017 5 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% Revenues (net of refunds) Expenditures Note: Pennsylvania General Fund expenditures and revenues as a percentage of state GDP. Source: Economic and Budget 484 6,775 -2,291 All Other 31,722 41,156 -9,434 Total 125,168 141,602 -16,434 Net Inflows also from RI, CT, MS FY 2012-13 -21,578 FY 2013-14 -26,482 PA Population Change by

Hits: 5

Presentation-2019-5-1-PAEL.pdf

2019 The Pennsylvania Labor Market May 1, 2019 1 Annual Growth Rate, Change or Level 2015 2016 2017 2018 2019 Net Jobs Created (000s) 46.2 48.8 58.8 65.6 55.0 Unemployment Rate 5.3% 5.4% 4 full- and part-time jobs. Excludes self-employed and independent contractors. Where is the Jobs Growth? May 1, 2019 2 Net Jobs Created (000s) 2015 2016 2017 2018 All Payroll Jobs 46.2 48.8 58.8 65.6 Social Assist

Hits: 5

PICA_Presentation_2020_11.pdf

GDP 1.9% 2.4% -4.6% 3.0% Wages-Salaries Paid 4.3% 4.3% -2.0% 3.7% Net Job Gains (000s) 68 54 -450 100 Philadelphia CPI-U 1.3% 2.0% 0.9% 1.5% Latest Quarterly 3 2020.4 Real GDP -5.8% -34.0% -- -- Wages-Salaries Paid 3.7% -6.5% -2.6% -1.0% Net Job Gains (000s) 28 -849 -506 -440 Philadelphia CPI-U 2.6% 0.0% 0.4% -- Source: U.S. Bureau

Hits: 5

PBB_2022_AGING_REPORT_Addendum.pdf

gross expenditures ($ millions) 1 $682 $666 $689 $713 $738 Medicare Part D/other payer offsets $396 $410 $449 $493 $528 Net state expenditures $177 $160 $144 $137 $134 Other $109 $96 $96 $84 $76 Waitlist for OPTIONS services 2 2,407 program utilizes a larger share of funds from Medicare Part D and other payer offsets and a smaller share of net state funds. See pages 7 to 9 for more details. Waitlist for OPTIONS services The OPTIONS waitlist for services peaked

Hits: 5

PA_Assoc_of_Community_Bankers_Presentation_2020_12.pdf

GDP 1.9% 2.4% -4.5% 3.2% Wages-Salaries Paid 4.3% 4.3% -1.5% 4.2% Net Job Gains (000s) 68 54 -450 120 Philadelphia CPI-U 1.3% 2.0% 0.8% 1.5% Latest Quarterly 4 Real GDP -5.8% -34.0% Dec 23 -- Wages-Salaries Paid 3.7% -6.5% -2.6% -0.5% Net Job Gains (000s) 28 -849 -505 -435 Philadelphia CPI-U 2.6% 0.0% 0.4% -- Source: U.S. Bureau

Hits: 5

NGIFE-2018.pdf

NYMEX). Because the average annual price for natural gas eclipsed $3.00, the impact fee schedule was adjusted upwards. 2 Net impact: +$43.4 million  New wells offset aging wells. The impact fee is highest in a well’s first older wells as their fees decline and (2) newly-exempt wells as their production falls below the 90 Mcf threshold. Net impact: +$2.7 million The impact fee does not directly respond to the price of natural gas or the volume

Hits: 5

NGIFE-2015.pdf

a 42.9 percent decline compared to the prior year. Estimated impact: ‐$25.3 million.  All other. Includes the net effect of: (1) additional collections from more wells becoming subject to the impact fee (new wells less new stripper wells 10,100 for operating year two, $5,000 for operating year three and $15,100 for operating year four. Estimated net impact: +$20.0 million. Independent Fiscal Of Ðice February 2016 2 The impact fee does not directly respond to the

Hits: 5

Newsstand_January_2020.pdf

million. The population growth was primarily due to the number of births outpacing the number of deaths by 1,751. Net migration was estimated to be -56 in 2019, compared to the 10,944 gain in the prior year. The significant 3% (-12,143) from 2018. By comparison, domestic out- migration changed from -20,731 to -19,588. IRS Reports Negative Net Domestic Migration from 2017 to 2018 The IRS also recently released state migration data for 2017 to 2018 based on

Hits: 5

MTR-2018-02.pdf

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 SUT collections came in as expected, but are $17 million (-1.8 percent) below estimate for the fiscal year. Corporate net income tax (CNIT) payments for the month outpaced the estimate by $16 million (38.0 percent). Final payments were strong

Hits: 5

MTR-2017-12.pdf

Fund revenues of (1) Acts 42, 43, 44 and 55 of 2017 and (2) a recent Supreme Court decision on net operating loss deductions. 2 December collections were $67 million (2.4%) above estimate primarily due to stronger than anticipated collections 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

Hits: 5

MTR-2017-10.pdf

motor 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 Year Dollar Percent Dollar Percent Actual Estimate General Fund $9,108 $9,118 ($10) -0.1% $259 2.9% Corp. Net Income $673 $657 $16 2.5% ($22) -3.2% Sales and Use $3,473 $3,509 ($36) -1.0% $106

Hits: 5

MTR-2017-01.pdf

2017. Due to the combination of the low inventory of homes and rising interest rates, it is unclear what the net impact on housing prices and sales will be going forward. January 2017 Monthly Trends Report Pennsylvania Housing Market 1 National 17 Unemployment Rate 1 4.8% 4.6% 4.7% 4.8% 5.8% 5.7% 5.6% n.a. Net Job Gains (000s) 2 124.0 164.0 157.0 227.0 48.4 44.5 35.6 n.a

Hits: 5

MTR-2016-02.pdf

of 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 2015. The mining and utilities sectors recorded declines of 126.9% (i.e., all sector profits eliminated, resulting in a net loss) and 42.9%, respectively. 2 These two sectors comprised 9.0% of total CNIT payments in FY 2014-15

Hits: 5

MQRE_FY22_23_August.pdf

to the official estimate certified by the administration (Table 5) is included on the last page. FY 2022-23 Corporate Net Income -$89.7 Insurance Premiums -8.2 Bank Shares -16.2 Mutual Thrift Institutions -0.9 Sales Tax - Non-motor 187 Total Corporation Taxes 179 116 889 167 177 872 201 121 2,694 649 484 348 6,897 Corporate Net Income 160 110 870 160 170 855 155 80 575 550 449 758 4,892 Gross Receipts 3 4 7

Hits: 5

Monthly_Economic_Update_February_2021.pdf

of pandemic-related closures. Nationally, gross job losses (-20.4 million) outweighed gross job gains (+5.7 million) for a net employment loss of 14.6 million, 12.2% of private sector employment. In Pennsylvania, gross job losses (-896,709) also outweighed gross job gains (+177,105) for a net employment loss of 719,604, 14.6% of private sector employment. Nationally, the service sector accounted for 89.5% of

Hits: 5

MER-2014-09.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth

Hits: 5

MER-2014-08.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth

Hits: 5

MER-2013-12.pdf

of Pennsylvania United States Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 5

Impact_Fee_Update_Outlook_2022.pdf

wells) due to the annual increase in wells spud. Estimated impact: +$99.8 million.  New and Existing Wells. The net impact of (1) reduced collections from aging wells that pay lower fees and wells that become exempt offsetting fees from new wells and (2) any payments related to prior years. The net impact for CY 2021 is largely driven by 3,160 wells that entered operating year 11 and paid half the

Hits: 5

IFO_Response_Letter_Jan_20_2023.pdf

temporary state gasoline tax cuts were passed through to final consumers. 1 As shown, the proposal results in an annual net tax reduction that ranges from $1.52 to $1.66 billion over the ten-year period. Per your request, that tax revenues. Based on the REMI output, state General Fund tax revenues (mainly personal income, sales and use and corporate net income) increase by approximately $85 million per annum. Overall, the analysis finds that that proposal would reduce General Funds available

Hits: 5

Five_Year_Outlook_Presentation_2022.pdf

21-22 $3.84 billion in federal funds transferred to General Fund ERC ~$57,000 per firm, temp boost to net profits (taxable) Economics: Pre vs Post-COVID Growth November 15, 2022 12 US Corporate Domestic Profits record levels S&P Withheld 67.0 0.46 0.69 +0.22 Realty Transfer 58.6 0.07 0.10 +0.03 Corporate Net Income 56.7 0.43 0.60 +0.17 Inheritance 47.2 0.13 0.17 +0.04 Sales and

Hits: 5

2023_Mid_Year_Update.pdf

Dollar Amount YOY Growth Adjusted Growth Notes General Fund Revenues $23,344 -10.7% 6.4% see note below Corporate Net Income 2,829 11.8 Sales - Non-Motor 7,589 6.1 Sales - Motor Vehicle 801 -24.4 5.5 Adjusted Amount $ Change Adjusted General Fund Revenues $42,187 -12.4% -3.1% $43,713 $1,526 +0.5% Corporate Net Income 4,892 -8.1 -4.4 5,301 409 3.6 Sales - Non-Motor 11,831 -2.0 12

Hits: 5

2022_Mid_Year_Update.pdf

Mid-Year Update FY 2021-22 Independent Fiscal Office January 31, 2022 Today’s Presentation Revenues significantly outperform estimates ▪ Corporate net income, sales tax, personal income, inheritance Main economic issues ▪ What happened to the labor force? ▪ Inflation for 2022 | wage-price 2022 14 Dollar Amount Growth Rate Adjusted Growth Notes on Adjustments General Fund $26,126 23.3% 14.8% Corporate Net Income 2,530 10.7 27.5 due date shift Sales - Non-Motor 7,159 11.6 14.5 due

Hits: 5

2013-09 Monthly Economic Summary-FINAL.pdf

e r 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 5

2013-08 Monthly Economic Summary.pdf

s t 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 5

2013-03b Monthly Economic Summary.pdf

3.31 1,498 1.6% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 5

2012-08 Monthly Economic Summary_Final.pdf

3.73 1,310 1.7% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 5

2006_surviving_spouse_healthcare_study.pdf

sources of income such as subscriber premiums and independ- ent agency contributions. The Commonwealth then reimburses the PEBTF for the net costs. Unlike active employee health benefits, which are set by the PEBTF Board of Trustees, the Governor and his Executive for implementation. WHERE do the numbers go? The Annual OPEB Cost will be reported on the income statement, and the Net OPEB Liability, if any, will appear on the balance sheet. See Figure 1,”The Pieces of the New Pie” for

Hits: 5

TC_2021_Resource_Enhancement_and_Protection.pdf

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 the tax 0 Source: Pennsylvania Department of Revenue. Note: Dollar amounts in thousands. PIT is personal income tax and CNIT is corporate net income tax. Table 2.6 REAP Tax Credit Utilization by Tax Type Fiscal Year Avg. Share Section 2: REAP Tax

Hits: 4

Select Committee Oct 1 2012 FINAL.pdf

939 -1,807 -1,675 -1,543 Property Tax Replacement 10,607 11,245 11,897 12,428 12,954 NET ANNUAL IMPACT -1,509 -1,691 -1,878 -1,948 -2,023 1.Oct.2012 Analysis of HB 1776 and 802 Replacement Baseline 10,607 11,245 11,897 12,428 12,954 Difference -154 -501 -800 -991 -1,152 NET IMPACT -1,509 -1,691 -1,878 -1,948 -2,023 1.Oct.2012 Analysis of HB 1776 and SB

Hits: 4

RTR-2015-04.pdf

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 dollar amounts in millions) Revenue Source April 2015 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $24.3 $276.3 $122.5 $282.5 7.2% 13.9% 15.5% 11.3% Other Corporate -$24

Hits: 4

RTR-2015-03.pdf

one-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 dollar amounts in millions) Revenue Source March 2015 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $95.7 $252.0 $130.3 $235.6 22.8% 15.3% 24.1% 9.4% Other Corporate -$33

Hits: 4

RTR-2014-12.pdf

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 dollar amounts in millions) Revenue Source December 2014 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $44.6 $121.7 $29.3 $186.2 percent change 9.9% 11.0% 4.7% 7.6% Other

Hits: 4

RTR-2014-10.pdf

tax 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 dollar amounts in millions) Revenue Source October 2014 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income -$23.2 $69.2 $67.8 $164.7 percent change -16.9% 11.3% 12.2% 6.8% Other

Hits: 4

RTR-2014-09.pdf

million (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 dollar amounts in millions) Revenue Source Sep 2014 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $96.1 $92.4 $92.4 $191.1 percent change 25.2% 19.3% 19.3% 8.0% Other

Hits: 4

RTR-2014-05.pdf

prior 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 dollar amounts in millions) Revenue Source May 2014 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income -$32.1 $39.9 $8.3 -$0.3 percent change -41.0% 2.0% 1.0% 0.0% Other

Hits: 4

RTR-2014-04.pdf

Due to technical factors, withholding increased by $128 million (19.1%) to partially offset the large nonwithholding decline.  Corporate net income tax revenues decreased by $23 million (-6.3%) for the month due to a decline in final payments for dollar amounts in millions) Revenue Source April 2014 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income -$22.6 $72.0 $36.3 $73.6 percent change -6.3% 3.8% 4.8% 3.0% Other

Hits: 4

RTR-2014-03.pdf

the 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 dollar amounts in millions) Revenue Source March 2014 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income $63.0 $94.6 $80.8 $148.7 percent change 17.7% 6.1% 17.6% 6.3% Other

Hits: 4

RTR-2013-10.pdf

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% dollar amounts in millions) Revenue Source October 2013 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income $3.2 -$17.3 -$10.4 $231.4 percent change 2.4% -2.7% -1.8% 10.6% Other

Hits: 4

Revenue-Estimate-Performance_2022_10.pdf

was $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 44 of 2017) that was not received is excluded, then the adjusted difference is $22 million, or 0.1%. Corporate net income tax revenues were Revenue Estimate Performance | Page 3 below forecast likely due to profit shifting out of tax year

Hits: 4

Revenue-Estimate-Performance-2018-07.pdf

or 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 that was not received is excluded, then the adjusted difference is $22 million, or 0.1 percent. Corporate net income tax revenues were below forecast likely due to profit shifting out of tax year 2017 in response to the large federal

Hits: 4

Revenue Trends Report - March 2013.pdf

95 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 dollar amounts in millions) Revenue Source March 2013 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $28.7 $348.0 $49.7 $289.7 percent change 8.7% 28.9% 12.1% 13.9% Other

Hits: 4

Revenue Trends Report - July 2013.pdf

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 dollar amounts in millions) Revenue Source July 2013 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income -$6.9 -$6.9 -$5.3 $384.3 percent change -10.6% -10.6% -0.9% 18.9% Other

Hits: 4

Revenue Trends Report - July 2012.pdf

dollar 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 7 $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

Hits: 4

Revenue Trends Report - August 2012.pdf

dollar 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 9 $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

Hits: 4

Revenue Trends Report - April 2013.pdf

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 dollar amounts in millions) Revenue Source April 2013 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $52.5 $400.5 $89.2 $523.4 percent change 17.1% 26.5% 13.5% 27.6% Other

Hits: 4

Response-Letter-10-7-2019.pdf

in the Analysis of Revenue Proposals published by the office in March 2019. Your letter requests additional detail regarding the net wage gains displayed in Table 2.6 of the report. Your letter also inquires about reduced work hours and reduced million. The bottom portion of the table presents the same data from Table 2.6 of the original analysis. On net, the analysis estimates that wage income for all workers affected by the higher minimum wage will increase by $3.51

Hits: 4

RB_2022_10_Worker_Shortage.pdf

September 2022. The data show a total contraction of 85,200 payroll jobs. Three subsectors comprise 73% of the September net jobs contraction: nursing home and residential care (-26,500), employment services (i.e., temp jobs, -19,200) and full-service re-openings and multiple large federal stimulus programs. 6 The overall population contraction was driven by three factors: (1) a net domestic outflow to other states (-8,496 for 2020 to 2021, 2022 data not yet available), (2) lower international migration

Hits: 4

RB_2022_07_Worker_Shortage.pdf

to May 2022. The data show a total contraction of 139,200 payroll jobs. Two subsectors comprise 40% of the net jobs contraction: nursing home and residential care (-29,700) and full-service restaurants (-26,600). Other sectors or subsectors with 6.7 Couriers and Messengers 32.9 45.0 12.1 Warehouse and Storage 89.1 122.6 33.5 Net All Other 3,496.5 3,456.6 -39.9 Table 4: Change in Payroll Employment Note: Data not seasonally

Hits: 4

RB-2015-04.pdf

1,830 in annual pre‐tax wages. Employee payroll taxes would reduce that amount by 7.65 percent, for a net amount of $1,690. If state personal income tax also applies, then the net amount would be further reduced to $1,635. A full‐time worker who is directly affected and retains employment would

Hits: 4

QRR_2017Q3.pdf

same 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 2 573.4 43.8 Accelerated Deposits 0.0 0.0 0.0 0.0 0.0 0.0 Corporate Net Income 587.1 550.6 36.5 587.1 550.6 36.5 Gross Receipts 3.4 12.6 -9

Hits: 4

QRR_2017Q2.pdf

quarter 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 5,035.9 -254.9 Accelerated Deposits -0.1 0.0 -0.1 2.8 0.0 2.8 Corporate Net Income 1,013.3 1,280.1 -266.8 2,751.5 2,945.1 -193.6 Gross Receipts 24

Hits: 4

QRR_2016Q4.pdf

125.8 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 1,276.7 -2.8 Accelerated Deposits 0.3 0.0 0.3 1.5 0.0 1.5 Corporate Net Income 654.6 665.8 -11.2 1,183.8 1,219.8 -36.0 Capital Stock & Franchise 11.3

Hits: 4

QRE_FY14-15.pdf

Table 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 9 Total Corporation Taxes 580.0 673.7 2,463.0 1,052.9 4,769.6 Corporate Net Income 496.4 598.6 513.4 875.4 2,483.8 Capital Stock & Franchise 62.3 55.2 48.7 76

Hits: 4

Presentation_PICPA_9-24-2013.pdf

1.2% a Non-Residential 1.1% 0.3% 0.6% b Residential 0.3% 0.4% 0.5% 3 Net Exports 0.1% 0.1% -0.4% 4 Government -0.2% -0.4% 0.0% a Federal -0.1% -0 force participation rate 24 . Sept . 2013 16 PA Job Gains and Losses Since Recession thousands 2009 2010 2011 2012 2013 Net All Jobs -184 7 65 44 25 -45 Health / Social Assist 14 11 15 16 15 70 Prof / Management -10

Hits: 4

Presentation_PICPA_12-3-2014.pdf

20 2020-30 2030-40 Start of Decade 12,711 13,203 13,701 Births less Deaths 230 174 -32 Net Domestic Migration 29 29 31 Net Int’l Migration 232 296 331 End of Decade 13,203 13,701 14,032 Decade Growth Rate 3.9%

Hits: 4

Presentation_PASBO_Annual_Conference_3-8-2018.pdf

million; timing).  Mini-Casino Licenses ($97 million pickup vs. estimate). Nonmotor sales tax, personal income tax withholding and corporate net income tax revenues are meeting or exceeding estimates through February. 25 March 8, 2018 2017-18 Revisions: IFO Official Estimate $ Change Notes on Revisions General Fund Total $35 Corporate Net Income -81 December weakness, income shifting Sales – Non-Motor 14 Solid, but January was flat Sales – Motor Vehicle -16 General

Hits: 4

PBB-Board Hearing Jan 23 2020.pptx

affected ▪ Use IMPLAN to estimate multiplier effects, jobs, tax revenues Economic metrics for MTBI, RDTC and KIZ ▪ Gross ROI and net ROI (deducts alternative use of monies) ▪ GDP | labor earnings | number of jobs ▪ Not possible to estimate certain spillover effects and gains from extension to underserved/unserved areas Modest economic gains | assume 10% is incentivized ▪ Gross ROI: 15 cents per dollar | Net ROI: 9 cents per dollar ▪ $5.9m GDP | $2.5m labor earnings | 39 FTEs Recommendations ▪ If retained, convert to competitive

Hits: 4

NFIB_Presentation.pdf

8 8 Loan Repayment 12 24 0 0 0 All Other (VGT, Fantasy Sport) 9 6 6 6 6 Corporate Net Operating Loss 207 104 56 24 8 Sales Tax and Other Changes -8 44 41 44 46 Total Revenues 2 Results 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

Hits: 4

MTR-2019-06.pdf

percent) 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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $3,079 $3,028 $51 $34,858 $33,899 $959 Corp. Net Income 572 573 (1) 3,398 3,075 323 Sales and Use 969 949 20 11,100 10,751 349

Hits: 4

MTR-2019-05.pdf

overage 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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $2,616 $2,599 $17 $31,779 $30,871 $908 Corp. Net Income 312 312 0 2,825 2,502 324 Sales and Use 945 889 56 10,131 9,802 329

Hits: 4

MTR-2019-04.pdf

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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $4,414 $3,905 $509 $29,163 $28,273 $891 Corp. Net Income 321 257 64 2,513 2,190 323 Sales and Use 975 922 53 9,186 8,913 273

Hits: 4

MTR-2019-03.pdf

million) 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

Hits: 4

MTR-2019-02.pdf

above 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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $2,042 $1,982 $59 $20,197 $19,817 $380 Corp. Net Income 89 48 41 1,740 1,507 233 Sales and Use 760 754 7 7,390 7,178 212

Hits: 4

MTR-2019-01.pdf

the 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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $2,885 $2,984 ($99) $18,155 $17,834 $321 Corp. Net Income 96 112 (16) 1,651 1,459 191 Sales and Use 1,002 971 31 6,630 6,425

Hits: 4

MTR-2018-12.pdf

above 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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $2,905 $2,824 $81 $15,270 $14,850 $420 Corp. Net Income 558 519 39 1,555 1,348 207 Sales and Use 935 916 20 5,628 5,453 174

Hits: 4

MTR-2018-11.pdf

above 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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $2,337 $2,183 $154 $12,365 $12,026 $339 Corp. Net Income 126 53 73 997 829 168 Sales and Use 910 852 58 4,692 4,538 155 Personal Income

Hits: 4

MTR-2018-10.pdf

and $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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $2,474 $2,494 ($20) $10,028 $9,843 $185 Corp. Net Income 99 125 (26) 871 776 96 Sales and Use 959 943 17 3,782 3,685 97 Personal Income

Hits: 4

MTR-2018-1.pdf

newly 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 pdf. Actual Estimate $ Diff Actual Estimate $ Diff General Fund $3,137 $2,771 $366 $17,368 $16,906 $462 Corp. Net Income 104 70 34 1,324 1,332 (8) Sales and Use 920 933 (13) 6,125 6,121 4

Hits: 4

MTR-2018-09.pdf

the 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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $3,041 $2,903 $138 $7,554 $7,349 $204 Corp. Net Income 623 527 96 773 651 122 Sales and Use 901 875 26 2,823 2,743 80 Personal Income

Hits: 4

MTR-2018-08.pdf

collections were above estimate primarily due to higher than anticipated sales and use tax (SUT, $31.6 million) and corporate net income tax (CNIT, $27.2 million) collections that were partially offset by lower than anticipated escheats collections (-$28.4 million Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $2,274 $2,220 $54 $4,513 $4,446 $67 Corp. Net Income 74 47 27 149 124 25 Sales and Use 911 879 32 1,922 1,867 55 Personal Income

Hits: 4

MTR-2018-07.pdf

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- Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $2,238 $2,226 $12 $2,238 $2,226 $12 Corp. Net Income 75 77 (2) 75 77 (2) Sales and Use 1,011 988 23 1,011 988 23 Personal Income

Hits: 4

MTR-2018-06.pdf

revenue 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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $3,084 $3,238 ($154) $34,567 $34,745 ($178) Corp. Net Income 561 587 (26) 2,879 3,072 (193) Sales and Use 964 927 37 10,381 10,241 141

Hits: 4

MTR-2018-05.pdf

withholding ($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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $2,456 $2,653 ($197) $31,483 $31,508 ($25) Corp. Net Income 265 329 (65) 2,318 2,485 (167) Sales and Use 877 828 50 9,418 9,314 104

Hits: 4

MTR-2018-04.pdf

9 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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $3,754 $4,079 ($325) $29,027 $28,854 $173 Corp. Net Income 243 274 (31) 2,053 2,156 (103) Sales and Use 894 885 9 8,540 8,486 54

Hits: 4

MTR-2018-03.pdf

shortfall 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 Collections Actual Estimate $ Diff Actual Estimate $ Diff General Fund $4,324 $4,445 ($121) $25,273 $24,775 $498 Corp. Net Income 426 507 (80) 1,810 1,882 (72) Sales and Use 787 771 17 7,647 7,601 45

Hits: 4

MTR-2017-09.pdf

9 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 17 Unemployment Rate 1 4.4% 4.3% 4.4% 4.2% 5.0% 5.0% 4.9% n.a. Net Job Gains (000s) 2 210.0 138.0 169.0 -33.0 57.2 64.8 63.8 n.a

Hits: 4

MTR-2017-06.pdf

8,768 jobs, respectively. For manufacturing, the decline was a significant departure from the prior year, which recorded a small net increase. The 2016 decline was largely driven by metal fabrication, machinery and transportation equipment manufacturing, which contracted by 10,575 17 Unemployment Rate 1 4.5% 4.4% 4.3% 4.4% 4.8% 4.9% 5.0% n.a. Net Job Gains (000s) 2 50.0 207.0 152.0 222.0 68.9 61.8 52.3 n.a

Hits: 4

MTR-2017-03.pdf

17 Unemployment Rate 1 4.7% 4.8% 4.7% 4.5% 5.4% 5.2% 5.0% n.a. Net Job Gains (000s) 2 155.0 216.0 219.0 98.0 61.1 63.2 67.6 n.a March 2017 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 4

MTR-2017-02.pdf

17 Unemployment Rate 1 4.6% 4.7% 4.8% n.a. 5.7% 5.6% n.a. n.a. Net Job Gains (000s) 2 164.0 157.0 227.0 n.a. 44.5 35.6 n.a. n.a February 2017 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 4

MTR-2016-12.pdf

16 Unemployment Rate 1 4.9% 4.8% 4.6% 4.7% 5.7% 5.8% 5.7% n.a. Net Job Gains (000s) 2 208.0 135.0 204.0 156.0 60.9 48.4 42.5 n.a December 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 4

MTR-2016-11.pdf

16 Unemployment Rate 1 4.9% 5.0% 4.9% 4.6% 5.7% 5.7% 5.8% n.a. Net Job Gains (000s) 2 176.0 208.0 142.0 178.0 58.9 60.9 51.2 n.a November 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 4

MTR-2016-10.pdf

16 Unemployment Rate 1 4.9% 4.9% 5.0% n.a. 5.6% 5.7% 5.7% n.a. Net Job Gains (000s) 2 252.0 167.0 156.0 n.a. 53.8 58.9 58.5 n.a October 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 4

MTR-2016-09.pdf

16 Unemployment Rate 1 4.9% 4.9% 4.9% n.a. 5.6% 5.6% 5.7% n.a. Net Job Gains (000s) 2 292.0 254.0 151.0 n.a. 50.9 53.8 58.5 n.a SEPTEMBER 2016 - MONTHLY TRENDS REPORT SELECT GENERAL FUND TAX REVENUES - ANNUAL GROWTH RATES Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 4

MTR-2016-08.pdf

16 Unemployment Rate 1 4.7% 4.9% 4.9% n.a. 5.5% 5.6% 5.6% n.a. Net Job Gains (000s) 2 24.0 292.0 254.0 151.0 61.3 50.9 50.7 n.a August 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 4

MTR-2016-01.pdf

16 Unemployment Rate 1 5.0% 5.0% 5.0% 4.9% 5.1% 5.0% 4.8% n.a. Net Job Gains (000s) 2 295.0 280.0 262.0 151.0 50.1 43.2 41.8 n.a January 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  Transfers from the General Fund to the Enhanced

Hits: 4

MTR-2015-08.pdf

15 Unemployment Rate 1 5.5% 5.3% 5.3% 5.1% 5.4% 5.4% 5.4% n.a. Net Job Gains (000s) 2 260.0 245.0 245.0 173.0 57.2 58.7 61.7 n.a 14 Aug-14 Dec-14 Apr-15 Aug-15 3-month 12-month Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  August is typically one of the three smallest

Hits: 4

MSC_March_31_2021.pdf

40,828 $42,321 Less Refunds -1,150 -1,300 -1,326 -1,353 -1,380 -1,407 -1,435 Net Revenues 31,126 37,137 35,349 36,498 37,972 39,421 40,885 State Expenditures -34,090 -33 Delayed Due Dates) March 31, 2021 4 Actual Revenues ($ 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

Hits: 4

MRU_2022_04.pdf

fiscal year-to-date (FYTD). The monthly overage was largely due to very strong personal income tax (PIT) and corporate net income tax (CNIT) payments. PIT collections for April were $4.15 billion, which were $1.53 billion (58.6%) above Adjusting for transfers and due date shifts, withholding revenues are up 10.2% from the previous fiscal year. April corporate net income tax (CNIT) revenues of $627.2 million were over estimate by $269.1 million (75.2%) due to higher

Hits: 4

MRU-2022-05.pdf

FYTD). The monthly overage was due to strength in sales and use tax (SUT), personal income tax (PIT) and corporate net income tax (CNIT) payments. Monthly SUT collections of $1.20 billion were $170.4 million (16.5%) higher than anticipated 1.49 billion, 83.1%), withholding (+$533.3 million, 5.1%) and quarterly (+$395.9 million, 21.3%) payments. Corporate net income tax revenues for May of $476.6 million exceeded forecasts by $136.9 million (40.3%) due to higher

Hits: 4

MQRE_FY21_22_August.pdf

1. 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 Corporation Taxes 142 75 690 122 143 627 145 99 2,264 410 366 639 5,721 Corporate Net Income 121 69 673 114 138 616 109 82 512 358 340 634 3,766 Gross Receipts 3 4 6 7 3

Hits: 4

MER-2015-06.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth

Hits: 4

MER-2015-04.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth

Hits: 4

MER-2015-03.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth

Hits: 4

MER-2015-02.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth

Hits: 4

MER-2015-01.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth

Hits: 4

MER-2014-12.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth

Hits: 4

MER-2014-11.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth

Hits: 4

MER-2014-10.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth

Hits: 4

MER-2014-06.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth rate

Hits: 4

MER-2014-05.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth rate

Hits: 4

MER-2014-04.pdf

Commonwealth of Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth rate

Hits: 4

MER-2014-03.pdf

of Pennsylvania United States Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth rate

Hits: 4

MER-2014-02.pdf

of Pennsylvania United States Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth rate

Hits: 4

MER-2014-01.pdf

of Pennsylvania United States Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐over‐year growth rate

Hits: 4

MER-2013-11.pdf

e r 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

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

6 Table 4 Sales Tax Base Source: State Business Tax Climate Index, Tax Foundation, 2019. Income Other All Tax Federal Net Return State Rank Tax Taxes Receipts Spending Return Ratio Kentucky 1 $12,113 $17,962 $30,075 $70,808 $40 97,682 -21,327 82 Connecticut 50 27,543 27,939 55,482 41,129 -14,353 74 Table 5 Net Federal Spending by State Source: Rockefeller Institute of Government, State University of New York. Calculations by the IFO. Note: dollar

Hits: 4

Impact_Fee_Update_Outlook_2021.pdf

5,000 per horizontal well compared to CY 2019 levels. Estimated impact: -$52.6 million. • New and Existing Wells. The net impact of fees from new wells offsetting lost collections from aging wells that pay lower fees. This was the first new wells were not enough to fully offset lost collections from aging wells. Estimated impact: -$0.2 million • Other. The net impact of (1) late or unpaid fees and (2) wells that enter or exit exempt status. Estimated impact: -$1.3

Hits: 4

Impact-Fee-Update-Outlook-2020.pdf

000 per horizontal well compared to CY 2018 levels. Estimated impact: -$47.4 million.  New and Existing Wells. The net impact of fees from new wells offsetting lost collections from aging wells that pay lower fees. Estimated impact: +$9.0 million.  Other. The net impact of (1) CY 2018 remittances being overstated due to the collection of disputed and late payments from prior years

Hits: 4

IFO_Testimony_Feb2018.pdf

the 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 shift. Finally, we have assumed that recent changes to the NOL thresholds will provide a $200 million boost to corporate net income tax revenues, and nearly all of that impact should manifest itself in the final payments over the coming months

Hits: 4

IFO testimony CR Hearing Jan 29 2020.pdf

required 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 to low or no tax states. Use by Other States The attached table provides a comparison of (1) state corporate net income tax (CNIT) rates and (2) the applicable filing method used by states with a CNIT. Highlights of the comparison

Hits: 4

Five_Year_Outlook_2020_Presentation_Final.pdf

shift to small pickups, used cars prices +10% Realty Transfer +12.8% home values up +8.0% in Q3 Corporate Net Income +12.2% very strong December payment Sales - Non-Motor Vehicle +3.8% appliance purchases, remodels Cigarette +3.2% All 3.9% $17.87 4.4% Sales and Use 12.17 12.42 2.1% 13.59 2.3% Corporate Net Income 3.40 3.25 -4.5% 4.47 8.3% Inheritance 1.13 1.14 1.1% 1.26

Hits: 4

Economic_and_Revenue_Update_Presentation_August_2020.pdf

Real GDP 1.9% 2.3% 0.0% -- Wages and Salaries Paid 3.4% 4.6% 3.3% -7.0% Net Jobs Change (percent) 0.9% 0.7% 0.5% -13.9% Net Jobs Change (000s, annualized) 55.1 41.4 27.8 -847.4 % Renters Deferring/Not Paying -- -- 11.4% 19.1%

Hits: 4

Econ Summit Presentation Feb 28 2017.pdf

2011 2012 2013 2014 2015 2016 Real GDP 1.3% 1.6% 1.9% 1.8% 2.8% 0.7% Net Job Gains (000s) 64.7 39.9 14.7 47.6 48.6 43.5 Wages and Salaries 3.9% 2011 2012 2013 2014 2015 2016 Real GDP 1.3% 1.6% 1.9% 1.8% 2.8% 0.7% Net Job Gains (000s) 64.7 39.9 14.7 47.6 48.6 43.5 Wages and Salaries 3.9%

Hits: 4

2013-10 Monthly Economic Summary.pdf

e r 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

2013-07 Monthly Economic Summary.pdf

l y 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

2013-05_Monthly_Economic_Summary.pdf

a y 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

2013-04 Monthly Economic Report.pdf

i l 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

2013-02 Monthly Economic Report.pdf

3.31 1,426 1.8% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

2013-01 Monthly Economic Report.pdf

3.45 1,416 1.8% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

2012-12 Monthly Economic Summary FINAL.pdf

3.46 1,416 1.8% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

2012-11 Monthly Economic Summary- DRAFT 6.pdf

3.74 1,412 2.2% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

2012-10 Monthly Economic Summary FINAL.pdf

3.44 1,379 1.4% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

2012-09 Monthly Economic Summary 7.pdf

3.54 1,362 1.7% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year-over-year growth rate

Hits: 4

2012-07 Monthly Economic Summary10.pdf

of individuals unemployed divided by the labor force. Data are from the US Department of Labor - Survey of Households. Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. Data are from the US Department of Labor - Survey

Hits: 4

2000_cost_of_living_adjustments.pdf

X X X X IMPACT ON LIABILITY Total COLA Liability @ ½ CPI $757,000,000 Prefunding Accumulation -150,050,254 Net COLA Liability $606,949,746 IMPACT ON AMORTIZATION PAYMENTS Total Amortization Payments For: Total COLA Liability $1,977,344,055 Net COLA Liability -1,583,859,201 Reduction in Amortization Payments $ 393,484,854 STATE EMPLOYEES' RETIREMENT SYSTEM Fiscal Year Payroll

Hits: 4

Tax_Credit_and_PBB_Overview_2019-01-24.pdf

accounting function.” January 24, 2019 6 Findings and Recommendations - JCTC Main findings for JCTC:  Under plausible assumptions, a negative net ROI.  No firms use higher vet / unemployed tax credit ($2,500).  Credit level ($1,000) and duration (1 2019 8 Findings and Recommendations - FPTC Main findings for FPTC:  If 90% incentivization is correct, the FPTC is a net economic gain.  Retains roughly 1,140 jobs per annum; $135 million spending.  Roughly 18 net jobs for each

Hits: 3

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

an “accounting function.” January 24, 2019 6 Findings and Recommendations - JCTC Main findings for JCTC: ▪ Under plausible assumptions, a negative net ROI. ▪ No firms use higher vet / unemployed tax credit ($2,500). ▪ Credit level ($1,000) and duration (1 or 3 24, 2019 8 Findings and Recommendations - FPTC Main findings for FPTC: ▪ If 90% incentivization is correct, the FPTC is a net economic gain. ▪ Retains roughly 1,140 jobs per annum; $135 million spending. ▪ Roughly 18 net jobs for each $1 million

Hits: 3

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

accounting function.” January 24, 2019 6 Findings and Recommendations - JCTC Main findings for JCTC:  Under plausible assumptions, a negative net ROI.  No firms use higher vet / unemployed tax credit ($2,500).  Credit level ($1,000) and duration (1 2019 8 Findings and Recommendations - FPTC Main findings for FPTC:  If 90% incentivization is correct, the FPTC is a net economic gain.  Retains roughly 1,140 jobs per annum; $135 million spending.  Roughly 18 net jobs for each

Hits: 3

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

TAX 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 including Mercantile and Business Privilege Taxes  Localities levy antiquated Occupation Taxes and Local Services Taxes PENNSYLVANIA'S TREATMENT OF NET OPERATING LOSSES IS UNCOMPETITIVE REGIONALLY AND NATIONALLY Treatment of Net Operating Losses (NOLs) Pennsylvania and Select Regional Competitors (2019) Carrybacks

Hits: 3

SD-Property-Tax-Forecast-2020.pdf

properties are reassessed based on improvements, and it contracts when appeals reduce the assessed value. The forecast projects that the net tax base expansion will be 1 percent annually through FY 2024-25. Act 1 allows school districts to increase millage to replacement under school property tax elimination. These allocations could be redirected for other purposes or used to offset the net cost of elimination. The treatment of the Act 1 allocations would depend on proposed legislation. Also, other forms of property

Hits: 3

RTR-2015-02.pdf

dollar amounts in millions) Revenue Source February 2015 FY 14-15 to Date 3 month rolling 12 month rolling Corporate Net Income $2.5 $156.4 $79.3 $203.0 percent change 7.9% 12.8% 13.8% 8.3% Other 1% 8.4% -0.4% Accelerated Deposits 0.3 n.a. 4.5 n.a. n.a. n.a. Corporate Net Income 34.1 7.9% 1,382.6 12.8% 13.8% 8.3% Capital Stock & Franchise 5.0 -17

Hits: 3

RTR-2014-11.pdf

dollar 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 8% 10.1% -2.2% Accelerated Deposits (4.4) n.a. 1.6 n.a. n.a. n.a. Corporate Net Income 46.1 20.6% 730.1 11.8% 14.5% 7.0% Capital Stock & Franchise 8.3 -0.5%

Hits: 3

RTR-2014-08.pdf

dollar 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 7% 3.9% -5.0% Accelerated Deposits 1.1 n.a. 1.7 n.a. n.a. n.a. Corporate Net Income 32.4 -13.6% 92.1 -3.9% 6.5% 3.1% Capital Stock & Franchise 5.7 -24.5%

Hits: 3

RTR-2014-07.pdf

dollar 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 3% 0.8% -4.9% Accelerated Deposits 0.6 n.a. 0.6 n.a. n.a. n.a. Corporate Net Income 59.6 2.3% 59.6 2.3% 1.3% 3.6% Capital Stock & Franchise 11.2 -32.5%

Hits: 3

RTR-2014-02.pdf

dollar amounts in millions) Revenue Source February 2014 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income -$4.1 $31.6 $45.5 $114.4 percent change -11.4% 2.6% 8.6% 4.9% Other 0% -4.3% -3.8% Accelerated Deposits (1.9) n.a. 1.2 n.a. n.a. n.a. Corporate Net Income 31.6 -11.4% 1,226.3 2.6% 8.6% 4.9% Capital Stock & Franchise 6.1 -56

Hits: 3

RTR-2014-01.pdf

dollar amounts in millions) Revenue Source January 2014 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income $21.9 $35.7 $53.0 $126.5 percent change 32.4% 3.1% 10.1% 5.4% Other 0% -3.1% -3.7% Accelerated Deposits 0.5 n.a. 3.2 n.a. n.a. n.a. Corporate Net Income 89.4 32.4% 1,194.6 3.1% 10.1% 5.4% Capital Stock & Franchise 12.3 -51

Hits: 3

RTR-2013-12.pdf

dollar 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 6% -5.2% -3.5% Accelerated Deposits 1.8 n.a. 2.7 n.a. n.a. n.a. Corporate Net Income 452.1 6.5% 1,105.2 1.3% 5.8% 5.1% Capital Stock & Franchise 45.3 -53

Hits: 3

RTR-2013-11.pdf

dollar amounts in millions) Revenue Source November 2013 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income $3.4 -$14.0 -$12.6 $224.8 percent change 9.6% -2.1% -2.2% 10.3% Other 8% -10.7% -1.2% Accelerated Deposits (0.8) n.a. 0.9 n.a. n.a. n.a. Corporate Net Income 38.3 9.6% 653.0 -2.1% -2.2% 10.3% Capital Stock & Franchise 8.3 -9.9%

Hits: 3

Roundtable_Jan_24_2023.pdf

2018 Q1 = 1.00 +48% +68% pre-COVID economy Baseline Forecast: Big 3 Tax Revenues January 24, 2023 12 Corp Net Income +1.7% avg ann growth (AAGR) from base year PIT Non-Wage +4.7% AAGR Sales and Use +2 23-24 Growth 27-28 AAGR General Fund Revenues $43.69 $44.85 2.9% $49.61 3.1% Corporate Net Income 5.37 5.28 -1.6 5.85 2.6 Rate Cut/Base Expand -0.20 -0.28 -1

Hits: 3

Revenue_Estimate_Performance_Dec_2017.pdf

or 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 33 54 -10 -23 -123 -146 Table 1 Tax Sources Notes: Figures in dollar millons. CNIT is corporate net income tax, PIT is personal income tax and SUT is sales and use tax. Forecasts made in June are adjusted for any

Hits: 3

Revenue_Estimate_2014-06-16_Snapshot.pdf

lower 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 will offset some of the gains from modestly higher corporate profits. In addition, the unwinding of federal

Hits: 3

Revenue-Estimate-Performance-2021-09.pdf

was $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 44 of 2017) that was not received is excluded, then the adjusted difference is $22 million, or 0.1%. Corporate net income tax revenues were below forecast likely due to profit shifting out of tax year 2017 in response to the

Hits: 3

Revenue-Estimate-Performance-2020-09.pdf

or 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 that was not received is excluded, then the adjusted difference is $22 million, or 0.1 percent. Corporate net income tax revenues were below forecast likely due to profit shifting out of tax year 2017 in response to the large Revenue

Hits: 3

Revenue-Estimate-Performance-2019-07.pdf

or 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 that was not received is excluded, then the adjusted difference is $22 million, or 0.1 percent. Corporate net income tax revenues were below forecast likely due to profit shifting out of tax year 2017 in response to the large federal

Hits: 3

Revenue Trends Report - November 2012.pdf

dollar 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 3% 22.3% 5.3% Accelerated Deposits 0.8 n.a. 1.6 n.a. n.a. n.a. Corporate Net Income 34.9 39.8% 667.0 32.4% 40.1% 3.4% Capital Stock & Franchise 9.2 23.6%

Hits: 3

Revenue Trends Report - January 2013.pdf

dollar amounts in millions) Revenue Source January 2013 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $12.9 $311.3 $157.8 $263.1 percent change 23.7% 36.7% 42.8% 12.7% Other 2% 19.9% 7.8% Accelerated Deposits (1.5) n.a. 4.2 n.a. n.a. n.a. Corporate Net Income 67.5 23.7% 1,159.0 36.7% 42.8% 12.7% Capital Stock & Franchise 25.2 29

Hits: 3

Revenue Trends Report - February 2013.pdf

dollar amounts in millions) Revenue Source February 2013 FY 12-13 to Date 3 month rolling 12 month rolling Corporate Net Income $8.1 $319.3 $155.9 $277.0 percent change 29.1% 36.5% 41.9% 13.4% Other 2% 17.7% 8.1% Accelerated Deposits (3.3) n.a. 1.0 n.a. n.a. n.a. Corporate Net Income 35.7 29.1% 1,194.7 36.5% 41.9% 13.4% Capital Stock & Franchise 14.0 40

Hits: 3

Revenue Trends Report - August 2013.pdf

dollar amounts in millions) Revenue Source August 2013 FY 13-14 to Date 3 month rolling 12 month rolling Corporate Net Income $5.5 -$1.4 -$41.6 $400.5 percent change 17.3% -1.4% -7.3% 19.8% Other 2% -21.5% 3.1% Accelerated Deposits 3.0 n.a. 2.7 n.a. n.a. n.a. Corporate Net Income 37.6 17.3% 95.9 -1.4% -7.3% 19.8% Capital Stock & Franchise 7.5 -54.8%

Hits: 3

RB_2022_08_Worker_Shortage.pdf

July 2022. The data show a total contraction of 59,900 payroll jobs. Two subsectors comprise 80% of the July net jobs contraction: nursing home and residential care (-27,500) and full-service restaurants (-20,300). Other sectors or subsectors with the S&P 500 Index increased by 51% 10 The overall population contraction was driven by three factors: (1) a net domestic outflow to other states (-8,496 for 2020 to 2021, 2022 data not yet available), (2) much lower international

Hits: 3

RB_2021_09_Pension_Outlook.pdf

billion pursuant to Act 105 of 2019. Recently, PSERS published a preliminary return for FY 2020-21 to exceed 25%, net of fees. 1 Similarly, SERS testified that net-of-fee returns for July 1, 2020 to June 30, 2021 are an estimated 28%. The official rates of return

Hits: 3

RB_2020_12_PPP_Loans_to_PA_Businesses.pdf

other entities that met certain criteria such as firms 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

Hits: 3

Presentation_Phil_Chamber_2-12-2015.pdf

Official 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 Revenues FY 2014-15 (through January) Revenue Source Actual Estimate Difference General Fund - Total $15,698 $15,280 $418 Corporate Net Income 1,348 1,164 184 Sales and Use 5,647 5,578 69 Personal Income 6,322 6,327

Hits: 3

Presentation_PBC_6-12-14.pdf

8% Age 40-59 -435 -12% Age >59 +750 +28% +238 organic +49 dom. migration +232 int’l migration +520 net increase 2020 2010 12.June.2014 8 Migration Provides a Bump 0 200 400 600 800 1,000 2020 2010 7% Age 50-64 -430 -16% Age >64 +635 +25% +185 organic +49 dom. migration +296 int’l migration +530 net increase 2020 2030 12.June.2014 10 PA Demographics: 2010 vs 2030 0 200 400 600 800 1,000 Age

Hits: 3

Presentation_2016-05-12_PaDUC_Impact_of_Demographics.pdf

40 Start of Decade/Period 12,803 13,027 13,426 12,803 Births less Deaths 109 128 ‐49 189 Net Domestic Migration 6 9 9 24 Net Int’l Migration 109 262 320 692 End of Decade 13,027 13,426 13,707 13,707 thousands of

Hits: 3

PBB_2020_DCED_REPORT.pdf

state economy. The second group of columns use the same data source to compute growth in the average net number of employer businesses created annually and the average rate of growth from 2012 to 2016. These data are related but somewhat business churn because they also reflect the long-term impact of business “destruction.” Overall, a higher rate of net business growth suggests a stronger state economy. Creation Rank Destruction Number AAGR Rank New York 10.7% 10 9.6% 4,807

Hits: 3

PBB_2019_PCCD_Report.pdf

public safety outcomes. Over time, these investments at the county level should reduce state incarceration rates and yield net savings to the state. These statewide policies include: Pretrial risk assessments. Eighteen states have statutes that specifically require or authorize the use Public Policy Research Institute of Texas A&M University found the office to be cost-effective, yielding a net benefit of $204 per case to the county. 10 5 Schiraldi, Vincent. “The Pennsylvania Community Corrections Story.” Columbia University Justice Lab. April

Hits: 3

MTR-2017-08.pdf

17 Unemployment Rate 1 4.3% 4.4% 4.3% 4.4% 5.0% 5.0% 5.0% n.a. Net Job Gains (000s) 2 145.0 210.0 189.0 156.0 55.1 57.2 62.2 n.a 3 million from personal income tax; $7.5 million from sales and use tax; and $5.0 million from corporate net income tax.  The personal income tax withholding collections year-over-year growth rate was impacted by a quarterly filer

Hits: 3

MTR-2016-06.pdf

16 Unemployment Rate 1 5.0% 5.0% 4.7% 4.9% 4.9% 5.3% 5.5% n.a. Net Job Gains (000s) 2 186.0 144.0 11.0 287.0 58.3 65.3 60.5 n.a June 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 3

MTR-2016-05.pdf

16 Unemployment Rate 1 4.9% 5.0% 5.0% 4.7% 4.6% 4.9% 5.3% n.a. Net Job Gains (000s) 2 233.0 186.0 123.0 38.0 45.2 58.3 64.1 n.a May 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 3

MTR-2016-04.pdf

16 Unemployment Rate 1 4.9% 4.9% 5.0% n.a. 4.6% 4.6% 4.9% n.a. Net Job Gains (000s) 2 168.0 245.0 215.0 n.a. 40.9 45.2 57.4 n.a April 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 3

MTR-2016-03.pdf

16 Unemployment Rate 1 5.0% 4.9% 4.9% 5.0% 4.7% 4.6% 4.6% n.a. Net Job Gains (000s) 2 271.0 168.0 245.0 215.0 46.3 40.9 45.1 n.a March 2016 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes (for revenue graphs and table on next page): 

Hits: 3

MTR-2015-11.pdf

15 Unemployment Rate 1 5.1% 5.1% 5.0% 5.0% 5.4% 5.3% 5.1% n.a. Net Job Gains (000s) 2 153.0 145.0 298.0 211.0 62.0 56.5 49.7 n.a November 2015 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  Monthly personal income tax withholding collections increased compared

Hits: 3

MTR-2015-10.pdf

15 Unemployment Rate 1 5.3% 5.1% 5.1% n.a. 5.4% 5.4% 5.3% n.a. Net Job Gains (000s) 2 223.0 136.0 142.0 n.a. 62.6 62.0 55.1 n.a 14 Oct-14 Feb-15 Jun-15 Oct-15 3-month 12-month Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  Monthly personal income tax withholding collections declined compared

Hits: 3

MTR-2015-07.pdf

15 Unemployment Rate 1 5.4% 5.5% 5.3% n.a. 5.3% 5.4% 5.4% n.a. Net Job Gains (000s) 2 187.0 254.0 223.0 n.a. 62.5 57.2 58.4 n.a July 2015 - Monthly Trends Report Select General Fund Tax Revenues - Annual Growth Rates Sales and Use Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  Non-Tax revenues declined from the prior year

Hits: 3

MRU_2022_12.pdf

the monthly forecast. FYTD PIT collections total $7.47 billion, which are $257.6 million (3.6%) above expectations. Corporate net income tax (CNIT) revenues for December came in at $994.6 million, which surpassed the monthly estimate by $139.6 General Fund $4,041.8 $3,612.0 $429.8 $19,699.3 $18,537.7 $1,161.6 Corporate Net Income 994.6 855.0 139.6 2,660.7 2,325.0 335.7 SUT - Non-Motor 1,074

Hits: 3

MRU_2022_03.pdf

date (FYTD). The monthly overage was driven by strong sales and use tax (SUT), personal income tax (PIT) and corporate net income tax (CNIT) collections. SUT collections were above estimate (+$213.0 million, 23.2%) for the month with both non- General Fund $5,557.0 $4,977.8 $579.2 $34,140.0 $31,102.7 $3,037.3 Corporate Net Income 631.7 511.9 119.8 3,249.3 2,433.8 815.5 SUT - Non-Motor 941.7

Hits: 3

MRU_2022_02.pdf

15 billion (+$732.4 million, 8.7%), driven mainly by non-motor vehicle collections (+$655.5 million, 8.9%). Corporate net income tax (CNIT) revenues for the month came in at $86.6 million, $5.1 million (6.3%) over estimate General Fund $2,434.3 $2,177.6 $256.7 $28,582.9 $26,124.9 $2,458.0 Corporate Net Income 86.6 81.5 5.1 2,617.6 1,921.9 695.7 SUT - Non-Motor 836.3

Hits: 3

MRU_2021_11.pdf

350.8 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 General Fund $6,621.5 $6,373.3 $248.2 $18,713.2 $17,516.9 $1,196.3 Corporate Net Income 177.4 138.4 39.0 1,478.9 1,116.0 362.9 SUT - Non-Motor 957.8

Hits: 3

MRU_2021_10.pdf

date (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 Diff 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

Hits: 3

MRU_2021_09.pdf

4 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 Diff General Fund $4,003.1 $3,451.7 $551.4 $9,277.6 $8,563.1 $714.5 Corporate Net Income 866.3 673.4 192.9 1,143.6 863.9 279.7 SUT - Non-Motor 971.9 874

Hits: 3

MRU_2021_08.pdf

2.57 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 Diff General Fund $2,574.3 $2,502.8 $71.5 $5,274.5 $5,111.4 $163.1 Corporate Net Income 106.0 69.2 36.8 277.4 190.5 86.9 SUT - Non-Motor 960.0 938.6

Hits: 3

MRU_2021_07.pdf

increased 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 Actual Estimate $ Diff General Fund $2,700.2 n.a. n.a. $2,700.2 n.a. n.a. Corporate Net Income 171.4 n.a. n.a. 171.4 n.a. n.a. SUT - Non-Motor 1,074.5 n

Hits: 3

MRU_2021_05.pdf

TY 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 Fund $3,947.3 $2,617.8 $1,329.5 $36,623.6 $35,019.7 $1,603.9 Corporate Net Income 417.5 260.0 157.5 3,712.2 3,274.2 438.0 SUT - Non-Motor 995.1

Hits: 3

MRU_2021_04.pdf

It 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 Diff General Fund $3,962.4 $4,239.6 -$277.2 $32,676.4 $32,401.9 $274.5 Corporate Net Income 478.5 260.0 218.5 3,294.7 3,014.2 280.5 SUT - Non-Motor 1,012

Hits: 3

MRU_2021_03.pdf

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 Diff General Fund $4,842.7 $4,558.5 $284.2 $28,714.0 $28,162.3 $551.7 Corporate Net Income 460.0 400.0 60.0 2,816.2 2,754.2 62.0 SUT - Non-Motor 757.4

Hits: 3

MRU_2021_02.pdf

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 Diff General Fund $2,683.8 $2,174.2 $509.6 $23,871.3 $23,603.8 $267.5 Corporate Net Income 71.8 70.0 1.8 2,356.1 2,354.2 1.9 SUT - Non-Motor 789.0

Hits: 3

MRU_2021_01.pdf

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 Diff General Fund $2,658.3 $2,904.1 -$245.8 $21,187.5 $21,429.6 -$242.1 Corporate Net Income 146.0 145.9 0.1 2,284.3 2,284.2 0.1 SUT - Non-Motor 960.1

Hits: 3

MRU_2020_11.pdf

June 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 General Fund $2,338.5 $2,247.6 $90.9 $14,845.1 $13,739.4 $1,105.7 Corporate Net Income 138.3 65.9 72.4 1,377.4 1,115.8 261.6 SUT - Non-Motor 848.6

Hits: 3

MRU-2023-01.pdf

555.6 million (7.1%) above the forecast due to non-motor vehicle (+$547.9 million, 7.8%) revenues. Corporate net income tax (CNIT) collections for January came in at $166.8 million, which surpassed the monthly estimate by $11.8 General Fund $3,565.7 $3,532.9 $32.8 $23,265.0 $22,070.6 $1,194.4 Corporate Net Income 166.8 155.0 11.8 2,827.5 2,480.0 347.5 SUT - Non-Motor 1,148

Hits: 3

MRU-2022-11.pdf

forecast by $423.0 million (7.7%) due to non-motor vehicle (+$414.2 million, 8.4%) revenues. November corporate net income tax (CNIT) revenues came in at $174.6 million, which surpassed the monthly estimate by $4.6 million (2 Diff General Fund $2,753.5 $2,882.5 -$129.0 $15,657.5 $14,925.7 $731.8 Corporate Net Income 174.6 170.0 4.6 1,666.1 1,470.0 196.1 SUT - Non-Motor 1,017

Hits: 3

MRU-2022-10.pdf

anticipated, while quarterly (+$170.1 million, 25.8%) and annual (+$94.4 million, 42.4%) payments surpass the forecast. Corporate net income tax (CNIT) revenues for October came in at $176.4 million, which exceeded the monthly estimate by $16.4 Diff General Fund $3,124.9 $2,848.1 $276.8 $12,904.0 $12,043.2 $860.7 Corporate Net Income 176.4 160.0 16.4 1,491.5 1,300.0 191.5 SUT - Non-Motor 1,145

Hits: 3

MRU-2022-09.pdf

6 million lower than the estimate certified by the Governor.) The monthly overage can be attributed primarily to strong corporate net income tax (CNIT) and personal income tax (PIT) collections. September CNIT revenues of $1.06 billion exceeded the estimate by Diff General Fund $4,217.9 $3,795.5 $422.4 $9,779.0 $9,195.1 $583.9 Corporate Net Income 1,062.7 870.0 192.7 1,315.2 1,140.0 175.2 SUT - Non-Motor 1

Hits: 3

MRU-2022-08.pdf

by $156.6 million (6.9%), led primarily by non -motor vehicle collections (+$148.5 million, 7.3%). August corporate net income tax (CNIT) revenues of $102.0 million were $8.0 million ( -7.3%) lower than anticipated due to estimated Diff General Fund $2,864.9 $2,761.3 $103.6 $5,561.1 $5,399.6 $161.5 Corporate Net Income 102.0 110.0 -8.0 252.5 270.0 -17.5 SUT - Non-Motor 1,034.9 959

Hits: 3

MRU-2022-07.pdf

the same month in the prior year. Growth (adjusted) in PIT and SUT was offset by a reduction in corporate net income tax (CNIT) revenues. Personal income tax (PIT) revenues for the month were $972.9 million, an increase of $13 Actual Estimate $ Diff General Fund $2,696.2 n.a. n.a. $2,696.2 n.a. n.a. Corporate Net Income 150.5 n.a. n.a. 150.5 n.a. n.a. SUT - Non-Motor 1,145.6 n

Hits: 3

MRU-2022-06.pdf

above estimate. This result was due to dramatic overages in almost every tax type, including personal income tax (PIT), corporate net income tax (CNIT) and sales and use tax (SUT). June PIT collections were $1.64 billion, $191.1 million (13 General Fund $4,244.5 $3,526.0 $718.5 $48,134.2 $41,914.9 $6,219.3 Corporate Net Income 970.0 634.1 335.9 5,323.1 3,765.7 1,557.4 SUT - Non-Motor 1

Hits: 3

MRU-2022-01.pdf

million, 12.4%) payments. Adjusting for due dates and one-time transfers, FYTD withholding revenues grew 10.0%. January corporate net income tax (CNIT) revenues were $53.9 million (49.7%) above estimate due entirely to estimated (+$65.9 million, 148 General Fund $3,589.4 $3,148.8 $440.6 $26,148.6 $23,947.3 $2,201.3 Corporate Net Income 162.4 108.5 53.9 2,531.0 1,840.4 690.6 SUT - Non-Motor 1,123

Hits: 3

MRU-2021-12.pdf

The monthly overage was primarily due to higher than expected collections in all three of the largest revenue sources: corporate net income tax (CNIT), sales and use tax (SUT) and personal income tax (PIT). Monthly CNIT revenues exceeded the forecast by General Fund $3,846.0 $3,281.6 $564.4 $22,559.2 $20,798.5 $1,760.7 Corporate Net Income 889.6 615.9 273.7 2,368.5 1,731.9 636.6 SUT - Non-Motor 1,045

Hits: 3

MRU-2021-06.pdf

Independent 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 General Fund $3,768.4 $3,417.7 $350.7 $40,392.0 $38,437.4 $1,954.6 Corporate Net Income 711.5 500.4 211.1 4,423.8 3,774.6 649.2 SUT - Non-Motor 1,019

Hits: 3

MRU-2020-3.pdf

estimated 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 Diff General Fund $4,434.9 $4,766.6 -$331.8 $25,314.4 $25,347.8 -$33.4 Corporate Net Income 434.9 499.2 -64.3 2,182.8 2,202.2 -19.4 SUT - Non-Motor 718.2

Hits: 3

MRU-2020-12.pdf

the 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 General 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

Hits: 3

MRU-2020-10.pdf

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 General Fund $2,592.5 $2,317.3 $275.2 $12,506.5 $11,491.8 $1,014.7 Corporate Net Income 121.0 89.3 31.7 1,239.1 1,049.9 189.2 SUT - Non-Motor 939.8

Hits: 3

MRU-2020-09.pdf

Independent 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 Diff General Fund $3,261.7 $2,914.4 $347.3 $9,914.1 $9,174.5 $739.6 Corporate Net Income 594.1 473.5 120.6 1,118.1 960.6 157.5 SUT - Non-Motor 837.2 733

Hits: 3

MRU-2020-08.pdf

the 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 Diff General Fund $2,548.4 $2,300.7 $247.7 $6,652.4 $6,260.1 $392.3 Corporate Net Income 287.3 270.8 16.5 524.0 487.1 36.9 SUT - Non-Motor 868.9 735.9

Hits: 3

MRU-2020-07.pdf

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 Actual Estimate $ Diff General Fund $4,103.9 n.a. n.a. $4,103.9 n.a. n.a. Corporate Net Income 236.7 n.a. n.a. 236.7 n.a. n.a. SUT - Non-Motor 1,063.6 n

Hits: 3

MRU-2020-06.pdf

dates. 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 General Fund $2,674.8 $3,220.0 -$545.2 $32,275.8 $35,518.1 -$3,242.3 Corporate Net Income 389.3 633.1 -243.8 2,826.9 3,457.7 -630.8 SUT - Non-Motor 816.1

Hits: 3

MRU-2020-05.pdf

6.4 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 General Fund $2,105.6 $2,608.2 -$502.6 $29,600.9 $32,298.1 -$2,697.2 Corporate Net Income 118.9 327.8 -208.9 2,437.6 2,824.6 -387.0 SUT - Non-Motor 648.5

Hits: 3

MRU-2020-04.pdf

closure 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 Fund $2,180.9 $4,342.1 -$2,161.2 $27,495.4 $29,689.9 -$2,194.6 Corporate Net Income 136.0 294.6 -158.6 2,318.8 2,496.8 -178.0 SUT - Non-Motor 621.1

Hits: 3

MQRE-FY18-19-July.pdf

1. 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 Corporation Taxes 81 55 549 130 60 533 148 75 2,246 307 345 581 5,111 Corporate Net Income 77 47 527 125 53 519 112 48 426 257 312 573 3,075 Gross Receipts 4 6 5 4 5

Hits: 3

Monthly_Economic_Update_July_2022.pdf

change from month-to-month in total payroll employment (excludes self- employed). Prior to COVID, the state economy averaged a net gain of roughly 5,000 payroll jobs per month. That monthly average was easily surpassed in recent months.  Job not suggest a pullback in the labor market as the latest data for actual and desired hiring remain strong. If net hiring (i.e., change in payroll jobs) continues, even at a modest pace, then that would be a solid indicator

Hits: 3

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

on gasoline purchases this fiscal year. These savings are expected to translate to higher consumer spending on goods and services, netting an additional $60 million in sales tax collections.” Knittel cautioned that reductions in the estimates for other revenue sources offset s revenue estimate. Revisions to the IFO’s FY 2014-15 Revenue Estimate ($ 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

Hits: 3

Impact-Fee-Estimate-2019.pdf

production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post-production costs and (2) the total production from all unconventional wells. 5 The annual ETR fluctuates based on estimates by the IFO. 1 Production data through October 2019. November and December 2019 are estimated by the IFO. 2 Net of post-production costs, which were estimated to be $0.80 by the IFO. 3 Does not include natural gas

Hits: 3

IFO_Response_Letter_March_7_2022.pdf

105 PN 2611 (like-kind exchanges); HB 333 PN 1160 (Section 179 expensing); and HB 1960 PN 2247 (raise the net operating loss (NOL) deduction threshold). You request that the estimates “be prepared on the basis of assumptions that consider the 15 million after several more years. • HB 1960 increases the share of taxable income that C corporations can offset through net operating loss deductions from 40% to 80% over four years. The IFO estimates that the bill would reduce revenues by

Hits: 3

IFO_Hearing_8-30-2017.pdf

in November. Related to revenues, the state economy is performing as expected. Through July, the labor market produced 62,800 net jobs (preliminary, average gain) relative to the same time period last year. That is a solid figure compared to recent millions) 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

Hits: 3

IFO ppt.pdf

of Sales Census: Wholesalers, Retailers, Manufacturers, Mining January 18, 2012 Independent Fiscal Office Economic & Budget Outlook 2012 Revenue Conference Relative Net Investment Low 0% 3% 5% 8% 10% 1986 1991 1996 2001 2006 2011 Real Net Investment / Real GDP January 18, 2012 Independent Fiscal Office Economic & Budget Outlook 2012 Revenue Conference PA Employment Returns to 2005

Hits: 3

Five_Year_Outlook_Presentation_2021.pdf

Growth 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% 2021 CY 2022 2023-27 Revenues All Sales Tax 3.1% 0.5% 16.0% 0.5% 3.0% Corporate Net Income 5.4% 13.7% 19.4% 3.0% 3.8% Wages-Salaries 3.7% -0.3% 7.7% 5

Hits: 3

EPLC_3_4_2022_update.pdf

Year Revenues 32,276 40,392 $45,322 $43,319 Less Refunds -1,150 -1,262 -1,325 -1,300 Net Revenues 31,126 36,414 43,997 42,019 State Expenditures -34,090 -34,013 -37,478 -41,320 Current Dates) March 4, 2022 17 Actual Revenues ($ millions) Amount Growth Notes on Adjustments General Fund $28,583 12.3% Corporate Net Income 2,618 27.3 due date shift Sales - Non-Motor 7,990 13.4 due date shift Sales - Motor

Hits: 3

EPLC-2-19-21.pdf

40,828 $42,321 Less Refunds -1,150 -1,300 -1,326 -1,353 -1,380 -1,407 -1,435 Net Revenues 31,126 37,137 35,349 36,498 37,972 39,421 40,885 State Expenditures -34,090 -33 Delayed Due Dates) February 19, 2021 16 Actual Revenues ($ millions) Amount Growth Notes General Fund $21,187 2.5% Corporate Net Income 2,284 14.7% anticipate weak final payments Sales - Non-Motor 6,414 3.3% strong online growth Sales

Hits: 3

Congressional_Budget_Office_Nov_15_2022.pdf

Budget and Economic Outlook: 2022 to 2032 (May 2022), www.cbo.gov/publication/57950. 8 Total Deficits, Primary Deficits, and Net Interest Outlays In CBO’s projections, primary and total deficits initially shrink as a percentage of GDP and then generally half of the projection period. The aging of the population and the rising costs of health care boost primary deficits; net interest outlays, which double as a percentage of GDP over the projection period, further increase total deficits. 9 Federal Debt

Hits: 3

2022-Impact-Fee-Estimate.pdf

to the year-over-year increase in wells spud. 3 Estimated impact: +$34.7 million. • New and Existing Wells. The net impact of (1) collections from new wells drilled and (2) reduced collections from aging wells that pay lower fees. The production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post-production costs and (2) the total production from all unconventional wells. The ETR computation facilitates comparisons to states

Hits: 3

2021_Impact_Fee_Estimate.pdf

to the year-over-year increase in wells spud. 3 Estimated impact: +$98.0 million. • New and Existing Wells. The net impact of (1) reduced collections from aging wells that pay lower fees and wells that become exempt offsetting fees from production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- production costs and (2) the total production from all unconventional wells. The ETR computation for CY 2021 uses

Hits: 3

2020_Impact_Fee_Estimate.pdf

000 per horizontal well compared to CY 2019 levels. Estimated impact: -$52.1 million.  New and Existing Wells. The net impact of (1) reduced collections from aging wells that pay lower fees and wells that become exempt offsetting fees from production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- production costs and (2) the total production from all unconventional wells. The ETR computation for CY 2020 uses

Hits: 3

2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

to be successful, pension fund investment returns must exceed the taxable borrowing rate on the bond issue, resulting in a net gain over time. The timing of the bond issuance is another area of concern. In order to obtain the best gov/OACT/quickcalc/index.html). - 25 - Changing the type of retirement system does not necessarily mean a cost savings. The net effect of the benefit modifications imposed by Act 120 was to reduce significantly the normal cost of benefits earned by

Hits: 3

2007_divestment_complete_report.pdf

have been highly profitable invest- ments for both PSERS and SERS. For both Funds, as of June 30, 2007, the net unrealized gains earned on investments in companies identified as “being engaged in business with” terror sponsoring states and held in exclusion of investment options would be very hard to defend under ERISA’s prudence and loyalty tests. 8 And a 1994 Interpretive Bulletin reminded fiduciaries that they are prohibited from subordinating the interests of participants and beneficiaries … to unrelated objec- tives

Hits: 3

Pensions

the December 31, 2013, valuation, and every 3 years thereafter, each System will compare the actual investment rate of return, net of fees, to the actuarial assumed rate of return for the previous 10-year period. If the actual rate of 2004, change the amortization period for the increased liabilities of Act 9 of 2001 for the outstanding balances of the net actuarial losses incurred in fiscal year 2000-2001 and fiscal year 2001-2002, and for the future gains and losses

Hits: 3

TC_2023_PA_Resource_Manufacturing.pdf

manufacture ethylene. The credit program has no annual cap. Tax credits may be utilized against Pennsyl- vania personal income, corporate net income, bank and trust company shares, title insurance company shares, insurance premiums and mutual thrift institutions taxes for the tax spend their wage income. 17 At this early stage, it is unclear how much sales and use tax or corporate net income tax would result from the ethylene cracker plant. Assuming the plant consumes ethane at 100,000 barrels a day

Hits: 2

TC_2023_Manufacturing.pdf

the start date. Tax credits may be used to offset up to 100% of the firm’s personal income, corporate net income, bank and trust company shares, title insurance companies share, insurance premiums, gross receipts, and mutual thrift institutions tax liabilities 500/new job ($1,000 in Enterprise Zone) for up to 5 years $7,000 or more each year Requires net increase in employees $25 million Pennsylvania 5% of increase in annual taxable payroll Equal to county average wage based on

Hits: 2

Tax_Credit_and_Other_Incentives_2022.pdf

utilized to offset tax year liabilities for 2016 and thereafter, in an amount not to exceed $20 million annually. The net amount transferred to DCED was $85.4 million. The net benefit to purchasers is the differential between tax credits sold and monies received ($14.6 million). The annual impact is

Hits: 2

SR2014-03-presentation.pdf

Relief 16.Dec.2014 11 Consolidated SD vs. Total of Individual SDs, $ millions State Funding State Revenue Item Consolidated Individual Net Difference Basic Education Funding 151.1 156.5 -5.4 Special Education Funding 30.1 30.1 0.0 Accountability tax rates for six districts at 1.0% EIT. One district still higher at a 2.0% EIT rate. • Higher net impact for real estate and earned income taxes in at least 9 current districts. 16.Dec.2014 18 Findings Independent

Hits: 2

Smetters_Presentation_Full.pdf

2040 (billions of $) Tax Provision JCT PWBM 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 201 145 169 Amortize research & experimentation 120 51 88 Repeal of Domestic Production Deduction 98 100 300

Hits: 2

SD_Property_Tax_Forecast_Nov_2021.pdf

to replacement under school property tax elimination. Those allocations could be redirected for other purposes or used to offset the net cost of elimination. The treatment of Act 1 allocations would depend on proposed legislation. Also, other forms of property tax for roughly 70% of the total. If the PTRR Program was maintained, then this amount could be subtracted from the net funds necessary to eliminate school property taxes. Finally, it should be noted that property tax implicitly paid by renters is

Hits: 2

RTR-May 2012.pdf

8) -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 0% ‐20.0% ‐10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Corporate Net Income Tax dotted line = 3 month growth rate solid line = 12 month growth rate 6/20/2012 Author: mryan CreationDate

Hits: 2

RTR-Mar 2012.pdf

5 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 0% ‐20.0% ‐10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Corporate Net Income Tax dotted line = 3 month growth rate solid line = 12 month growth rate 4/26/2012 Author: mryan CreationDate

Hits: 2

RTR-Jun 2012a.pdf

7 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 0% ‐20.0% ‐10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Corporate Net Income Tax dotted line = 3 month growth rate solid line = 12 month growth rate 7/12/2012 Author: mryan CreationDate

Hits: 2

RTR-Feb 2012.pdf

3 -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 0% ‐20.0% ‐10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Corporate Net Income Tax dotted line = 3 month growth rate solid line = 12 month growth rate 3/9/2012 Author: mryan CreationDate

Hits: 2

RTR-Apr 2012.pdf

1 383.0% 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 0% ‐20.0% ‐10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Corporate Net Income Tax dotted line = 3 month growth rate solid line = 12 month growth rate 5/11/2012 Author: mryan CreationDate

Hits: 2

Revenue_Estimate_2016-06-15_Snapshot.pdf

Revenue 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 reducing the expected growth rate for the remainder of 2016 and 2017. Highlights of the FY16-17 forecast include: Corporate Net Income Tax – Revenues are projected to increase by 2.8 percent based on moderate growth rates for domestic, non- financial

Hits: 2

Revenue_Estimate_2015-06-15_Snapshot.pdf

million 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 FY14-15 1 Growth FY15-16 1 Growth General Fund - Total $30,540 6.8% $30,722 0.6% Corporate Net Income 2,819 12.7% 2,789 -1.1% Sales and Use - Total 9,508 4.1% 9,840 3

Hits: 2

Revenue Trends Report - January 2012.pdf

6 -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 0% ‐20.0% ‐10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Corporate Net Income Tax dotted line = 3 month growth rate solid line = 12 month growth rate 2/3/2012 CreationDate: 2012-02-

Hits: 2

Response-Letter-9-30-2019.pdf

approach to the imposition of tax on Retirement Income. That is, employee contributions would not qualify for exemption and distributions (net of employee contributions) would be subject to tax upon distribution at retirement. No other state imposes tax using this hybrid Tax Elimination 5 Retirement income tax of 4.92 percent (3.07 percent state tax and 1.85 percent local) net of previously taxed employee contributions and excluding Social Security. Moving forward, assumes that all retirement income will be taxed upon

Hits: 2

Response-Letter-08-16-2019.pdf

the table from the previous page) and deducts $120 million due to relief already provided by the PTRR, for a net cost of $1.23 billion. To provide those net funds, the sales tax rate would need to increase by 0.64 percentage points while the personal income tax rate

Hits: 2

RB_2021_11_Economic_Development_Incentives.pdf

utilized to offset tax year liabilities for 2016 and thereafter, in an amount not to exceed $20 million annually. The net amount transferred to DCED was $85.4 million. The net benefit to purchasers is the differential between tax credits sold and monies received ($14.6 million). The annual impact is

Hits: 2

RB 2019 Natural Gas Royalties.pdf

income on line 6 of the tax return. However, some payments could flow to firms that report royalty income as net profits (line 4) on the personal income tax return. 1 Research finds that the average royalty rate in Pennsylvania is and Pennsylvania Department of Revenue to ensure compliance with the tax code. Recent IRS tax gap studies find that the net misreporting percentage (i.e., the share of income that should have been reported but was not) for income subject to

Hits: 2

QRR_2015Q3_preliminary.pdf

Fund 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 Estimate Estimate Total General Fund $6,735.7 $6,662.1 $73.6 1.8% 0.7% 0.4% Corporate Net Income 572.6 599.7 -27.1 0.4% 5.2% -0.8% Sales and Use - Total 2,489.7

Hits: 2

Public_Data-General_Fund.xlsx

Total 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 Total 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

Hits: 2

Presentation_PBC_6-12-14_data.xlsx

and Municipios: April 1, 2010 to July 1, 2012. Computations were done by the Independent Fiscal Office. International Migration International Net Migration for Select States, 2000-2013 International Net Migration (thousands) State 2000* 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010* 2011 2012 Delaware 678 2,586

Hits: 2

Presentation_2017_02_10_EPLC.pdf

FYTD 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% IFO estimate based on the June 2016 forecast. 10.Feb.2017 16 CNIT Growth Underperforms Economy Annual Growth Rates: Corporate Net Income (CNIT) and PA Nominal GDP -20% -15% -10% -5% 0% 5% 10% 15% 20% 2006-07 2008-09 2010-

Hits: 2

platt ppt.pdf

insurance  Proprietors’ income (sole and partnerships)  Less: Contributions for social insurance  Plus: Adjustment for residence  Equals: Net Earnings (Place of Residence) ▪ Dividends, interest and rent (property income) ▪ Government and business transfers  Including Social Security, UI, Medicare 0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Total Personal Income Net Earnings Wages/Salaries Dividend, Interest, and Rent Transfer Receipts Pre-recession Peak to Current Percent Changes (Pre-recession Peak-2008Q2

Hits: 2

PBB_2022_PDE_REPORT_Amended.pdf

41 31% 4-year postsecondary institution (2014) 69% 8 59% Total education revenue per FTE $16,088 24 $15,276 % Net tuition revenue 1 66% 44 44% % Education appropriations 2 34% 45 57% Higher education support per capita $147 49 $318 Fund Higher Education, FY 2018-19 (2021). U.S. Census Bureau. American Community Survey, 1-Year Estimates. Various Years. 1 Net tuition revenue is calculated by taking the gross amount of tuition and fees, less state and institutional financial aid, tuition

Hits: 2

PBB_2022_DLI_REPORT.pdf

in the loss ratio plus underwriting costs divided by premiums earned that year. The operating ratio equals total premiums less net income and divided by total premiums. ▪ Average premium rate is total direct written premiums divided by total covered wages, displayed 80% 72% 127% -45% -- Combined ratio 2 109% 92% 83% 141% -28% -- Operating ratio 2 86% 65% 58% 90% -73% -- Net investment return rate 4% 6% -1% 12% 9% -- Avg. premium rate 2 $6.25 $6.70 $6.87 $5.56

Hits: 2

PBB_2021_PennDOT_REPORT_ADDENDUM.pdf

people and goods, improve safety by moving towards zero traffic-related deaths, and create a less congested and more reliable net- work. 15-16 Actual 16-17 Actual 17-18 Actual 18-19 Actual 19-20 Actual 20-21 Budget Expenditures jobs (29.6 percent) from 2015 to 2019. Jobs directly associated with trucking, rail and water transportation grew by a net 4,688 jobs (6.5 percent). The gross employment figures roughly correspond to the size of the most recent modal

Hits: 2

Newsstand_2019_April.pdf

The data reveal a nota- ble slowdown in the number of jobs created for 2019 Q1. The annualized pace of net jobs creation for that quarter show an increase of 44,600 jobs (not seasonally adjusted) compared to the same quarter in the prior year. That latest data point is consistent with the pattern of net jobs creation during calendar year 2018: 69,100 (2018 Q1), 68,100 (2018 Q2), 65,000 (2018 Q3) and 56

Hits: 2

Newsstand_2018_October.pdf

to the prior year. The comparable figure for motor vehicle sales tax was 9.9%. The preliminary annual rate of net payroll job creation for the quarter was 68,000, compared to 62,900 in 2017 and 50,000 for 2016 was up $14 billion (0.4%) from the prior year, constrained by a $92 billion (-31.1%) decline in corporate net income tax. Spending was up $127 billion (3.2%), driven by outlays for interest payments on debt, which increased by

Hits: 2

Newsstand_2018_June.pdf

trends will be based. The data show a clear strengthening of the Pennsylvania labor market through 2017 in terms of net job gains. The average level of annualized net job gains during the year was as follows: Q1=56,400, Q2=60,150, Q3=61,760 and Q4=65

Hits: 2

Monthly_Economic_Update_November_2020_Final.pdf

then dramatically reversed by 2020 Q3 as total PCE ($14.4 trillion) shifted to 66% services and 34% goods. On net, this shift likely enhances Pennsylvania sales tax revenues, as many goods are taxed but services are generally exempt. Consumer Debt 20 Sep-20 Oct-20 Nov-20 Unemployment Rate 1 12.5% 10.4% 8.3% 7.3% n.a. Net Job Gains (000s) 2 -549.4 -499.1 -465.3 -455.9 n.a. Avg. Gasoline Price 3 $2.25

Hits: 2

Monthly_Economic_Update_August_2022.pdf

continue to show solid gains in payroll employment and relatively strong (though diminishing) desire for new hires by businesses. If net hiring (i.e., change in payroll jobs) continues, even at a moderate pace, then that would be a reliable indicator 22 May-22 Jun-22 Jul-22 Unemployment Rate 1 4.9% 4.8% 4.6% 4.5% 4.3% Net Job Gains (000s) 2 200.0 211.1 205.8 208.9 203.8 Avg. Gasoline Price 3 $4.26

Hits: 2

Labor_Market_Update_October_2021.pdf

private schools) and government (i.e., local school districts) sectors. For the three years prior to COVID, roughly 60,000 net payroll jobs were added in September on a non-seasonally adjusted basis. For September 2021, the preliminary data show that 40,000 net jobs were added. That outcome was motivated by weaker-than-normal hiring in the two sectors related to education. During

Hits: 2

Grow PA 12.3.2019.pdf

2.8% 2.1% --- --- Statewide Wages and Salaries 4.3% 3.2% 4.5% 5.0% 5.1% 4.2% Net Payroll Job Creation (000s, Annualized) 64.1 60.4 50.8 45.4 33.3 --- Unemployment Rate 4.2% 4 2.0% 1.5% Statewide Wages and Salaries 4.0% 1.3% 4.0% 4.0% 4.5% 3.6% Net Payroll Job Creation (000s) 46.2 48.8 58.8 65.6 52.0 45.4 Unemployment Rate 5.3%

Hits: 2

CompetePA_March_11_2021.pdf

40,828 $42,321 Less Refunds -1,150 -1,300 -1,326 -1,353 -1,380 -1,407 -1,435 Net Revenues 31,126 37,137 35,349 36,498 37,972 39,421 40,885 State Expenditures -34,090 -33 Tipped Workers 177 147 -30 Note: Excludes self-employed. Source: Occupational Employment Statistics (OES), 2019. Combined Reporting and Rate Reduction: Net Tax Cut March 11, 2021 12 20-21 21-22 22-23 23-24 24-25 Combined Reporting $66 $324

Hits: 2

2021-SD-Property-Tax-Forecast.pdf

to replacement under school property tax elimination. These allocations could be redirected for other purposes or used to offset the net cost of elimination. The treatment of the Act 1 allocations would depend on proposed legislation. Also, other forms of property roughly 70 percent of the total. If the PTRR Program was maintained, then this amount could be subtracted from the net funds necessary to eliminate school property taxes. Finally, it should be noted that property tax implicitly paid by renters is

Hits: 2

2002_dbdc_report.pdf

since the contributions to be transferred make up less than one-third of one percent of the County Plan's net assets, the transfer will not diminish or "take" the benefits of County Plan employees and retirees. We disagree. Governmental takings since the contributions to be transferred make up less than one-third of one percent of the County Plan's net assets, the transfer will not diminish or "take" the benefits of County Plan employees and retirees. We disagree. Governmental takings

Hits: 2

WJ-Presentation-Natural-Gas-7-14-20.pdf

10,129 26 200.7 Late/Unpaid -43 -0.4 Total 10,086 200.4 Note: Late/unpaid includes the net impact of payments received in 2019 for prior years and payments due for 2019 that were not collected. Source: PUC

Hits: 1

Wage_Contracts_PDA.pdf

of the agreement would increase by $0.1 million. 3 For this agreement, the analysis assumes that there is no net change to the total workforce. October 2, 2017 Page 3 transmitted to the office. The IFO did not attempt to

Hits: 1

Wage Contract PFBC-FINAL.pdf

of the agreement would increase by a nominal amount. 3 For this agreement, the analysis assumes that there is no net change to the total workforce. 3 used to apportion the impact across state and federal funds, and that aspect of

Hits: 1

UGSOA_Wage_Contract_Analysis_2021.pdf

increase to that baseline, taking account of the effective dates. • Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

UGSOA_Wage_Contract_ Analysis_2020.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

TC_2023_Waterfront_Development.pdf

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

Hits: 1

TC_2022_Mixed_Use_Development.pdf

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

Hits: 1

TC_2020_Organ and Bone Marrow Donation Tax Credit.pdf

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 or mutual thrift tax for

Hits: 1

Supplemental_Table.pdf

34,752 $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

Hits: 1

Senate_Appropriations_Committee_Response_Letter_2022.pdf

621 $45,603 Less Refund Reserve -1,262 -1,295 -1,231 -1,252 -1,275 -1,299 -1,326 Net Revenue 39,130 44,027 39,840 40,714 42,041 43,322 44,277 State Expenditures 1 -34,013

Hits: 1

Senate Appropriations Response Letter 3-6-2020.pdf

2020 Page 4 Senator Santarsiero requested information on employment gains and losses by sector for states that receive the highest net migration from Pennsylvania. Please refer to Tables 2A through 2F. Senator Yaw requested information on Pennsylvania housing and auto loan

Hits: 1

SEIU Local 668 UC Referees Analysis- 2020.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

SEIU Healthcare Wage Contract Analysis- 2019.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

SD-Property-Tax-Forecast-2019.pdf

are reassessed based on improvements, and it contracts when assessment appeals reduce the assessed value. The forecast projects that the net tax base expansion will be 0.75 percent annually through FY 2023-24. Act 1 allows school districts to increase

Hits: 1

Revenue_Estimate_2015-05-04_Release.pdf

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

Hits: 1

Response-Letter-09-19-2019.pdf

three business days after transmittal to your office. Sincerely, Matthew Knittel Director, Independent Fiscal Office 3 This figure represents the net amounts remitted by this senior homeowner group. It does not include any property tax relief realized through Act 1 allocations

Hits: 1

Response-Letter-09-06-2019.pdf

rebates used for the current Property Tax Rent Rebate Program could be deducted from that gross amount to derive a net cost (roughly $970 million). Based on the latest IFO projections, an increase in the sales and use tax rate of

Hits: 1

Response-Letter-05-13-2019.pdf

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 upon

Hits: 1

RB_2022_09_SNAP_Changes.pdf

840/$46,080 qualify for $740/$8,880 per month/annum. Research finds that a key feature of successful safety net programs is an income phase-out because it avoids an “all or nothing” benefits cliff for recipients. A vertical cliff

Hits: 1

RB_2022_01 COVID-19 Impact on Deaths.pdf

show the following outcomes for 2020 and 2021:  For residents under age 25, deaths increased both years, but the net increase is attributable to the uptick in homicides and overdoses. Age 2017 2018 2019 2020 2021 2020 2021 Under 25

Hits: 1

RB_2021_03 COVID-19 Impact on Deaths.pdf

show the following outcomes for 2020 and 2021:  For residents under age 25, deaths increased both years, but the net increase is attributable to the uptick in homicides and overdoses.  For residents age 25 to 44, deaths increased by

Hits: 1

RB-2018-01.pdf

are reassessed based on improvements, and it decreases when assessment appeals reduce the assessed value. The forecast projects that the net tax base expansion will be one percent annually through FY 2022-23. Act 1 allows school districts to increase millage

Hits: 1

RB-10-2020-Economic_Development_Incentives.pdf

utilized to offset tax year liabilities for 2016 and thereafter, in an amount not to exceed $20 million annually. The net amount transferred to DCED was $85.4 million. For the purpose of the table, the differential between tax credits sold

Hits: 1

RB 2019 RACP.pdf

way to correct local market failures, where private incentives and returns are insufficient to result in outcomes that would, on net, be positive if all benefits could be measured and quantified. In these cases, private businesses do not reap all of

Hits: 1

QRE_FY15-16.xlsx

30,178.2 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

Hits: 1

QRE_FY15-16.pdf

30,178.2 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

Hits: 1

PSEA Wage Contract Analysis- 2020.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

PSCOA Wage Contract Analysis- 2020.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

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

Tax Type Rank ETR Rank ETR Rank ETR Personal Income 18 2.58% 19 2.69% 19 2.62% Corporate Net Income 11 0.51% 12 0.51% 12 0.44% Sales and Use 37 2.04% 40 1.96% 39

Hits: 1

PSBA Webinar - IFO - Act5_Actuarial.pdf

at age 65. (2) Reductions applied for retirement before age 67. (3) Defined contribution plans are assumed to return 6% net of fees. Source: IFO computations. Other Notes PSERS’ Unfunded Actuarial Liability (UAL).  As of the 6/30/2016 valuation

Hits: 1

PSBA Presentation - Final.pdf

0.68% Personal Income Tax 2.69% 2.49% 0.20% Property Tax 2.96% 3.18% -0.22% Corporate Net Income Tax 0.51% 0.43% 0.08% Gaming-Liquor-Tobacco Taxes 0.66% 0.39% 0.27% All Other

Hits: 1

Property-Tax-Update-August-2018.pdf

Personal Income Tax 2.66% 17 2.42% 2.16% Property Tax 3.00% 21 3.16% 3.08% Corporate Net Income Tax 0.48% 11 0.39% 0.40% Gaming-Liquor-Tobacco 0.64% 8 0.37% 0.43% Motor

Hits: 1

Press_Release_2018_Economic_and_Budget_Outlook.pdf

by $2.70 billion in FY 2019-20, which is roughly $1.70 billion more than the projected increase in net revenues. The factors driving the unusually large growth in expenditures in the budget year are associated with more than $1

Hits: 1

Presentation_2016-06-08_GPNP_Budget_Outlook.pdf

Jun.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

Hits: 1

Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdf

Estimates 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%

Hits: 1

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

6.1% 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%

Hits: 1

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

5.3% 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

Hits: 1

PLEA Wage Contract Analysis- 2019.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

PDA Wage Contract Analysis- 2019.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

PBB_Board_Hearing_Jan_10_2023.pdf

includes call center, online, website, etc. January 10, 2023 4 DOR Metric Highlights (Continued) Lottery benefits older Pennsylvanians ▪ Goal = maximize net profits | $1.2b in FY 21-22 ▪ By statute, Lottery also intercepts winnings to collect fines and restitution, delinquent DOR

Hits: 1

PBB_2023_PID_REPORT.pdf

into liquidation. If an actuarial analysis reveals that the fund balance will fall below a statutory minimum, periodic assessments on net written workers’ compensation insurance premiums are made to ensure funding. Underground Storage Tank Indemnification Fund (USTIF) provides funding for the

Hits: 1

PBB_2021_PSP_REPORT_ADDENDUM.pdf

projects 1,097 1,359 1,028 599 225 -- Cost per user 1,2 $391 $390 $383 $400 $367 -- First Net Spending (state-only, $ 000s) $186 $217 $114 $76 $86 -- # Cumulative towers constructed -- -- -- 1 13 16 # Cumulative towers live -- -- -- 1 4

Hits: 1

PBB_2020_DEP_Report.pdf

Energy Programs 5 National ranking by the American Council for an Energy-Efficient Economy. 2 Percent reduction in net greenhouse gas emission since 2005 (greenhouse gas inventory from DEP). 4 PEDA is the Pennsylvania Energy Development Authority. 1 Alternative Fuels Incentive

Hits: 1

PBB_2019_DOBS_Report.pdf

6 $7.1 $1.7 $48.5 $16.3 $0.8 Rank 19 9 16 1 4 31 Net loans to assets 1 72.5% 70.1% 73.3% 69.7% 68.7% 77.3% Rank 11 20 10 23 26

Hits: 1

PA_Chamber_June_17_2021.pdf

10 Initial Estimate Dollar Change Percent Change Adjusted Growth General Fund $37,960 -$2,152 -5.4% 0.7% Corporate Net Income 3,707 -597 -13.9% -5.6% Sales - Non-Motor 10,789 -114 -1.0% 0.4% Sales - Motor

Hits: 1

PACB_Presentation_2021_8.pdf

CTC $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

Hits: 1

OPEIU Wage Contract Analysis- 2019.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

Newsstand_2018_May.pdf

bullish economic trends since the start of the year. The city accounts for roughly 12% of the total Pennsylvania population. Net job gains continue to increase at a faster rate than the nation as a whole and home sales increased for

Hits: 1

MQRE_FY20_21_Revised_Feb.pdf

437 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

Hits: 1

MQRE-FY20-21-Aug.pdf

Corporation 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

Hits: 1

Monthly_Economic_Update_Table_December_2020.pdf

20 Oct-20 Nov-20 Dec-20 Unemployment Rate 1 10.4% 8.3% 7.3% n.a. n.a. Net Job Gains (000s) 2 -499.1 -465.3 -455.9 n.a. n.a. Avg. Gasoline Price 3 $2.25

Hits: 1

Monthly_Economic_Update_September_2022.pdf

22 Jun-22 Jul-22 Aug-22 Unemployment Rate 1 4.8% 4.6% 4.5% 4.3% 4.2% Net Job Gains (000s) 2 211.1 205.8 208.9 202.0 201.6 Avg. Gasoline Price 3 $4.11

Hits: 1

Monthly_Economic_Update_September_2021_Indicators.pdf

21 Jun-21 Jul-21 Aug-21 Unemployment Rate 1 7.1% 7.0% 6.9% 6.6% n.a. Net Job Gains (000s) 2 702.8 530.4 331.5 222.2 n.a. Avg. Gasoline Price 3 $2.86

Hits: 1

Monthly_Economic_Update_September_2021.pdf

21 Jun-21 Jul-21 Aug-21 Unemployment Rate 1 7.1% 7.0% 6.9% 6.6% n.a. Net Job Gains (000s) 2 702.8 530.4 331.5 222.2 n.a. Avg. Gasoline Price 3 $2.86

Hits: 1

Monthly_Economic_Update_September_2020.pdf

20 Jul-20 Aug-20 Sep-20 Unemployment Rate 1 13.4% 13.2% 12.5% 10.3% n.a. Net Job Gains (000s) 2 -853.7 -625.3 -549.4 -499.6 n.a. Avg. Gasoline Price 3 $2.03

Hits: 1

Monthly_Economic_Update_October_2022.pdf

22 Jul-22 Aug-22 Sep-22 Unemployment Rate 1 4.6% 4.5% 4.3% 4.2% 4.1% Net Job Gains (000s) 2 205.8 208.9 202.0 203.5 219.8 Avg. Gasoline Price 3 $4.59

Hits: 1

Monthly_Economic_Update_October_2021_Indicators.pdf

21 Jul-21 Aug-21 Sept-21 Unemployment Rate 1 7.0% 6.9% 6.5% 6.4% n.a. Net Job Gains (000s) 2 530.4 331.5 228.3 191.1 n.a. Avg. Gasoline Price 3 $3.01

Hits: 1

Monthly_Economic_Update_October_2021.pdf

21 Jul-21 Aug-21 Sept-21 Unemployment Rate 1 7.0% 6.9% 6.5% 6.4% n.a. Net Job Gains (000s) 2 530.4 331.5 228.3 191.1 n.a. Avg. Gasoline Price 3 $3.01

Hits: 1

Monthly_Economic_Update_October_2020.pdf

20 Aug-20 Sep-20 Oct-20 Unemployment Rate 1 13.2% 12.5% 10.4% 8.1% n.a. Net Job Gains (000s) 2 -625.3 -549.4 -499.1 -470.8 n.a. Avg. Gasoline Price 3 $2.16

Hits: 1

Monthly_Economic_Update_November_2022.pdf

22 Aug-22 Sep-22 Oct-22 Unemployment Rate 1 4.5% 4.3% 4.2% 4.1% 4.0% Net Job Gains (000s) 2 208.9 202.0 203.5 220.6 195.2 Avg. Gasoline Price 3 $4.92

Hits: 1

Monthly_Economic_Update_November_2021.pdf

21 Aug-21 Sept-21 Oct-21 Unemployment Rate 1 6.9% 6.5% 6.4% 6.2% n.a. Net Job Gains (000s) 2 331.5 228.3 189.7 131.0 n.a. Avg. Gasoline Price 3 $3.08

Hits: 1

Monthly_Economic_Update_May_2022.pdf

22 Feb-22 Mar-22 Apr-22 Unemployment Rate 1 5.5% 5.4% 5.1% 4.9% n.a. Net Job Gains (000s) 2 231.5 215.1 219.8 195.9 n.a. Avg. Gasoline Price 3 $3.44

Hits: 1

Monthly_Economic_Update_May_2021.pdf

21 Feb-21 Mar-21 Apr-21 Unemployment Rate 1 7.1% 7.3% 7.4% 7.3% n.a. Net Job Gains (000s) 2 -480.5 -453.0 -438.1 -369.2 n.a. Avg. Gasoline Price 3 $2.34

Hits: 1

Monthly_Economic_Update_May_2020.pdf

20 Mar-20 Apr-20 May-20 Unemployment Rate 1 4.7% 4.7% 6.0% n.a. n.a. Net Job Gains (000s) 2 44.0 62.0 14.5 n.a. n.a. Avg. Gasoline Price 3 $2.64

Hits: 1

Monthly_Economic_Update_March_2022.pdf

21 Dec-21 Jan-22 Feb-22 Unemployment Rate 1 5.6% 5.5% 5.5% 5.4% n.a. Net Job Gains (000s) 2 176.6 188.8 231.5 216.3 n.a. Avg. Gasoline Price 3 $3.36

Hits: 1

Monthly_Economic_Update_March_2021.pdf

20 Dec-20 Jan-21 Feb-21 Unemployment Rate 1 7.0% 7.1% 7.1% 7.3% n.a. Net Job Gains (000s) 2 -451.5 -444.7 -480.5 -455.0 n.a. Avg. Gasoline Price 3 $2.28

Hits: 1

Monthly_Economic_Update_June_2022.pdf

22 Mar-22 Apr-22 May-22 Unemployment Rate 1 5.4% 5.1% 4.9% 4.8% n.a. Net Job Gains (000s) 2 215.1 219.8 200.0 210.3 n.a. Avg. Gasoline Price 3 $3.42

Hits: 1

Monthly_Economic_Update_June_2021_Indicators.pdf

21 Mar-21 Apr-21 May-21 Unemployment Rate 1 7.3% 7.4% 7.3% 7.4% n.a. Net Job Gains (000s) 2 -453.0 -438.1 -376.8 703.6 n.a. Avg. Gasoline Price 3 $2.47

Hits: 1

Monthly_Economic_Update_June_2021.pdf

21 Mar-21 Apr-21 May-21 Unemployment Rate 1 7.3% 7.4% 7.3% 7.4% n.a. Net Job Gains (000s) 2 -453.0 -438.1 -376.8 703.6 n.a. Avg. Gasoline Price 3 $2.47

Hits: 1

Monthly_Economic_Update_June_2020.pdf

20 Apr-20 May-20 Jun-20 Unemployment Rate 1 4.7% 5.8% 15.1% n.a. n.a. Net Job Gains (000s) 2 62.0 -16.4 -1044.0 n.a. n.a. Avg. Gasoline Price 3 $2.53

Hits: 1

Monthly_Economic_Update_July_2021_Indicators.pdf

21 Apr-21 May-21 Jun-21 Unemployment Rate 1 7.4% 7.3% 7.1% 6.9% n.a. Net Job Gains (000s) 2 -438.1 -376.8 702.8 529.2 n.a. Avg. Gasoline Price 3 $2.63

Hits: 1

Monthly_Economic_Update_July_2020.pdf

20 May-20 Jun-20 Jul-20 Unemployment Rate 1 5.8% 16.1% 13.4% 13.0% n.a. Net Job Gains (000s) 2 -16.4 -1,065.1 -853.7 -620.3 n.a. Avg. Gasoline Price 3 $2

Hits: 1

Monthly_Economic_Update_January_2023.pdf

22 Oct-22 Nov-22 Dec-22 Unemployment Rate 1 4.2% 4.1% 4.0% 4.0% 3.9% Net Job Gains (000s) 2 203.5 220.6 197.1 190.5 202.5 Avg. Gasoline Price 3 $4.17

Hits: 1

Monthly_Economic_Update_January_2022.pdf

21 Oct-21 Nov-21 Dec-21 Unemployment Rate 1 6.4% 6.2% 6.0% 5.7% n.a. Net Job Gains (000s) 2 189.7 139.0 142.2 144.0 n.a. Avg. Gasoline Price 3 $3.18

Hits: 1

Monthly_Economic_Update_January_2021_Indicators.pdf

20 Nov-20 Dec-20 Jan-21 Unemployment Rate 1 8.3% 7.4% 6.6% n.a. n.a. Net Job Gains (000s) 2 -465.3 461.4 452.6 n.a. n.a. Avg. Gasoline Price 3 $2.28

Hits: 1

Monthly_Economic_Update_January_2021.pdf

20 Nov-20 Dec-20 Jan-21 Unemployment Rate 1 8.3% 7.4% 6.6% n.a. n.a. Net Job Gains (000s) 2 -465.3 -461.4 -452.6 n.a. n.a. Avg. Gasoline Price 3 $2.28

Hits: 1

Monthly_Economic_Update_Indicators_February_2022.pdf

21 Nov-21 Dec-21 Jan-22 Unemployment Rate 1 6.2% 6.0% 5.7% 5.4% n.a. Net Job Gains (000s) 2 139.0 142.2 152.5 202.2 n.a. Avg. Gasoline Price 3 $3.23

Hits: 1

Monthly_Economic_Update_February_2022.pdf

21 Nov-21 Dec-21 Jan-22 Unemployment Rate 1 6.2% 6.0% 5.7% 5.4% n.a. Net Job Gains (000s) 2 139.0 142.2 152.5 202.2 n.a. Avg. Gasoline Price 3 $3.23

Hits: 1

Monthly_Economic_Update_February_2021_Indicators.pdf

20 Nov-20 Dec-20 Jan-21 Unemployment Rate 1 8.3% 7.4% 6.8% 6.7% n.a. Net Job Gains (000s) 2 -465.3 -461.4 -446.6 -473.5 n.a. Avg. Gasoline Price 3 $2.28

Hits: 1

Monthly_Economic_Update_December_2022.pdf

22 Sep-22 Oct-22 Nov-22 Unemployment Rate 1 4.3% 4.2% 4.1% 4.0% 4.0% Net Job Gains (000s) 2 202.0 203.5 220.6 197.1 189.2 Avg. Gasoline Price 3 $4.62

Hits: 1

Monthly_Economic_Update_December_2021.pdf

21 Sept-21 Oct-21 Nov-21 Unemployment Rate 1 6.5% 6.4% 6.2% 6.0% n.a. Net Job Gains (000s) 2 228.3 189.7 139.0 134.7 n.a. Avg. Gasoline Price 3 $3.15

Hits: 1

Monthly_Economic_Update_December_2020.pdf

20 Oct-20 Nov-20 Dec-20 Unemployment Rate 1 10.4% 8.3% 7.3% n.a. n.a. Net Job Gains (000s) 2 -499.1 -465.3 -455.9 n.a. n.a. Avg. Gasoline Price 3 $2.25

Hits: 1

Monthly_Economic_Update_August_2021.pdf

21 May-21 Jun-21 Jul-21 Unemployment Rate 1 7.3% 7.1% 7.0% 6.9% n.a. Net Job Gains (000s) 2 -376.8 702.8 530.4 325.4 n.a. Avg. Gasoline Price 3 $2.87

Hits: 1

Monthly_Economic_Update_August_2020.pdf

20 Jun-20 Jul-20 Aug-20 Unemployment Rate 1 16.1% 13.4% 13.2% 13.7% n.a. Net Job Gains (000s) 2 -1,065.1 -853.7 -625.3 -541.9 n.a. Avg. Gasoline Price 3 $2

Hits: 1

Monthly_Economic_Update_April_2022.pdf

21 Jan-22 Feb-22 Mar-22 Unemployment Rate 1 5.5% 5.5% 5.4% 5.1% n.a. Net Job Gains (000s) 2 188.8 231.5 215.1 224.1 n.a. Avg. Gasoline Price 3 $3.49

Hits: 1

Monthly_Economic_Update_April_2021_Indicators.pdf

20 Jan-21 Feb-21 Mar-21 Unemployment Rate 1 7.1% 7.1% 7.3% 7.4% 7.3% Net Job Gains (000s) 2 -444.7 -480.5 -453.0 -438.1 -369.2 Avg. Gasoline Price 3 $2.26

Hits: 1

Monthly_Economic_Update_April_2021.pdf

20 Jan-21 Feb-21 Mar-21 Unemployment Rate 1 7.1% 7.1% 7.3% 7.4% 7.3% Net Job Gains (000s) 2 -444.7 -480.5 -453.0 -438.1 -369.2 Avg. Gasoline Price 3 $2.26

Hits: 1

Monthly_Economic_Update_April_2020.pdf

20 Feb-20 Mar-20 Apr-20 Unemployment Rate 1 4.6% 4.7% 4.7% 6.0% n.a. Net Job Gains (000s) 2 35.4 42.1 60.8 6.2 n.a. Avg. Gasoline Price 3 $2.60

Hits: 1

MGMT Nonrepresented Wage Contract.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the increases relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

Like-Kind_Exchange_Analysis.pdf

In this case, the depreciable basis of the new vehicle is the basis in the old vehicle (zero) plus the net cash paid at purchase, or $30,000. As in the previous example, the capital gain deferred ($10,000) is equal

Hits: 1

ISSU Wage Contract Analysis- 2019.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

Initial_Estimate_May_2017_Press_Release.pdf

to 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

Hits: 1

IFO_Revenue_Estimate_2013-14_Mid-Year_Update.pdf

14 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

Hits: 1

IFO_Retirement_Task_Force_Jan2018_Presentation.pdf

000 180,000 2005 2010 2015 2020 deaths age 65+ Jan.25.2018 Independent Fiscal Office 5 turn age 65 net gain age 65+ Note: Percentages are decedent rates for age 65+ population at five-year increments. Sources: PA Department of

Hits: 1

IFO_Response_Letter_April_12_2022.pdf

estimates by an unknown amount. 5.Retirement income tax of 4.92% (3.07% state tax and 1.85% local) net of previously taxed employee contributions and excluding Social Security. Moving forward, assumes that all retirement income will be taxed upon

Hits: 1

IFO_PASBO_Presentation_Nov_2021.pdf

44,587 $46,107 Less Refunds -1,262 -1,325 -1,300 -1,325 -1,350 -1,375 -1,400 Net Revenues 39,130 42,848 41,575 40,522 41,794 43,212 44,707 State Expenditures -34,013 -38

Hits: 1

House_Maj_Policy_Com_Testimony_June_8_2022.pdf

056 $43,073 26.5% 8.1% Personal Income - Non-Wage $3,652 $5,992 64.1% 17.9% Corporate Net Income $3,398 $5,057 48.8% 14.2% Inheritance $1,054 $1,576 49.6% 14.4% Sales and

Hits: 1

House_Appropriation_Response_Letter_3_17_2021.pdf

centers and marijuana addiction treatment admissions. Increased use of these services drives public health-related expenditures and would reduce the net revenues from legalization of recreational marijuana. Emergency Department Visits The table below displays emergency department (ED) visits and/or admissions

Hits: 1

GPNP July 10, 2012 final.pdf

5% 10.Jul.2012 8 2012 GPNP Conference General Fund Tax Growth Rates corp. other sales personal all FYE Total net inc. corporate and use income other 2000-01 1.4% -13.8% -3.1% 2.6% 6.0% -0.2%

Hits: 1

FOSCEP Wage Contract Analysis- 2019.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

Five_Year_Outlook_2016_Press_Release.pdf

 The recent budget package produced revenues and savings of nearly $1.1 billion in the current year, but the net impact declines to $41 million by FY 2021-22 as one-time revenues expire and loan repayments and funding shifts

Hits: 1

Five_Year_Outlook_2015_Press_Release.pdf

18 through FY 2020-21, the rate of increase for pension contributions moderates and the imbalance begins to stabilize as net revenues and expenditures each increase at an average rate of 3.7 percent per annum.  Pennsylvania’s economic growth

Hits: 1

Five_Year_Outlook_2014_Press_Release.pdf

after FY 2016-17. • Slow tax base erosion and “normal” expenditure growth become the primary drivers of the structural imbalance. Net revenues are projected to increase at an average rate of 2.7 percent per annum and are outpaced by expenditures

Hits: 1

CIVEA Wage Contract Analysis- 2019.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

Budget_Hearing_Testimony-Feb2014.pdf

is 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

Hits: 1

Analysis of Recent Collective Bargaining Agreements.pdf

the agreements would increase by approximately $1.5 million. 4 For these agreements, the analysis assumes that there is no net change to the total workforce. 3 For the higher employer contributions for healthcare benefits, the analysis applies the annual dollar

Hits: 1

ALES Wage Contract Analysis- 2019.pdf

to that baseline, taking account of the effective dates.  Compute the sum of the incremental impacts. This represents the net cost of the agreement relative to the baseline scenario. (See footnotes in Table 1 for a description of the computations

Hits: 1

Pensions

to change the amortization period for the outstanding balance of the increment of unfunded actuarial accrued liability attributable to the net investment losses incurred in calendar years 2001 and 2002 from 15 years to 30 years; 2) require that, in addition

Hits: 1