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IFO News Stand - March EditionThe March edition of our monthly newsletter - The IFO News Stand. The release includes links to recent articles and reports that provide insight into state or national economic, demographic and fiscal trends. Tags: economic, news |
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January 2022 Monthly Economic newsThe January edition of our Monthly Economic Update includes links to recent articles and reports that provide insight into state or national economic, demographic and fiscal trends. 01/17/2022 |
IFO news Stand - March EditionThe March edition of our monthly newsletter - The IFO news Stand. The release includes links to recent articles and reports that provide insight into state or national economic, demographic and fiscal trends. 03/25/2020 |
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ACN_SB1_A01354_A01558_2017_06_03a.pdfGroup, actu- ary for the State Employees’ Retirement System (SERS). The proposal amends the retirement codes to (1) require most new employees to select one of three new plan design options and (2) make actuarial funding changes applicable to SERS. The plan de- sign options include two hybrid Hits: 261 |
2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdfbudgetary realities. II.HISTORY OF THE CRISIS After a decade of extraordinary investment gains, the financial markets spoke of the “new paradigm:” an anticipation that double-digit growth would continue indefinitely. This was the argument that supported the benefit improvements of whereby persons returning from a break in service are granted the higher of the benefit available under prior service or new service. For example, a State employee who worked for ten years in the 1980s (accruing 2% per year of service Hits: 223 |
2007_divestment_complete_report.pdfLegislation (H. R. 2347 and H. R. 180) – Appendix XII . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407 “Governor Rendell Helps Break Ground on Westinghouse Nuclear Headquarters” News Release: August 14, 2007 – Appendix XIII . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 411 Pennsylvania Employment Impact – Appendix XIV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 “Should Public Plans Engage in Social Investing achieve certain societal goals that are deemed to be beneficial. The concept of socially responsible or ethical investing is not new. In fact, the history of what could be described as “socially responsible” or “ethical” investing spans many centuries. Religious investors Hits: 97 |
Revenue-Proposal-Analysis-2020-04.pdfRevenue Proposals The 2020-21 Executive Budget proposes (1) changes to the corporate net income tax (CNIT), (2) new transfers from the personal income tax (PIT), sales and use tax (SUT) and cigarette tax to various funds and (3) a modification for businesses that meet unitary group standards. The most recent states to enact combined reporting were Kentucky and New Jersey (both in 2018) and New Mexico (2019). The remaining 17 states that levy a CNIT require separate 2 However, Iowa allows Hits: 74 |
RB-2017-5.pdfthe same average tax rate regardless of income. Some states impose highly-progressive personal income taxes (e.g., California and New York) compared to other states. The allowance of a personal exemption or standard deduction can make an income tax more Montana 1.00% 6.90% 6.90% 6.90% Both Nebraska 2.46% 6.84% 6.84% 6.84% Both New Hampshire 5.00% 5.00% 5.00% 5.00% Exemption New Jersey 1.40% 3.50% 8.97% 3.50% Hits: 69 |
State_Tax_Comparison_2020_11.pdfrates levied for CY 2020.) Table 1 Personal Income Tax State Rank Amount Ratio State Rank Amount Ratio New York 1 $68,095 5.10% Missouri 26 $7,005 2.47% Oregon 2 $9,847 4.50% Rhode Island 27 $1 Virginia 12 $14,872 3.07% Louisiana 37 $3,833 1.84% Wisconsin 13 $8,760 2.95% New Mexico 38 $1,590 1.81% West Virginia 14 $2,097 2.88% Mississippi 39 $1,968 1.78% North Carolina 15 Hits: 63 |
State-Tax-Comparison-2020-01.pdfrates levied for CY 2019.) Table 1 Personal Income Tax State Rank Amount Ratio State Rank Amount Ratio New York 1 $64,479 4.99% Vermont 26 $819 2.50% Oregon 2 $8,880 4.34% Kansas 27 $3,415 2 13 $8,151 2.90% Louisiana 38 $3,246 1.63% West Virginia 14 $1,951 2.81% New Mexico 39 $1,253 1.49% North Carolina 15 $12,610 2.79% Arizona 40 $4,545 1.48% Iowa 16 $4 Hits: 63 |
TC_2023_Manufacturing.pdfannual taxable payroll in year one by at least $1 million above a base year amount through the creation of new full-time jobs. The credit is equal to a maximum of 5% of the annual increase in payroll and the firm must maintain the new jobs/increased payroll for a minimum of five years. The Department of Community and Economic Development (DCED) may award up Hits: 62 |
State_Tax_Comparison_2023_02.pdfCalifornia) to have a greater impact compared to small states (e.g., Rhode Island). State Rank AmountRatio State Rank AmountRatio New York 1 $69,3014.77% Ohio 26 $16,1192.55% California 2 $128,465 4.51% Georgia 27 $14,2212.54% Oregon 3 $10,7274.36% New Jersey 28 $16,8332.52% Minnesota 4 $15,1714.26% Iowa 29 $4,2032.50% Maryland 5 $16,5184.06% Hits: 62 |
State_Tax_Comparison_2022_01.pdfhave a greater impact compared to small states (e.g., Rhode Island). State Rank Amount Ratio State Rank Amount Ratio New York 1 $68,303 5.16% Missouri 26 $7,045 2.41% Oregon 2 $9,847 4.47% Rhode Island 80% Wisconsin 13 $8,760 2.90% Mississippi 38 $1,968 1.75% West Virginia 14 $2,097 2.82% New Mexico 39 $1,590 1.74% Iowa 15 $4,205 2.73% Arizona 40 $5,357 1.59% North Carolina Hits: 62 |
SR2017-03.pdfstate tax rates levied for CY 2017.) Table 1 Personal Income Tax State Rank Amount Ratio State Rank Amount Ratio New York 1 $54,057 4.82% Arkansas 26 $2,664 2.44% Oregon 2 $7,309 4.33% Indiana 27 94% West Virginia 10 $1,932 2.94% Oklahoma 35 $3,252 1.89% Utah 11 $3,158 2.91% New Mexico 36 $1,381 1.80% North Carolina 12 $11,198 2.90% Mississippi 37 $1,783 1.77% Virginia Hits: 62 |
State_Tax_Comparison_2024_02.pdfgreater impact compared to small states (e.g., Rhode Island). State Rank Amount Per Capita State Rank Amount Per Capita New York 1 $85,822 $4,322 Iowa 26 $5,079 $1,588 California 2 146,190 3,735 Wisconsin 27 1,320 Delaware92,4052,394Alabama 346,2171,231 Virginia 10 19,733 2,279 Arkansas 35 3,718 1,228 New Jersey 11 20,630 2,226 Oklahoma 36 4,158 1,042 Montana 12 2,387 2,158 Arizona 37 Hits: 58 |
Single-Use Plastics Report-2020_06.pdf203 $93 $203 HWPB $18 $112 $27 $41 Reusable $14 $16 $22 $23 Total $272 $331 $181 $266 New Trash Bin Liners -- $13 $9 $20 Change in Consumer Costs $72 -$82 $14 Per Capita Cost $21.30 $26.90 $14.90 analysis to consider a ban on expanded polystyrene (EPS) foam foodservice products. Four states (Maryland, Vermont, Maine and New York) recently enacted bans on these products. The report finds that a ban would reduce employment by nearly 1,800 jobs, reduce Hits: 55 |
Revenue-Proposal-Analysis-2019-03.pdf3 Tax and Revenue Proposals The 2019-20 Executive Budget proposes changes to the corporate net income tax, new transfers from the personal income tax and the sales and use tax to various funds and an expansion of the Resource Enhance- Office (March 2013) http://www.ifo.state.pa.us./Releases.cfm. 3 The CR states include Connecticut, Massachusetts, New York, Rhode Island, Vermont and Wisconsin. Kentucky and New Jersey implemented combined reporting for 2019 but were excluded from the analysis because Hits: 53 |
TC_2019_New_Jobs_Tax_Credit_Report.pdfThis report contains the tax credit review for the Job Creation Tax Credit (JCTC), formally known as the New Jobs Tax Credit. The IFO reviewed numerous studies on state JCTCs, held discussions with various stakeholders and met with agency staff who General Findings and Recommendations Enacted in July 1996, the Job Creation Tax Credit (JCTC, formally known as the New Jobs Tax Credit) provides tax credits to firms that create Pennsylvania jobs within three years of a designated start date. 1 Credits Hits: 51 |
Revenue_Proposal_Analysis_2021_04.pdfand thereafter. Key points are as follows: ▪ Pennsylvania (9.99%) has the second highest CNIT rate in the country behind New Jersey (11.50%). For TY 2021, the median CNIT rate across the United States is 6.63%. ▪ By FY 2025- reporting methods. Forty-four states and the District of Columbia levy a CNIT. The highest statutory rate is levied by New Jersey (11.50%, includes a 2.0% surtax) followed by Pennsylvania (9.99%). Fourteen states use a graduated rate structure Hits: 45 |
PBB_2020_DCED_REPORT.pdfframework. Under incremental budgeting, policymakers use funding levels from the prior year and base funding decisions on any new demands placed upon an agency. For most agencies, performance metrics are not part of that process. A PBB approach considers performance metrics its focus to actual jobs created and engage with the Department of Labor and Industry to verify all new employment at firms that receive economic development incentives. Currently, the department requires payroll compliance reports for only one in ten projects on Hits: 45 |
TC_2021_Keystone_Special_Development_Zones_Update.pdfinitially released this analysis as a research brief in April 2021. Since that release, the IFO was notified of a new recipient (two total) of the KSDZ Tax Credit. As a result, this analysis has been updated to include historical data firms. For the KSDZ Tax Credit to be fully self-financed, roughly 39 percent of the tax credit must incentivize new activity. That is, 39 percent of the tax credit must go to firms where the credit is the decisive factor Hits: 42 |
State and Local Tax Burden Study.pdfin all other taxes and 17 th in total tax. Relative to neighboring states, Pennsylvania ranks lower than New York, New Jersey, Ohio, Delaware and West Virginia, but higher than Maryland. Table 5 displays the share of total revenue collections for each state Hits: 42 |
PBB_2022_DLI_REPORT.pdfwere significantly impacted by the increase in claims received due to the pandemic. In June 2021, the department implemented a new, modernized UC benefits 16-17 17-18 18-19 19-20 20-21 21-22 Payments w/in 14 days and enhance detection of overpayments and fraud. This report serves as a baseline to monitor future program performance under the new system. Job Training and Workforce Development Multiple activities in this report promote higher wage and employment levels for targeted groups Hits: 42 |
2002_dbdc_report.pdfplans for one of the following reasons: to roll the money into an IRA, to transfer the money into their new employer plan, or to take the money in cash. Another one million employees eligible for a payment decide to leave Assets in Current Pension Plan 25% 22% Take a Cash Payment 28% 16% Take Installment Payments 1% 21% Transfer to New Employer’s Pension Plan 8% < than 1% DISTRIBUTION PAYMENT AMOUNTS Payment Amount % of Job Changers % of Retirees $250,000 or Hits: 39 |
TC_2023_Rural_Jobs_Investment.pdfthe goals and purpose of the RJITC Program as follows: Goals ▪ Stimulate business development in rural areas. ▪ Retain and attract new rural businesses and industry to the Commonwealth. ▪ Create family-sustaining rural jobs. Purpose ▪ Stimulate economic growth and job creation in in a rural business. Rural Jobs and Investment Tax Credit Overview | Page 10 the remaining portion may be awarded to new applicants. Reporting Requirements Rural Growth Funds Rural growth funds must submit a report on or before the fifth business day Hits: 36 |
TC_2019_Film_Production_Tax_Credit_Report.pdfimported. While advocates note that tax credits can leverage up to four to five times that amount in new spending, critics believe the tax credit does little to promote economic growth because a large portion of the subsidized expenses flow out findings of this report are as follows: Three states dominate film and television productions: California, Georgia and New York. For the latest year, those states spent between $330 million (CA) to $533 million (GA) on film tax credits. Unless Hits: 35 |
Budget_Hearing_Background_Feb2016.pdfaddress funding shortfalls. For example, the unexpectedly large revenue gain from reducing the escheats holding period generated $380 million in new revenues last fiscal year, and contributed to a carryforward balance of $266 million that could be applied against the projected average price of natural gas for calendar year 2015 declined by 55.0% (Dominion South hub). A modest amount of new pipeline capacity became operational in calendar year 2015. 15 Impact Fee Update. The IFO projects $185.5 million impact fee Hits: 35 |
Five_Year_Outlook_2019.pdfof 3.2 percent per annum. The underlying rate increases to 3.4 percent per annum if a new sales and use tax transfer that begins in FY 2022-23 is excluded. The forecast assumes that the Pennsyl- vania economy operates until FY 2022-23. For that year, the projected deficit grows by nearly $400 million due to a new sales tax transfer. If the new sales tax transfer did not occur, then the fiscal imbalance would contract in all years after Hits: 33 |
Response-Letter-09-12-2019-Part-2.pdfhomeowners. 1 Your updated request specified certain parameters of the proposal that are relevant to the estimates: Establish a new base rebate of $175 for all senior homeowners with household incomes between $35,000 and $50,000. Expand the Based on these parameters, the analysis finds the following results for increasing the supplemental rebate to $1,500: The new base rebate for household incomes between $35,000 and $50,000 would result in 68,600 new rebates ($12.0 Hits: 32 |
IFO_Hearing_Materials_March_2023.pdf511 -2,522 -- -- Budget Stabilization Fund (year end) 5,117 5,271 5,429 5,592 3,401 943 -- -- Addendum New Transfer: Sales, Liquor, Tobacco Tax 0 1,017 1,090 1,163 1,236 1,310 -- 6.5% Net Revenues plus New Transfer 43,927 44,247 45,034 46,006 47,196 48,155 0.7% 2.1% Est. Spending Shift Hits: 31 |
TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdfrequirements. The impact of these broadband incentives can be measured in two parts: (1) the impact of the new or expanded service on the affected population and (2) the impact of the direct capital investment on the state economy. This analysis lower return on the capital investment. Therefore, the lack of requirements on the placement and quality of the new MTBI qualifying infrastructure likely results in the placement of equipment in areas that already have one or more high-speed broadband options Hits: 30 |
TC_2021_Entertainment_Economic_Enhancement_Program.pdfoverview of other state tax credit programs that are similar to the Pennsylvania Entertainment Economic Enhancement Program. Georgia, Louisiana and New York offer tax credits for live musical or theatrical productions. The tax credit rates range from 7 percent (Louisiana) to of qualified expenditures. All four states impose an annual cap, and Georgia has the highest cap at $15.0 million. New York requires that a minimum of eight shows are performed at three or more locations, similar to the venue specifications Hits: 28 |
TC_2020_Research and Development Tax Credit.pdfof the RDTC as follows: Goals Provide incentives to increase R&D spending in Pennsylvania. Attract new research and development firms to the Commonwealth. Support the growth and expansion of R&D intensive sectors. Promote technology clusters average wages. Increase entrepreneurial activity as evidenced by the number of small, start-up firms that bring new products or services to market. Administration The Pennsylvania DOR administers the RDTC and reviews applications. Applicants must submit RDTC ap- plications electronically Hits: 28 |
SUT Exemption for Aircraft - January 2013.pdfto newly exempt the following goods and services from SUT: The sale at retail or use of new or used fixed-wing aircraft. The sale at retail or use of machinery, equipment, plating, upholstery, other physical components and software was limited to private aircraft with fractional share ownership. Currently, Ohio does not have a fly-away exemption. New York Sales of private aircraft in New York are generally subject to sales tax (4 percent). 6 However, sales of commercial aircraft Hits: 28 |
Summary_Tax_Credit_Reviews_Oct_2023.pdfFlaugh, Fiscal Analyst I - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Film Production ............................................................................................................................... 3 Historic Preservation ........................................................................................................................ 4 New Jobs ........................................................................................................................................ 5 Keystone Innovation Zone ............................................................................................................... 6 Mobile Broadband Investment .......................................................................................................... 7 Organ and Bone Marrow Donation .................................................................................................... 8 Research and Development .............................................................................................................. 9 on the dollar (reflects 6% to 7% leakage). State Comparison ▪ Three states dominate film and television productions: California, Georgia and New York. As of 2019, those states spend between $330 million (CA) to $533 million (GA) on film tax credits. ▪ Thirty- Hits: 28 |
Economic_and_Revenue_Update_2020.pdfhearings. We trust they will be helpful as you consider the FY 2020-21 budget proposal. For the upcoming year, new statutory duties related to performance-based budgeting (PBB) and tax credit reviews will engage much of the office’s resources Court Judges’ Commission (January 2019) Tax Credit Reviews Film Production Tax Credit (January 2019) Historic Preservation Tax Credit (January 2019) New Jobs Tax Credit (January 2019) Wage Contracts UFCW Wage Contract Analysis (August 2019) ISSU Wage Contract Analysis (September 2019) Management Hits: 28 |
TC_2021_Video_Game_Production.pdfyear and is equal to 85 percent of the value of the tax credit that could be earned. 11 New Jersey provides a 20 percent tax credit for qualified digital media production expenses, or 25 percent of qualified digital media 5-12 no Mississippi Rebate -- 25-30 20 Montana Credit Transferable 20-35 10 Nevada Credit Transferable 15-25 10 New Jersey Credit Transferable 20-25 10 New Mexico Credit Transferable 25-35 110 Ohio Credit Refundable 30 40 Oregon Rebate Hits: 27 |
TC_2019_Historic_Preservation_Tax_Credit_Report.pdfcurrent credit is transferable. It should also be made refundable. Applications should include a fee to offset new and existing program costs. If the credit is extended and increased, PHMC or DCED should track specific performance metrics for the enforcement and compliance efforts related to the HPTC can be found in the Appendix. 12 Costs attributable to new construction that do not qualify as QRE include new additions, parking facilities, driveways or sidewalks, fencing, landscaping, environmental remediation, sewer and water Hits: 27 |
Five_Year_Outlook_2022.pdf0.61 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) and a decline in personal income tax final payments as will increase at an average rate of 2.6% per annum, or 3.1% excluding the CNIT rate cut and new/expanded tax credits enacted with the FY 2022-23 state budget. During that time, the state economy continues to partially Hits: 27 |
2006_surviving_spouse_healthcare_study.pdfon July 1, 2005, and was replaced by what is now referred to as majority State-paid healthcare. Under this new program, the Commonwealth continues to pay the majority of health coverage costs for retirees who meet the current age and enactment of Act 35 of 1991. Section 8 of Act 35 amended the Administrative Code of 1929 by adding a new Section 529, entitled “Medical Insurance Coverage for Survivor Spouses of Annuitants,” which permitted the spouses of retirees who died subsequent Hits: 27 |
RB 2019 RACP.pdfhousing facilities, sport facility expansions, or targeted industry grants to union halls and similar organizations. Public infrastructure upgrades to accommodate new private business ventures are also included in this category. 2. Educational Facility Projects that occur at educational facilities such as Commonwealth. Therefore, the same project in two local units could have a significantly different economic impact depending on whether the new spending remains local (or leaks out), the geographic location of supply chains and workers, and the populations that will benefit Hits: 26 |
Revenue-Proposal-Analysis-2018-04.pdfand 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 that the proposals would increase General Fund tax revenues by $305 million. New revenues peak in FY 2019-20, but then begin to decline due to the phase-in of a corporate net income tax Hits: 25 |
Memo-2019-03-Income-and-Property-Tax-Burden-for-Retirees.pdf4,070 same as federal Nebraska fully taxable fully taxable same as federal Nevada n.a. n.a. n.a. New Hampshire n.a. n.a. n.a. New Jersey $30,000/$60,000 $30,000/$60,000 exempt New Mexico depends on income depends on income depends on Hits: 25 |
PensionsPrinter's Number 902 ). Signed into law on June 12, 2017, Act 5 amends Titles 24 and 71 to provide new members of PSERS and SERS with three retirement benefit options. The new plan designs would be applicable to most public employees hired by school or state employers beginning July 1, 2019 (PSERS Hits: 25 |
IFO_Hearing_Materials_02_2024.pdf010 6.6% 1.8% 3.4% Adjusted Expenditures General Fund Expenditure Detail Dollar Amounts Avg. Annual Growth Rate Less: New Programs Less: MLF Spending Shift All Other Programs Note: FYE is fiscal year ending. New Programs include programs that were not included in the prior budget year (e.g., Student and Family Affordability ($279 million Hits: 24 |
IFO_Hearing_Packet_Feb2018.pdfwill be helpful as you consider the fiscal year 2018-19 budget proposal. For the upcoming year, the fulfillment of new statutory duties related to performance-based budgeting (PBB) and tax credit reviews will engage much of the office’s resources Net Domestic Migration Trends Net Domestic Migrants (000s) 2015-17 Share of Top Outlfow 2015 2016 2017 Average Residents 1 New York -168.6 -193.0 -190.5 -184.0 -0.93% 2 California -80.9 -122.1 -138.2 -113 Hits: 23 |
ACN_SB1071_A10803_text.pdfby the board in accordance with generally accepted actuarial principles, as a level percentage of the compensation of [the average new active member] all active members, which percentage, if contributed from the start of their employment on the basis of [his of the General Assembly after the expiration of their respective legislative terms or until a successor is appointed for the new term, whichever occurs first. The chairman of the board shall be elected by the board members. Each ex officio member Hits: 23 |
PBB_2019_Criminal_Justice_Report.pdfUnder incremental budgeting, policymakers use fund- ing levels from the prior year and base funding decisions on any new demands placed upon the agency. For most agencies, performance metrics are not part of that process. A PBB approach emphasizes perfor- mance round PBB plans, this review used metrics that were readily available because limited time was available to develop new metrics, and a PBB framework had to be developed that could solicit data from agencies in an efficient manner. Therefore, many of Hits: 21 |
TC_2021_Neighborhood_Assistance_Program.pdfthe high share of NPP credits and DCED is required to allocate credits to ongoing NPP projects before allocating to new NPP or other NAP Tax Credit components. 15-16 16-17 17-18 18-19 19-20 Approved Applications 14 Commitments by Type 15-16 16-17 17-18 18-19 19-20 Total NPPs 38 42 44 42 51 New NPPs 5 7 8 5 14 NPP Credit Commitments $7.1 $7.8 $8.4 $8.1 $10.1 New Hits: 20 |
Revenue_Proposal_Analysis_2023_05.pdfmust be grown in state (no imports). Several states near Pennsylvania recently enacted legislation to legalize (and tax) recreational marijuana. New Jersey and New York began sales of recreational marijuana in 2022 and Maryland and Virginia are expected to start by 2024. (See Table Hits: 20 |
Five_Year_Outlook_2021.pdfAppendix for further details.) The economic forecast reflects various short- and long-term assumptions: ▪ Although Congress may enact or extend new social spending programs (e.g., the expanded Child Tax Credit), the forecast does not include new programs or extensions. Based on analyses from Moody’s and the Penn Wharton Budget Model, the forecast assumes that the Hits: 20 |
Economic_and_Revenue_Update_2021.pdfrelease. Independent Fiscal Office 9 March 2021 Net Domestic Migration Trends Top Outflow 2011-13 2014-16 2017-19 1 New York -100.5 -168.4 -183.3 -0.9% 2 California -48.9 -82.9 -165.4 -0.4 3 Illinois -67.8 -105.3 -111.1 -0.9 4 New Jersey -44.9 -63.7 -52.2 -0.6 5 Massachusetts -5.4 -21.2 -27.5 -0.4 6 Hits: 20 |
Senate Appropriations Response Letter 3-6-2020.pdfSurvey of Mortgage Originations for loans originated from January 2013 through December 2016. 1 For borrowers who refinanced and their new mortgage amount was higher than the closed loan, the extra funds were used for the following purposes: Pay off other bills or debts (40 percent) Home repairs or new construction (31 percent) Savings (14 percent) Auto or other major purchases (9 percent) College expenses (7 percent Hits: 19 |
Response-Letter-09-12-2019.pdfof tax burden. Your letter specified certain parameters of the proposal that are relevant to the estimates: Establish a new base rebate of $175 for all senior homeowners with household incomes between $35,000 and $50,000. Expand the Total rebates may not exceed property tax paid. Based on these parameters, the analysis finds the following results: The new base rebate for household incomes between $35,000 and $50,000 would result in 61,000 new rebates ($10.7 Hits: 19 |
PBB_2023_EO_REPORT.pdfImproper payments recovered ($ millions) $6 $3 $6 $4 $10 $6 Travel reimbursements value ($ millions) $29 $32 $23 $12 $19 $23 New debt True Interest Cost 2 -- 3.6% -- 1.9% 1.7% 3.6% General Obligation debt service ($ millions) $1,222 operations each fiscal year. It also manages the Commonwealth’s debt and is the lead agency in the issuance of new General Obligation debt. Since FY 2017-18, the Commonwealth has issued $2.9 billion in new debt, with True Interest Hits: 19 |
PBB_2020_DEP_Report.pdfframework. Under incremental budgeting, policymakers use funding levels from the prior year and base funding decisions on any new demands placed upon an agency. For most agencies, performance metrics are not part of that process. A PBB approach considers performance metrics permit and inspection costs have increased in other activities, potentially due to the need to train current and new employees during the transition to electronic platforms. Policymakers should continue to monitor produc- tivity metrics to ensure that further efficiencies and cost Hits: 19 |
BEFC_Survey_Results_FINAL.pdfcomparison between the two surveys. All survey questions are the same as the April 2015 survey except for four new questions that pertain to facility assessments. Results from the prior survey can be found in the “Basic Education Funding Commission Report related to assessment testing, remediation and other factors. Provide your best dollar estimate of the additional costs for a new student who enrolls mid- year (e.g., $300 per new student). If possible, provide your best estimate for the share of Hits: 19 |
Revenue_Proposal_Analysis_2024_03.pdfwholesale price of products sold. Retail sales of cannabis would also be subject to sales and use tax (SUT). The new tax on cannabis would be deposited into a restricted account. Annual distri- butions from the account include: (1) $5 million have legalized and impose tax on adult recreational use cannabis. These taxes were enacted recently in Ohio (2023), Maryland (2023), New York (2021) and New Jersey (2020). Because nearly all border states already tax recreational cannabis, the estimate is not in- Hits: 18 |
PBB_2021_DMVA_REPORT_ADDENDUM.pdfhave the highest overall CMS rat- ings in the two years shown while Southeastern had the lowest. For Southeastern, a new commandant and director of nursing imple- mented multiple initiatives that im- proved facility performance from FY 2016-17 through FY Iowa 390 5.0 3.0 5.0 5.0 Utah 373 5.0 4.1 5.0 4.8 New York 790 5.0 3.9 4.5 4.7 Maine 321 4.7 3.7 4.4 5.0 Hits: 18 |
PBB_2020_DHS_REPORT_Final_Updated.pdfframework. Under incremental budgeting, policymakers use funding levels from the prior year and base funding decisions on any new demands placed upon an agency. For most agencies, performance metrics are not part of that process. A PBB approach considers performance metrics Online 1 Rank (39 states) 1 Allows Scan and Upload Documents Online 2 Account Access on Mobile App. New York 95% 1 Yes No Delaware 64% 11 No No New Jersey 51% 20 No No West Virginia 48% 21 No No Hits: 18 |
PBB_2019_DGS_Report.pdfUnder incremental budgeting, policymakers use fund- ing levels from the prior year and base funding decisions on any new demands placed upon the agency. For most agencies, performance metrics are not part of that process. A PBB approach emphasizes perfor- mance round PBB plans, this review used metrics that were readily available because limited time was available to develop new metrics, and a PBB framework had to be developed that could solicit data from agencies in an efficient manner. Therefore, many of Hits: 18 |
Impact-Fee-Update-2017-Outlook-2017-07.pdffee schedule and actual collections by operating year. The primary reasons for the decline in collections are as follows: New wells insuf Ðicient to offset aging of wells. The impact fee is highest in a well’s Ðirst operating year, and declines as the well ages. (See Table 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. Hits: 18 |
IFO_Hearing_Packet_Feb2019.pdfWe trust they will be helpful as you consider the fiscal year 2019-20 budget proposal. For the upcoming year, new statutory duties related to performance-based budgeting (PBB) and tax credit reviews will engage much of the office’s resources Assistance Program Tax Credit (April 2018) Film Production Tax Credit Review (January 2019) Historic Preservation Tax Credit Review (January 2019) New Jobs Tax Credit Review (January 2019) • Wage Contracts ALES Wage Contract Analysis (February 2018) UGSOA Wage Contract Analysis (March 2018 Hits: 18 |
Senate_Appropriations_Committee_Response_Letter_2024.pdf078 $9,641 222,214 $11,631 -15,136 -$1,990 Selected Other States To and From PA Net Inflows New York 37,343 $1,714 17,288 $702 20,055 $1,012 New Jersey 30,092 $1,706 26,208 $1,339 3,884 $368 Maryland 14,892 $635 11,308 $498 3 Hits: 17 |
Revenue-Estimate-2019-05.pdfStatistics. 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 show 2.9% 2.7% 2.1% Wages-Salaries 2.9% 4.6% 4.5% 4.5% 4.7% New Payroll Jobs (000s) 2,522 2,263 2,454 2,369 1,804 U.S. CPI-U 1.3% 2.1% 2 Hits: 17 |
PBB_2021_PennDOT_REPORT_ADDENDUM.pdfand messenger programs. However, the department began to issue REAL IDs in FY 2018-19 and added staff and five new driver license centers to address the increased workload. Data reveal that the share of customers served in under 30 minutes to FY 2019-20. However, it is difficult to assess trends in staff productivity due to changing workloads and a new automated system used to track wait times. Total ridership at local transit agencies has declined, while state funding and average Hits: 17 |
PBB_2020_DOH_REPORT_Final_Update.pdfframework. Under incremental budgeting, policymakers use funding levels from the prior year and base funding decisions on any new demands placed upon an agency. For most agencies, performance metrics are not part of that process. A PBB approach considers performance metrics are also evident in urban areas and among racial and ethnic groups. While Pennsylvania’s overall rate of new diagnosis for HIV infection is lower than the national average, Philadelphia ranked 41 out of 108 large metropolitan statistical areas in terms Hits: 17 |
Official-Revenue-Estimate-2019-06.pdfStatistics. 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 show 2.9% 2.7% 2.1% Wages-Salaries 2.9% 4.6% 4.5% 4.5% 4.7% New Payroll Jobs (000s) 2,522 2,263 2,454 2,369 1,804 U.S. CPI-U 1.3% 2.1% 2 Hits: 17 |
PBB_2020_DOS_REPORT.pdfframework. Under incremental budgeting, policymakers use funding levels from the prior year and base funding decisions on any new demands placed upon an agency. For most agencies, performance metrics are not part of that process. A PBB approach considers performance metrics general activities. Highlights of recent agency activity include: For the November 2018 election, DOS processed 196,174 new voter registrations and 5.1 million votes cast. In 2018, DOS processed 112,232 new business licenses and maintained a file Hits: 16 |
Impact-Fee-Update-2018-Outlook-2018-06.pdfas follows: Fee Increase. The fee schedule is based on the average annual price of natural gas on the New York Mercantile Exchange (NYMEX). When this price crosses certain statutorily-set thresholds, the fee schedule will increase or decrease accordingly 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 Hits: 16 |
IFO_Hearing_Materials_Feb_22_2022.pdfBenefits 0.9 1.8 1.0 3.7 Economic Impact Payments 11.0 21.0 0.2 32.2 New Child Tax Credit Awards -- 3.4 0.1 3.5 Rental and Homeowner Assistance -- 1.8 0.0 1.8 8 78.8 31 Iowa -2.0 0.8 -1.2 6 Tennessee 12.1 61.4 73.5 32 New Mexico 0.3 -2.2 -1.9 7 Georgia 9.3 50.6 60.0 33 Nebraska -1.1 -3 Hits: 16 |
CNIT-Rate-Cut-2018-04.pdfrate (e.g., sales-only factor apportionment). Three states attempted to broaden their state tax base through mandatory combined reporting (New Mexico, Connecticut and Rhode Island). For 2018 to 2023, four states are scheduled to reduce their tax rates: Connecticut, New Hampshire, Indiana and North Carolina. 1 Due to deductibility, the ETR is lower for all states by the same proportion Hits: 16 |
Budget Hearings Packet.pdf2016 budget hearings, the IFO has made progress on a duty specified in its original authorizing legislation and undertaken two new statutory duties. First, the IFO published a report that outlined options for outcome-based performance measurement of executive agencies and the employer contribution rate. 18 Natural Gas Outlook Production continues to expand despite the collapse of gas prices and less new drilling. 19 A recent price spike closes the gap between local hub spot prices and the Henry Hub. 20 (3 Hits: 16 |
Budget Hearings Packet- Web Version.pdf2016 budget hearings, the IFO has made progress on a duty specified in its original authorizing legislation and undertaken two new statutory duties. First, the IFO published a report that outlined options for outcome-based performance measurement of executive agencies and the employer contribution rate. 18 Natural Gas Outlook Production continues to expand despite the collapse of gas prices and less new drilling. 19 A recent price spike closes the gap between local hub spot prices and the Henry Hub. 20 (3 Hits: 16 |
2004_srpvffinal.pdfretirement system that may aid in the retention of current volunteer firefighters and which provides incentives for the recruitment of new volunteers; and 1 The Volunteer Fire Service in the Commonwealth of Pennsylvania, A Funding Study, Pennsylvania Fire and Emergency Services The plans selected for study are located in the following states: Arizona, Arkansas, California, Colorado, Delaware, Georgia, Minnesota, Montana, Nevada, New Hampshire, New Mexico, New York, Texas, Washington and Wyoming. The Commission staff conducted a telephone survey, interviewing plan administrators, legal Hits: 16 |
TC_2022_Brewers.pdf3 displays recipients based on whether a credit was also claimed in the prior year. For 2017, all brewers were new applicants. For 2018, 37 new brewers applied and received $3.3 million of tax credits. There were 12 new applicants in 2019 ($0.8 million Hits: 15 |
PBB_2022_DHS_REPORT_ADDENDUM.pdf0.7 -- Avg. state cost for HCBS/NF ($000s) 3 -- -- $31.1 $32.2 $34.0 -- Avg. days to process new enrollees -- -- 64 58 43 35 Outcome % Receiving HCBS (monthly average) 4 -- -- 72% 65% 68% 68% Transferred to community settings 5 1,616 204.7 40 <45 California 11,740 196.4 -- 5 Rhode Island 349 181.3 21-28 15 New York 5,405 160.4 30-90 <30 Kansas 678 138.8 45-60 21 North Dakota 164 133.2 Hits: 15 |
Impact_Fee_Update_Outlook_2021.pdffor the decrease in collections are as follows: • Lower Fee Schedule. The average annual price of natural gas on the New York Mercantile Exchange (NYMEX) for CY 2020 was $2.08 per MMBtu. Due to the price dropping below $2.25 impact fee schedule decreased by $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 Hits: 15 |
Impact-Fee-Update-Outlook-2020.pdfthe decrease in collections are as follows: Lower Fee Schedule. The average annual price of natural gas on the New York Mercantile Exchange (NYMEX) for CY 2019 was $2.63 per MMBtu. Due to the price dropping below $3.00 fee schedule decreased by $5,000 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 Hits: 15 |
Impact-Fee-Update-Outlook-2019-06.pdffee schedule and actual collections by operating year. The primary reasons for the increase in collections are as follows: New and Existing Wells. The collections from wells in operating year one more than offset decreased collections from older wells as They include: Statutory fee schedule. The schedule is based on the average annual price of natural gas on the New York Mercantile Exchange (NYMEX), which is based on the Henry Hub. 6 If that price reverts back to a level Hits: 15 |
Demographics_Outlook_2020.pdfWhy the Birth Rate is So Low in the United States.” Healthline Parenthood. https://www.healthline.com/ health-news/why-does-the-u-s-have-such-a-low-birth-rate. Figure 3.1 Pennsylvania Number of Births (000s) by Maternal Age 4 distributes net migration from border states to individual states. In 2018, Pennsylvania had positive net migration from New York, New Jersey and Maryland. 7 U.S. Centers for Disease Control and Prevention. National Center for Health Statistics. “Stats of the Hits: 15 |
TC_2021_Resource_Enhancement_and_Protection.pdfpollution in waterways. ▪ The State Conservation Commission (SCC) awards tax credits for previously completed BMPs. These credits do not incentivize new activity. Recent data suggest these credits comprise a signif- icant share of total awards. ▪ Roughly 55 percent of REAP Tax Project Funding Section 2: REAP Tax Credit Overview | Page 9 Seven types of projects fall under equipment BMPs, which include new or used pieces of equipment that are purchased for use on land. No-till drills and planters are the most Hits: 14 |
TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdffrom 2014 to 2018. It is noted that these are net rates of business for- mation, and reflect new employer firms and the attrition of existing firms. For Pennsylvania, the annual average growth rate for number of firms in the three the United States. However, the Pennsylvania average rate for software publishers (24.8 percent) is second only to New York (30.6 percent) and significantly higher than the United States average (17.9 percent). It is noted that the impact of Hits: 14 |
Pitt_Chamber_Presentation.pdfPennsylvania effective tax rate from 6.5% to 7.9% (see table) Sales and use tax How quickly does new consumer spending occur? Increases revenues by $60 to $80 million in FY 2018-19 Personal income tax Higher Computation with and without severance tax 4 State Corporate Net Income Tax Rates - 2018 Tax Rate Rank Old ETR New ETR Diff w/ PA Iowa 12.00% 1 7.80% 9.48% 1.59% Pennsylvania 9.99% 2 6.49% Hits: 14 |
PBB_2023_DDAP_REPORT.pdfinspectors completed 56 inspections per inspector and 1.4 inspections per facility. In June 2022, the department began to enforce new licensing requirements for recovery houses that provide state or federally funded services. As of December 2022, there were 202 licensed disorder Rank Total U.S. 10.2% Total U.S. 6.6% Maryland 11.3 15 Michigan 7.7 10 New Jersey 11.1 18 Illinois 7.6 13 New York 10.8 23 West Virginia 7.5 15 Illinois 10 Hits: 14 |
IFO - Economic and Budget Outlook - January 2012.pdftheir impact, it is useful to provide both historical and relative context. Historical context helps readers determine if trends are new or whether a particular series simply reverts to some historical norm. For example, it is known that personal income tax non-residential investment (-18.5 percent, $287 billion). Although recent data show that real investment spending has partially recovered, most new investment merely replaces worn out capital rather than expand operations. For 2009, the nation’s capital stock actually contracted as Hits: 14 |
2013-07 Monthly Economic Summary.pdfpa.us Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. Monthly Economic Report J u l y 2 0 1 3 2012.3 2012.4 2013.1 2013.2 2004, the Pennsylvania General Assembly approved the Pennsylvania Race Horse Development and Gaming Act. Since that time, Pennsylvania has overtaken New Jersey in gross casino revenue and leads all other states in the Mid- Atlantic region. In 2012, Pennsylvania casinos generated Hits: 14 |
2000_cost_of_living_adjustments.pdfRESULTS - 26 - METHOD OF METHOD OF METHOD OF STATE SYSTEM IMPLEMENTATION DETERMINATION FUNDING Nevada Combined Automatic Formula/CPI Direct/Advance New Hampshire Combined Ad-Hoc Formula/CPI Indirect/Act. Gains New Jersey Combined Automatic Formula/CPI Direct/Advance New Mexico Government Automatic Fixed Direct/Advance New Mexico Teacher Automatic Formula/CPI Hits: 14 |
RB-2016-02.pdf100 $10,100 Allows a $1,000‐per‐job tax credit available to an em‐ ployer creating at least 25 new full‐time equivalent jobs or increasing their workforce by at least 20 percent. Keystone Innovation Zone $15,100 $17,100 Promoting Employment Across Pennsylvania Program $0 $0 Permits companies to retain 95 percent of Pennsylvania personal income tax withheld from new employees. To qualify, a company must create 250 new jobs within Ðive years. The new jobs must provide health insurance Hits: 13 |
PBB_2023_DOR_REPORT.pdfPIT returns processed electronically increased roughly 7% from tax year (TY) 2020 to 2021. Similarly, the PTRR program has a new option to file claims electronically that enabled 17% of PTRR claimants to file claims electronically in 2022. (See pages 9 For example, if a tax filer is due a refund but has an outstanding tax obligation in another tax, the new integrated tax system may enable the department to offset the amount due more efficiently than in prior years. The Enforcement Hits: 13 |
PBB_2022_PDE_REPORT_Amended.pdfteachers. From SY 2016-17 to SY 2019-20, the agency issued more than 7,200 Instructional 1 certifications to new teachers on average each year. Over this time period, the number of Type 01 emergency permits (issued to address teacher U.S. average and also ranked 9 th highest across states. Ranks for certain border states were as fol- lows: New York (ranked 1 st ), New Jersey (4 th ), Maryland (15 th ) and Ohio (17 th ). Since FY 2010-11, real Hits: 13 |
PBB_2019_DOBS_Report.pdfUnder incremental budgeting, policymakers use fund- ing levels from the prior year and base funding decisions on any new demands placed upon the agency. For most agencies, performance metrics are not part of that process. A PBB approach emphasizes perfor- mance round PBB plans, this review used metrics that were readily available because limited time was available to develop new metrics, and a PBB framework had to be developed that could solicit data from agencies in an efficient manner. Therefore, many of Hits: 13 |
Impact_Fee_Update_Outlook_2022.pdfthe increase in collections are as follows: Higher Fee Schedule. The average annual price of natural gas on the New York Mercantile Exchange (NYMEX) for CY 2021 was $3.84 per MMBtu. Due to the price being between $3.00 to CY 2020 levels. The higher fee schedule also includes the statutorily required inflationary adjustment (6.6%, $3,300 for new wells) due to the annual increase in wells spud. Estimated impact: +$99.8 million. New and Existing Wells. The Hits: 13 |
Five_Year_Outlook_2020.pdfthen declines to $2.0 billion by FY 2025-26. The deficit peaks in FY 2022-23 due to a new, permanent transfer from sales and use tax revenues ($469 million) that begins that year. Fiscal Year 19-20 20-21 per week. Federal UC programs, including PUA, will end by early April. After the week ending March 13, no new claims for these programs will be accepted. State UC payments represent the entire calendar year, and exclude typical state UC Hits: 13 |
Senate_Appropriations_Committee_Response_Letter_2021.pdfYear Estimates, 2019. West Virginia 2019 Domestic Migration by Selected States and Age Florida Michigan North Carolina Virginia Delaware Maryland New Jersey New York Ohio Note: Data exclude all international migration. April 6, 2021 Page 6 Outflow Inflow Net Outflow Inflow Net Utah Hits: 12 |
Revenue-Estimate-2020-05.pdfamong others) that informed the determination of a partial reopening was whether a county recorded fewer than 50 new confirmed cases per 100,000 residents over a 14-day period. Under partial reopening, telework must con- tinue where feasible, childcare may that would trigger the reinstatement of statewide business closures. Schools and colleges reopen in the fall, although new social distancing conventions may be imple- mented. Federal and State Programs and Provisions In response to the pandemic, recent legislation injects a Hits: 12 |
Response_Letter_2021_April.pdfthe same local situs could materially reduce collections (10% to 15%). The projections included in the enclosed table assume the new SUT (including that imposed on food and clothing) is imposed at the state level. ▪ The SUT estimates assume that any a funding windfall from an increase in the tax rate. ▪ The SUT estimates for clothing and food assume that the new 2% tax is only imposed on those items not subject to the current 6% tax. ▪ The additional personal income tax Hits: 12 |
platt ppt.pdfgov Impact of Recession & Recovery on Wages by State 10 -5.4 -2.9 -20 -15 -10 -5 0 Nevada New York Michigan Arizona Wyoming Missouri Florida Indiana Connecticut Idaho Tennessee Illinois Oregon Georgia California Minnesota Ohio Delaware New Jersey Rhode Island North Carolina Wisconsin Massachusetts U.S. Totals New Hampshire South Carolina Oklahoma Colorado Utah Alabama Arkansas Maine Hits: 12 |
PBB_2023_PID_REPORT.pdffrom 30 to 60 days based on the type of insurance and filing. On-time reviews facilitate the introduction of new products at a faster pace and reduce regulatory burden. The activity also includes the Commonwealth’s federal Section 1332 State 6,910 Michigan 1,985 1,935 3,489 7,618 Illinois 2,030 2,016 3,596 7,642 New Jersey 2,453 2,556 3,769 8,851 Ohio 1,567 3,394 4,284 9,295 Pennsylvania 2 Hits: 12 |
PBB_2022_AGING_REPORT_Addendum.pdfenrollees to remain in the program if Social Security COLAs would have disqualified them, the exception does not apply to new members. ▪ Total expenditures per cardholder increased at an average annual growth rate of 2.9% for PACE and 7.4% tie income eligibility to the federal poverty level. The states with higher income limits than Pennsylvania include Nevada, Massachusetts and New York. Given that nearly one-quarter of program drug expenditures is used for various antidiabetic agents, the table above details Hits: 12 |
PBB_2020_PEMA_REPORT.pdfframework. Under incremental budgeting, policymakers use funding levels from the prior year and base funding decisions on any new demands placed upon an agency. For most agencies, performance metrics are not part of that process. A PBB approach considers performance metrics methods vary across the Commonwealth. PEMA, in conjunction with the counties, is in the process of implementing a new NG911 system that will standardize 911 data collection methods. The NG911 statewide and regional system-sharing solutions and interconnected infrastructure will support Hits: 12 |
Impact_Fee_Update_Outlook_2023.pdffor the increase in collections are as follows: ▪ Higher Fee Schedule. The average annual price of natural gas on the New York Mercantile Exchange (NYMEX) for CY 2022 was $6.64 per MMBtu. Because the average price exceeded $5.99, the the fee’s inception. The higher fee schedule also includes the statutorily required inflation adjustment (6.4%, +$4,200 for new wells, total fee of $69,100) due to the annual increase in wells spud. Estimated impact: +$32.9 million. ▪ New Hits: 12 |
Electricity_Update_Sep_2021.pdf8 34.0 22.8 Connecticut 23.5 0.0 15.7 2.0 41.2 29.5 11.6 New Jersey 30.7 0.9 26.7 3.1 61.5 77.1 -15.6 North Carolina 41.7 20.8 42.3 19.1 124.0 139.7 -15.8 New York 53.0 0.1 38.5 40.4 132.0 148.8 -16.8 Virginia 62.1 3.8 Hits: 12 |
RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdfresearch brief. For CY 2021, the IFO estimates that $39.6 billion will be disbursed. That estimate assumes that no new federal stimulus will be enacted after the ARP of 2021. The text that follows provides background on the major provisions 2022. The aid provides income replacement for households affected by job loss and business closures, but a significant portion represents new income (1) for unaffected households or (2) that more than offsets reduced income due to job loss or business closures Hits: 11 |
PBB_2023_DCNR_REPORT.pdf22, which leveraged an additional $148 million in funding for local recreation and conservation. This activity received $25 million in new federal funding for FY 2022-23 from the American Rescue Plan Act (ARPA). The purpose of the ARPA funding is billions) Capita Ohio $12.8 $4.8 $410 Illinois 16.7 5.2 409 Virginia 9.4 3.4 394 New York 25.5 7.6 382 North Carolina 11.8 4.0 378 Pennsylvania 13.6 4.9 377 New Hits: 11 |
Official-Revenue-Estimate-2020-06.pdfthat would trigger the reinstatement of statewide business closures. Schools and colleges reopen in the fall, although new social distancing conventions may be imple- mented. Federal and State Programs and Provisions In response to the pandemic, recent legislation injects a by mitigation efforts. Table 1.3 provides estimates of the funds that will flow into Pennsylvania due to new and expanded federal programs, tax cuts and delays, and state UC payments attributable to COVID-19. These programs and provisions play a Hits: 11 |
NGPR_2021_Q4.pdffrom the U.S. Energy Information Administration (EIA) and (2) recent regional price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,949 billion cubic From 2016 to 2019, horizontal production volume increased at an average rate of 10.2% per annum. There were 154 new horizontal wells spud in the fourth quarter of 2021. This figure represents a 55.6% increase from the same period Hits: 11 |
NGPR-2020-Q1.pdffrom the U.S. Energy Information Administration (EIA) and (2) recent regional price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,766 billion cubic a persistently low-price environment for natural gas and (2) early impacts of the COVID-19 pandemic. There were 153 new horizontal wells spud in the first quarter of 2020. This figure represents a decrease of 45 wells (-22.7 percent Hits: 11 |
MTR-2016-11.pdfthird quarter remain at the same high level. Drilling jobs are not necessary to support production from a well. A new well can produce at a high level for at least two years with minimal labor. Once operators have built up Moreover, improvements in technology have increased the potential output of newer wells, which allows operators to enhance production with less new drilling. After the first few years of a well’s life, production declines dramatically. A typical shale gas well in Hits: 11 |
index.cfmEconomic Update provides data and insight on current trends that impact the state economy. ... (Full Report) Act 1 Index Reaches New High Property Tax November 28, 2023 The Act 1 index limits the annual increase in school district millage rates. For Education Association (CIVEA). ... (Full Report) Pennsylvania's Strained Nursing Homes Economics and Other October 25, 2023 The IFO posted a new research brief that discusses placement waitlists and potential cost implications from the contraction in nursing home capacity since 2019. ... (Full Hits: 11 |
TC_2023_Waterfront_Development.pdfNo other state offers a tax credit to business firms that contribute to nonprofit waterfront development projects. Alabama, Maryland and New Jersey offer tax credits for contributions to certain nonprofit economic development organizations, but waterfront properties are not targeted. This analysis The general findings of this report are as follows: The WDTC program is unique to Pennsylvania. Alabama, Maryland and New Jersey have tax credit programs that incentivize contributions to projects undertaken by nonprofit economic development organizations. However, none specifically target Hits: 10 |
Revenue_Proposal_Analysis_2022_04.pdf1.67 billion by FY 2026-27. 2 1 Largely due to the bulletin, the department notes that 1,700 new firms filed a CNIT return in tax year 2020 with roughly $50 million in total liability. 2 The estimate includes The last review was released in April 2021. Where possible, this year’s analysis updates the April 2021 analysis if new data exist. Comparison to Other States As of January 1, 2022, Pennsylvania and 19 other states do not require employers Hits: 10 |
Revenue_Estimate_2021_05.pdfneed not wear masks in most indoor and outdoor settings. The economic forecast used for this estimate assumes that a new variant of COVID-19 does not emerge that would result in further mitigation efforts and business closures. It also assumes that no new federal monies flow to state residents and temporary unemployment compensation (UC) programs expire as scheduled in September. Pennsylvania Economic Forecast Hits: 10 |
Presentation_PBC_6-12-14_data.xlsxbls.gov/) Demographics by State 1990-2012 Year/ Total Population Share of Population Annual Growth Rate Age Group Delaware Maryland New Jersey New York Ohio Pennsylvania Virginia West Virginia Delaware Maryland New Jersey New York Ohio Pennsylvania Virginia West Virginia Delaware Maryland New Hits: 10 |
PBB_2019_JCJC_Report.pdfUnder incremental budgeting, policymakers use fund- ing levels from the prior year and base funding decisions on any new demands placed upon the agency. For most agencies, performance metrics are not part of that process. A PBB approach emphasizes perfor- mance round PBB plans, this review used metrics that were readily available because limited time was available to develop new metrics, and a PBB framework had to be developed that could solicit data from agencies in an efficient manner. Therefore, many of Hits: 10 |
NGPR_2021_Q3.pdffrom the U.S. Energy Information Administration (EIA) and (2) recent regional price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,884 billion cubic higher than the same period in 2020, nearly double the growth rate of 2020 full-year production. There were 111 new horizontal wells spud in the third quarter of 2021. This figure represents no change from the same period in the Hits: 10 |
NGPR_2020_Q4.pdffrom the U.S. Energy Information Administration (EIA) and (2) recent regional price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,826 billion cubic 9 percent from 2019, the lowest such growth rate on record for a full year of production. There were 99 new horizontal wells spud in the fourth quarter of 2020. This figure represents a decrease of 18 wells (-15.4 percent Hits: 10 |
NGPR_2020_Q3.pdffrom the U.S. Energy Information Administration (EIA) and (2) recent regional price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,751 billion cubic 3 percent from September 2019, the first year-over-year decline in monthly production since February 2017. There were 111 new horizontal wells spud in the third quarter of 2020. This figure represents a decrease of 24 wells (-17.8 percent Hits: 10 |
NGPR-2020-Q2.pdffrom the U.S. Energy Information Administration (EIA) and (2) recent regional price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,717 billion cubic low-price environment and (2) impacts from the COVID-19 pandemic on the demand for natural gas. There were 113 new horizontal wells spud in the second quarter of 2020. This figure represents a decrease of 51 wells (-31.1 percent Hits: 10 |
Newsstand_January_2020.pdfJanuary 2020 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND States Pay $30 Billion per Year on Targeted Tax Breaks A recent article in the Wall Street Hits: 10 |
MTR-2017-05.pdfSales tax revenues are critical to the state budget because each percentage point of growth generates roughly $100 million of new revenues. Weak sales tax revenues are not limited to Pennsylvania. As shown by the table, some adjacent states have also motivate that result. First, PA consumers could be paying down debt. However, recent data from the Federal Reserve Board of New York show that PA per capita consumer debt levels increased (1.3%) during the past nine months. An increase in Hits: 10 |
June_Revenue_Estimate_2021.pdfneed not wear masks in most indoor and outdoor settings. The economic forecast used for this estimate assumes that a new variant of COVID-19 does not emerge that would result in further mitigation efforts and business closures. It also assumes that no new federal monies flow to state residents and temporary unemployment compensation (UC) programs expire as scheduled in September. Pennsylvania Economic Forecast Hits: 10 |
Five_Year_Outlook_2023.pdf2022-23 were reduced due to a corporate net income tax (CNIT) rate reduction/base expansion (-$110 million) and a new motor vehicle sales and use tax (SUT) transfer to the Public Transportation Trust Fund (-$508 million). After adjusting for these revenue growth (4.3% per annum) was enhanced due to (1) the collection of tax from remote sellers (SUT), (2) new taxes (other tobacco) or tax increases (cigarettes) and (3) licensing fees related to gaming expansion. Average dollar gains ($1.31 Hits: 10 |
Five_Year_Outlook_2016_IFO_PPT.pdfDriven by DHS, Pensions and temporary payment delays. Summer 2016: Enactment of Policy Changes. Adds $1.1 billion of new revenue this year. $674 million permanent; $386 million temporary. November 2016: ~$1.7 to $3.0 Billion Structural Deficit Controlled Simulation. What happens if PA economy has “normal” growth? Assumes no recession over next five years. No New State or Federal Policy Changes. But, the Governor must bring budget into balance. What about the federal government Hits: 10 |
Electricity_Update_2024.pdfPennsylvania and regional electricity markets. The latest data show that Pennsylvania remained the top electricity export state and reached a new low for CO 2 emissions from electricity generation in 2023. All data shown are from the U.S. Energy Information 236 million megawatt hours, an increase of 9.6% from 2018, and only 8% less than the net generation of New York and Ohio combined. The fuel sources for Pennsylvania’s net generation in 2023 were: 59.0% from natural gas Hits: 10 |
RB_2023_03_Rainy_Day_Fund.pdfproposed expenditures. The share falls by nearly 2.5 percentage points due to the expiration of the enhanced FMAP and new policy initiatives. 1 See https://www.pewtrusts.org/en/research-and-analysis/articles/2023/03/16/record-state-budget-reserves- 103.2% Virginia 26 $3,801 12.2% Alaska 2 $2,999 49.8% Pennsylvania 27 $4,966 11.6% New Mexico 3 $3,761 43.3% Colorado 28 $2,015 11.3% Nebraska 4 $1,688 32.9% Iowa 29 Hits: 9 |
PMTA_Presentation_April_2023.pdfTaxes (cents/gallon) April 19, 2023 14 Top 5 - Gasoline Rate Rank Border State Rate Rank California 62.9 1 New Jersey 41.4 6 Pennsylvania 61.1 2 Ohio 38.5 8 Washington 49.4 3 West Virginia 37.2 10 Illinois 43.4 4 New York 26.2 31 Maryland 42.7 5 Delaware 23.0 40 Top 5 – Diesel Rate Rank Border State Rate Hits: 9 |
NGPR_2022_Q4.pdfU.S. Energy Information Administration (EIA) and (3) natural gas hub spot price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,856 billion cubic the prior year. This is the first annual decline since unconventional production volume data became available (2012). There were 136 new horizontal wells spud in the fourth quarter of 2022. This figure represents a decrease of 18 wells (-11.7%) compared Hits: 9 |
NGPR_2021_Q2.pdffrom the U.S. Energy Information Administration (EIA) and (2) recent regional price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,851 billion cubic Year-over-year growth in quarterly production has now accelerated notably through the first half of 2021. There were 120 new horizontal wells spud in the second quarter of 2021. This figure represents an increase of seven wells (6.2%) from Hits: 9 |
NGPR-2016Q4.pdfincreased (2.9% and 0.3%). Table 4 also shows that, in calendar year 2016, only 41 of the 504 new wells spud in that year produced gas (8.1%), while in calendar year 2015, 156 of the 783 wells spud 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 Figure 1: Number of Producing, Non-Producing and New Wells by Calendar Year Notes: Horizontal wells only. Non-producing wells are the sum of shut-in and spud but Hits: 9 |
Newsstand_February_2020.pdfFebruary 2020 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND Mortgage Originations Grow 87% as Homeowners Refinance The Federal Reserve Bank of New York released household debt Hits: 9 |
Newsstand_2018_July.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News PA Ranks 19 th in Real GDP Growth for 2018 Q1 On July 24, the U.S. Bureau of Economic GDP growth (2.0%) for the first quarter (quarterly annualized growth rate). Pennsylva- nia underperformed Virginia (2.4%), but outperformed New Jersey and Ohio (1.6%), Maryland (1.5%), West Virginia and Delaware (1.3%), and New York (1.1%). For Hits: 9 |
MTR-2017-04.pdfto remain close to home. The graph confirms this trend, as the top five states where PA graduates migrated (California, New York, North Carolina, New Jersey and Maryland) contain large urban areas or are situated on a coast. The outflow could also be attributable to Hits: 9 |
MTR-2017-03.pdf7% 0.7% -0.3% Dollar amounts are in millions. PA CONSUMER DEBT OUTPACES REGION The Federal Reserve Bank of New York (FRBNY) publishes quarterly state data on consumer debt. The data span major loan types, such as mortgage, auto, credit to several nearby states that have only reached their pre-recession levels in the past two years. Some states (Michigan, New Jersey and Ohio) have yet to reach their pre-recession levels. Mortgage debt is the largest category, comprising more than Hits: 9 |
MTR-2015-09.pdfNeɑ IRS SɎaɎe MigɌaɎiɉɈ DaɎa ReɆeaɍed The Internal Revenue Service (IRS) recently released new data that capture interstate migration patterns for calendar years 2012 and 2013. The data are based on the mailing addresses includes dependents) and $935 million of adjusted gross income reported on tax returns for tax year 2012. The states of New York (6,925), New Jersey (3,858) and Maryland (1,056) were the primary states to record a net inflow Hits: 9 |
MSC_March_31_2022.pdfMotor 11,668 11,300 -368 -3.2 no stimulus Sales - Motor Vehicle 1,802 1,281 -521 -28.9 new transfer PIT - Withholding 11,790 12,355 565 4.8 PIT - Other 4,501 4,698 197 4.4 Inheritance Benefits 0.9 1.8 1.0 3.7 Economic Impact Payments 11.0 21.0 0.2 32.2 New Child Tax Credit Awards -- 3.4 0.1 3.5 Rental and Homeowner Assistance -- 1.8 0.0 1.8 Hits: 9 |
Letter_to_JSGC.pdfprior to publication. Upon publication, the IFO discovered that the final version of its submission (1) includes a wholly new table and new calculation that were not part of the original submission, along with new text, (2) alters certain table titles, sub-section Hits: 9 |
IFO_Testimony_CR_June_29_2023.pdfand 27 states use the combined reporting filing method. ▪ Over the past decade, 5 states enacted combined reporting, most recently New Mexico (2020). ▪ In 2021 and 2022, legislation was introduced in Virginia and Maryland. The second table displays recent published revenue 8% to 12%. ▪ Some states did not issue a revenue impact estimate due to the high degree of uncertainty (Kentucky, New Mexico). ▪ It should be noted that the revenue impact could vary considerably across states due to the size and industry Hits: 9 |
IFO testimony CR Hearing Jan 29 2020.pdfForty-four states currently levy a CNIT, with the highest statutory rate (12.00 percent) levied by Iowa followed by New Jersey (10.50 percent) and Pennsylvania (9.99 percent). Fourteen states use a graduated rate structure, while 30 levy combined reporting for firms that meet unitary group standards. The most recent states to enact combined reporting are Kentucky and New Jersey (both in 2018) and New Mexico (effective January 1, 2020). The remaining 17 states that levy a CNIT Hits: 9 |
Electricity_Update_March_2022.pdf30.0 14.1 North Carolina 47.1 20.4 43.1 20.6 131.3 145.6 -14.3 New Jersey 29.3 1.0 28.1 2.9 61.4 78.0 -16.6 Maryland 14.7 5.8 15.0 4.1 39.7 63.5 -23.8 New York 57.1 -- 31.1 37.0 125.2 150.8 -25.6 Ohio 54.2 45.8 17.5 Hits: 9 |
Demographics_Outlook_2022.pdfand Medicare Programs, A Summary of the 2022 Annual Reports,” Social Security Administration, August 2022. 5 Schachter, Jason et al., “New Population Estimates Show COVID-19 Pandemic Significantly Disrupted Migration Across Borders,” United States Census Bureau, December 2021. 6 Historical 2010 states and show that Pennsylvania recorded more net out-migration than Delaware, West Virginia and Ohio but less than Maryland, New Jersey and New York. Nationwide, the data show continued migration to southern states, likely the result of individuals moving to Hits: 9 |
WJ-Presentation-Natural-Gas-7-14-20.pdf123 6,822 7,163 Growth 31.1% 13.0% 10.8% 5.3% 14.2% 11.4% 5.0% New Wells Drilled 1,369 784 502 811 777 614 500 Growth 12.9% -42.7% -36.0% 61.6% -4 demand for natural gas to decline by 4% for the year, first drop since 2009. Low-price environment has discouraged new drilling and production growth 270 new wells drilled through the end of June, a 93 well (26%) decline from Hits: 8 |
Response-Letter-9-30-2019.pdfthe same local situs could materially reduce collections (5-10 percent). The projections included in the enclosed table assume the new SUT (including that imposed on food and clothing) is imposed at the state level. The SUT estimates assume that funding windfall from an increase in the tax rate. The SUT estimates for clothing and food assume that the new 2% tax is only imposed on those items not subject to the current 6% tax. Your letter indicates that Hits: 8 |
RB_2024_01_Min_Wage.pdfeffective wage floor. That is, without the minimum wage, wages paid to those workers would have been lower. For 2022, New York, New Jersey, Maryland and Delaware all had hourly wages the same as, or very close to, the state statutory minimum wage Hits: 8 |
RB_2023_05_Migration.pdfmigration was -14,376 (-0.11% of state population) which ranked 34 th across all states. ▪ The border states of New Jersey and Maryland recorded larger relative net outflows. ▪ California recorded the largest net outflow in absolute terms (-331,760) and 49 th highest in relative terms (-0.85% of state population). ▪ New York had the largest relative net outflow, as net migration reduced the state population by 1.32% (-261,785). Table Hits: 8 |
RB_2022_06_PA_Migration.pdfwas -4,866 (-0.04% of state population) which ranked 31 st across all states. ▪ The border states of Ohio, New Jersey and Maryland all recorded larger relative net outflows. ▪ California recorded the largest net outflow in absolute terms (-263,344) and 46 th highest in relative terms (-0.67% of state population). ▪ New York had the largest relative net outflow, as net migration reduced the state population by 1.23% (-248,305). Table Hits: 8 |
RB_2021_09_Pension_Outlook.pdfboth state systems, the State Employees’ Retirement System (SERS) and Public School Employees’ Retirement System (PSERS), the act established three new retirement classes (six total) for new employees hired on or after January 1, 2019 (SERS) or July 1, 2019 (PSERS). In lieu of traditional defined benefit Hits: 8 |
PBB_2019_PCCD_Report.pdfUnder incremental budgeting, policymakers use fund- ing levels from the prior year and base funding decisions on any new demands placed upon the agency. For most agencies, performance metrics are not part of that process. A PBB approach emphasizes perfor- mance round PBB plans, this review used metrics that were readily available because limited time was available to develop new metrics, and a PBB framework had to be developed that could solicit data from agencies in an efficient manner. Therefore, many of Hits: 8 |
NGQU_2023_Q4.pdfFull-year production was up 1.0% compared to 2022, largely due to the fourth quarter gains. ▪ There were 110 new horizontal wells spud, a decrease of 26 new wells (-19.1%) from the prior year. There were 421 wells drilled in 2023, less than any year in the Hits: 8 |
NGPR_2022_Q3.pdfthe U.S. Energy Information Administration (EIA) and (3) natural gas hub price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,878 billion cubic the strongest year-over-year decline in quarterly production since monthly production data have been published (2015). There were 158 new horizontal wells spud in the third quarter of 2022. This figure represents an increase of 47 wells (42.3%) compared Hits: 8 |
NGPR-2022-Q1.pdffrom the U.S. Energy Information Administration (EIA) and (2) recent regional price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,851 billion cubic production growth for the fourth quarter of 2021 was revised up from 6.7% to 7.1%. There were 136 new horizontal wells spud in the first quarter of 2022. This figure represents an increase of nine wells (7.1%) compared Hits: 8 |
NGPR-2021-Q1.pdffrom the U.S. Energy Information Administration (EIA) and (2) recent regional price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,863 billion cubic 5.4% from the first quarter of 2020, a clear acceleration after several quarters of moderate growth. There were 133 new horizontal wells spud in the first quarter of 2021. This figure represents a decrease of 20 wells (-13.1%) from Hits: 8 |
Newsstand_March_2020.pdfMarch 2020 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND Outlook for Regional Manufacturing Unclear The New York Federal Reserve released its March 2020 Empire State Manufacturing Hits: 8 |
MTR-2017-08.pdf24.7), Maryland (17.7) and Delaware (14.8). Across the Mid-Atlantic region, all states with the exception of New Jersey (9.8) and Virginia (9.9) recorded a higher death rate than the national average (10.4). For the U.S., the highest rates were recorded by West Virginia (36.0) and New Hampshire (31.3), while the lowest rates were in Nebraska (3.1) and South Dakota (3.5). The opioid crisis Hits: 8 |
IFO_Response_Letter_April_12_2022.pdflocal situs could materially reduce collections (e.g., -10% to -15%). The projections included in the enclosed table assume the new SUT (including that imposed on food and clothing) is imposed at the state level. April 12, 2022 Page 2 funding windfall from an increase in the tax rate. The SUT estimates for clothing and food assume that the new 2% tax is only imposed on those items not subject to the current 6% tax. The additional personal income Hits: 8 |
IFO-Presentation-11-14-2019.pdfGDP +1.8% | Wages-Salaries +3.9% | CPI-U +2.0% No future use of one-time shifts, delays or new funding sources November 14, 2019 5 Demographic Outlook Outlook is unchanged – modest or no growth in state population 2016 IFO. PA Migration Snapshots November 14, 2019 8 Age Group Total 2018 State Domestic 2017 0 to 19 28,921 New Jersey 13,821 20 to 24 -20,289 New York 11,179 25 to 39 12,014 Maryland 2,806 Hits: 8 |
DotPlotData.xlsx729 $397,522 $28,698,449 2,005 $14,313 2,048 1,103 54% 833 2,005 42% 107656303 New Kensington-Arnold SD 4216740 21-Suburb: Large Suburban $36,963,421 $3,745,606 $367,873 $1,681,853 $31 960,636 $155,445,447 8,881 $17,503 9,393 5,793 62% 2,662 8,881 30% 122097604 New Hope-Solebury SD 4216860 21-Suburb: Large Suburban $40,708,134 $5,193,410 $220,023 $35,294,702 1 Hits: 8 |
Demographics_Outlook_2023.pdfPrevention, “Weekly Provisional Counts of Deaths by State and Select Causes, 2020-2023,” September 2023. 7 Schachter, Jason et al., “New Population Estimates Show COVID-19 Pandemic Significantly Disrupted Migration Across Borders,” United States Census Bureau, December 2021. 8 Published data 7 166.2 31 Oregon -7.0 9.6 2.6 6 Georgia 116.9 37.4 154.3 32 New Mexico -5.7 8.2 2.4 7 Tennessee 132.1 11.2 143.3 33 Wisconsin -11.2 11 Hits: 8 |
Demographics_Outlook_2021.pdfHere’s Why the Birth Rate is So Low in the United States.” Healthline Parenthood. https://www.healthline.com/ health-news/why-does-the-u-s-have-such-a-low-birth-rate. Figure 3.1 Pennsylvania Number of Births (000s) by 4 allocates net migration from the border states group to individual states. In 2019, Pennsylvania had positive net migration from New York, New Jersey and Mary- land. 6 The total net domestic migration figures are from the U.S. Census Bureau Hits: 8 |
TC_Board_Hearing_Jan_10_2023.pdf1 #1 Manufacturing Tax credits offered to approved firms engaged in manufacturing ▪ Increase payroll by >$1 million through creation of new full-time jobs ▪ New jobs/increased payroll must be maintained for 5 years ▪ Jobs must meet or exceed minimum wage requirements and include employer- Hits: 7 |
TC_2022_Educational_Tax_Credits.pdfcategory and offered to firms on the waitlist. Once waitlist demand has been met, DCED may reopen the program to new applicants. However, credits offered to new applicants may not be reallocated from scholarship organizations, opportunity scholarship organizations or pre-K scholarship or- ganizations for purposes of Hits: 7 |
TC_2020_Organ and Bone Marrow Donation Tax Credit.pdfpermit taxpayers to claim the deduction for expenses incurred by a spouse. 9 Three border states (Maryland, New York and Ohio) offer an income tax deduction for the donor. No other border state offered any living donor-related tax incentives utilized and the state costs are generally reported to be less than $50,000 annually. 5 Arkansas, Iowa, New York, Oklahoma, Rhode Island and Wisconsin limit the income tax deduction to once in the donor’s lifetime. 6 The Arkansas tax Hits: 7 |
Special-Funds-Response-Letter-03-08-2019.pdfNebraska 4,329 3,030 4,508 0 11,867 Nevada 3,990 4,393 5,308 223 13,914 New Hampshire 1,512 2,221 2,097 103 5,933 New Jersey 33,827 15,172 8,116 2,166 59,281 New Mexico 6,106 8,105 4,713 662 Hits: 7 |
Response-Letter-05-13-2019.pdfschool district property taxes are frozen at FY 2018-19 levels for all types of properties (residential, commercial, etc.). 3 New SUT rates would be 7.0% or 8.0% respectively. The new rates for Philadelphia would be 9.0% or 10.0%. The new rates for Allegheny county would be 8.0% Hits: 7 |
RB_2022_09_Student_Loan_Forgiveness.pdf0 $5.4 $519.1 Extend Loan Forbearance $16.0 $0.0 $0.0 $0.0 $0.0 $16.0 New IDR Program $41.6 $2.8 $2.8 $2.7 $2.6 $70.3 Total Static Estimate $526.2 $8 Loan Program Changes Source: Penn Wharton Budget Model (August 26, 2022). Note: Billions of dollars. Federal fiscal year. Estimate for New IDR Program is static and does not assume a higher take-up rate for program. Penn Wharton estimates that a Hits: 7 |
PBB_2022_AGRICULTURE_REPORT.pdfthe Pennsylvania Veterinary Laboratory, Penn State’s Animal Diagnostic Laboratory and the University of Pennsylvania School of Veterinary Medicine’s New Bol- ton Center. PADLS provides laboratory testing, field-based monitoring and producer outreach to protect the food supply and animal tests conducted (000s) -- 13 17 20 18 -- CWD positive animals 3 8 41 65 44 21 Fees collected ($ millions) UPenn New Bolton Center -- -- -- -- $1.5 -- Penn State Animal Diag. Lab -- -- -- -- $0.8 -- PDA PennVet Lab -- -- -- -- $0.7 -- Note: CWD is Chronic Hits: 7 |
PBB_2021_PSP_REPORT_ADDENDUM.pdfwere impacted by a revenue shortfall caused by casino closures related to the COVID-19 pandemic. The shortfall resulted in new General Fund ($4.1 million) and Motor License Fund ($8.2 million) expenditures for this activity totaling $12.3 million five-year average fatality rates are consistently higher than benchmark states which ranged from a low of 0.75 in New Jer- sey to a high of 0.97 in Ohio in 2019. Pennsylvania’s observed seat belt use rate has Hits: 7 |
NGPR_2022_Q2.pdfthe U.S. Energy Information Administration (EIA) and (3) natural gas hub price trends from Bentek Energy. Production Volume and New Wells Spud Recent data from DEP show that natural gas production volume from horizontal wells was 1,836 billion cubic production recorded a year-over-year decline in consecutive quarters since quarterly production data became available (2015). There were 133 new horizontal wells spud in the second quarter of 2022. This figure represents an increase of 13 wells (10.8%) compared Hits: 7 |
NGPR-2019Q3.pdfor DEP. “Other” includes wells with miscellaneous designations such as abandoned. Independent Fiscal Office 4 Third Quarter 2019 Figure 4: New Horizontal Wells Spud Figures 3 and 4 display recent trends in well counts. Figure 3 shows the quarterly history of represents a de- crease of 68 wells (-4.7 percent) from the prior year. Figure 4 displays the number of new horizontal wells spud in each quarter over the last five calendar years. There were 132 new horizontal wells spud in Hits: 7 |
NGPR-2017Q4.pdfthan 12 quarters before that date and (2) produced above 90 mcf per day. Figure 1 displays the number of new horizontal wells spud in each quarter since 2011. There was a slight increase in new wells spud for the fourth quarter of 2017. There were 810 new horizontal wells spud in 2017, which was an Hits: 7 |
NGIFE-2015.pdfyears one, two, four and five. This is the result of the annual average price of natural gas on the New York Mercantile Exchange ($2.66) moving below the $3.00 per MMbtu threshold. 2 Estimated impact: ‐$32.7 million. Fewer new wells. Wells pay the highest impact fee for their first operating year. The estimated 785 wells spud in 2015 represent Hits: 7 |
NewsStand_2019_August.pdfAugust 2019 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND Women Drive 80% of Job Growth in Health Care since 2000 On August 14, the U.S Hits: 7 |
MTR-2016-12.pdf0.5%. During the first half of the year, real GDP growth in surrounding states ranged from 2.8% in New York to –3.4% in West Virginia. The U.S. Bureau of Economic Analysis divides GDP into different sectors for first half of 2016. December 2016 Monthly Trends Report 2016 Real GDP Growth by State State Q1 Q2 First Half New York 5.6% 0.1% 2.8% Delaware 2.9% 1.5% 2.2% New Jersey 2.2% 1.7% Hits: 7 |
Initial_Revenue_Estimate_Presentation_May_2023_Final.pdfconnection is lost, we will re-establish as soon as possible IFO will issue final revenue estimate June 20 ▪ Minimal new economic data available ▪ Key: CNIT and PIT second estimated payment June 15 ▪ Impact of CNIT rate reduction not evident in values in billions of dollars. S&P 500 Index is end of quarter value. For 22-23, SUT adds back new motor vehicle SUT transfer ($508 million). Sources: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, FHFA Hits: 7 |
BEFC_Response_Letter_12_19_23.pdfcorrespond to academic grades of A, B and C. Regarding the specific 70% SPP cutoff for “low performing schools,” a news article from October 2017 notes that “…when the [SPP] scores were first released, the then-acting Secretary of Education suggested 429 508 618 N.A. 2023 BEFC Survey Results Median 1 Average 1 Wght. Avg. (ADM) 1,3 Wght. Avg. (New Students) 1,2 Transition Costs per New Student 2015 BEFC Survey Results Median 1 Average 1 Wght. Avg. (ADM) 1 Hits: 7 |
2002_drop_report.pdfparticipants who are no longer earning pension benefits could result in excessive funding. Other State Statutes. In the absence of new legislation, the lack of clarification with respect to the status of DROP participants and their eligibility for killed-in-service be higher because more highly compensated, long-service employees will be retained as DROP participants instead of being replaced by new, lower paid employees. Promotional opportunities for junior employees also may be temporarily blocked due to continued employment of DROP participants Hits: 7 |
Senate_Appropriations_Committee_Response_Letter_2023.pdflowest effective tax rate (1.35%), and Pennsylvania is third lowest. ▪ For a taxpayer with annual income of $50,000, New York has the highest effective tax rate (4.49%). Ohio has the lowest effective tax rate (1.94%), and Pennsylvania 000 $50,000 Pennsylvania Flat Tax 3.07% 3.07% 3.07% Maryland Graduated 1.96% 3.69% 4.12% New Jersey Graduated 1.26% 1.46% 2.43% New York Graduated 0.81% 3.58% 4.49% Delaware Graduated 0 Hits: 6 |
Revenue_Estimate_2023_06.pdfoutperformed the overall state economy. Sales and use tax collections increased 31% over the four-year period (adds back new transfer from motor vehicle sales tax for FY 2022-23). Prior to the pandemic, sales tax collections would generally underperform quarters. For those quarters, the Philadelphia CPI-U for used cars declined 6.6%, but increased by 6.1% for new cars (not shown). In CY 2022, Pennsylvania consumer auto loan balances grew 9% (not shown), but data for the Hits: 6 |
Revenue_Estimate_2021_05_Presentation.pdfimpact FY 2021-22 revenues ▪ Removal of federal monies | behavioral impacts | tax shifting May 26, 2021 1 Key Assumptions No new COVID restrictions moving forward ▪ No new variants that require widespread mitigation efforts ▪ Schools fully reopen | childcare available Federal programs expire as scheduled ▪ Enhanced UC ends first Hits: 6 |
Revenue-Estimate-2019-05-Presentation.pdfJune 2018 1.3% 3.8% 4.3% 4.2% May 2019 1.3% 4.0% 4.0% 4.0% New Jobs (000s) June 2018 50.0 62.9 62.5 57.1 May 2019 48.8 58.8 65.6 Real GDP 1.8% 2.1% 1.9% 1.9% Wages-Salaries 3.4% 4.0% 4.0% 4.1% New Jobs (000s) 46.8 65.6 57.7 54.6 Philadelphia CPI-U 0.9% 1.3% 1.6% 2 Hits: 6 |
RB_2022_06_PA_Gasoline_Tax.pdf1 8 California 51.1 Delaware 23.0 31 Washington 49.4 West Virginia 20.5 38 Illinois 39.2 New Jersey 10.5 49 Ohio 38.5 New York 8.1 50 Source: Federation of Tax Administrators (FTA) State Motor Fuel Excise Tax Rates, as of January 1 Hits: 6 |
RB_2020_12_PPP_Loans_to_PA_Businesses.pdf3 PPP Employment Impact: Jobs Saved or Retained Although the program was enacted quickly in order to minimize job loss, new research finds that the program had a modest employment impact. The research also finds that the average cost per job Service. Raj Chetty, John N. Friedman, Nathaniel Hendren, and Michael Stepner, “The Economic Impacts of COVID-19: Evidence From a New Public Database Built Using Private Sector Data,” NBER Working Paper No. 27431 (Nov. 2020). 7 João Granja, Christos Makridis, Constantine Hits: 6 |
RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdf37% bracket (effective for taxable income above $600,000, previously $480,050 for the 39.6% bracket). Allowed a new 20 percent deduction for certain qualified business income. Repealed itemized deductions except for state and local taxes (SALT) paid married filing joint, the credit phases-out for Adjusted Gross Income above $400,000; previously $110,000) and created a new $500 credit for other dependents. Increased alternative minimum tax (AMT) exemption phase-out thresholds. The impact of the TCJA Hits: 6 |
RB-2015-04.pdfadjacent states require that employers pay a minimum wage that exceeds the federal minimum of $7.25 per hour. For New Jersey and Ohio, the state minimum wage is tied to in Ðlation as measured by the consumer price index for in Ðlation measure reveals a decline, or disin Ðlation, so those minimum wage rates remain unchanged for 2016. In Maryland, New York and West Virginia, the state minimum wage increases pursuant to statute. The proposal increases the state minimum wage to Hits: 6 |
Public Employee Retirement Laws of PA Local Governments (2009).pdfrecovery pro- gram level or specific remedies previously elected, the govern- ing body of the municipality must formally adopt a new resolution amending or replacing the original resolution. The Commission will transmit an individual notification of distress determination to a municipality for another local govern- ment that is a member of PMRS, the employee may transfer service credits unimpaired to the new local government employer. - 41 - Other Features. Other features of PMRS are: • Receipt of service credits for intervening military service and Hits: 6 |
Presentation_Lancaster_Chamber_2017-07-14.pdf9 25.0 14.2 37.8 Maryland 5,788 6,006 0.7 25.0 14.1 38.4 New York 19,403 19,796 0.4 23.9 15.0 38.3 New Jersey 8,804 8,958 0.3 24.8 15.0 39.6 Ohio 11,541 11,613 0.1 Hits: 6 |
PA_Turnpike_Toll_Projections_May_31_2013.pdf6 percent per annum. The inflation measure reflects the price of all consumer goods and services for the Pennsylvania-Delaware-New Jersey-Maryland region, also referred to as the PA-DE-NJ-MD CPI-U. Total payroll employment grows by Turnpike, NH -0.10 Wilbur Smith & Assoc. (1994) Several U.S. Toll Facilities -0.10 to -0.35 UTM (2000) New Jersey Turnpike -0.20 Burris et al. (2001) Lee County, FL -0.03 to -0.36 Burris (2003) Lee County Hits: 6 |
NGPR-2019Q2.pdfor DEP. “Other” includes wells with miscellaneous designations such as abandoned. Independent Fiscal Office 4 Second Quarter 2019 Figure 4: New Horizontal Wells Spud Figures 3 and 4 display recent trends in well counts. Figure 3 shows the quarterly history of repre- sents a decrease of 42 wells (2.8 percent) from the prior year. Figure 4 displays the number of new hori- zontal wells spud in each quarter over the last five calendar years. There were 163 new horizontal wells spud Hits: 6 |
NGPR-2018Q3.pdfor DEP. “Other” includes wells with miscellaneous designations such as abandoned. Independent Fiscal Office 4 Third Quarter 2018 Figure 4: New Horizontal Wells Spud Figures 3 and 4 display recent trends in well counts. Figure 3 shows the quarterly history of quarter of 2018 decreased by 76 wells (-5.0 percent) from the previous quarter. Figure 4 displays the number of new horizontal wells spud in each quarter over the last five calendar years. For the third quarter of 2018, there were Hits: 6 |
NGPR-2017Q3.pdfthan 12 quarters before that date and (2) produced above 90 mcf per day. Figure 1 displays the number of new horizontal wells spud in each quarter since 2011. There was a slight decline in new wells spud for the third quarter of 2017 after consecutive increases in the four previous quarters. 443 369 513 513 Hits: 6 |
NGPR-2017Q2.pdfday and were spud during the listed year or the two preceding calendar years. Figure 1 displays the number of new horizontal wells spud in each quarter since 2011. After declining to its lowest point in the second quarter of 2016, new horizontal wells spud have increased in each of the last four quarters. 443 369 513 513 401 372 229 309 Hits: 6 |
NewsStand_2019_June.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News Existing Home Prices Increase by 5.0% in 2019 Q1 On May 28, the Federal Housing Finance Authority (FHFA) released 5.0% on a year-over- year basis. Nearly all states bordering Pennsylvania saw smaller increases in existing home prices: New York (4.7%), New Jersey (3.1%), Delaware (0.8%) and Maryland (0.6%). West Virginia was the only border Hits: 6 |
NewsStand_2019_July.pdfJuly 2019 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND Nursing Home Costs Outpacing Medical and Consumer Inflation On June 25, Bloomberg featured the results of a Hits: 6 |
Newsstand_2018_November.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News PA Student Loan Debt Continues to Climb in 2018 Q3 On November 16, the Federal Reserve Bank of New York released consumer debt data for 2018 Q3. For Pennsylva- nia, the data show that per capita student loan debt Hits: 6 |
Newsstand_2018_May.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News Philadelphia 2018: The State of the City The PEW Charitable Trusts released a report on Philadelphia that shows bullish economic states, lag- ging behind West Virginia (2.6%) and Ohio (1.9%), but outperforming Delaware (1.6%), Maryland (1.5%), New York (1.1%) and New Jersey (0.9%). -May 2018 - National News U.S. Jobless Rate Falls Below 4% for Hits: 6 |
Newsstand_2018_December.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News PA Impact Fee to Use Higher Fee Schedule for CY 2018 Final futures data for CY 2018 reveal that the Q2: 3.1%). Third quarter annualized growth was also slower than surrounding states: Ohio (6.9%), West Virginia (6.7%), New York (4.7%), New Jersey (3.7%), Delaware (3.0%) and Maryland (2.2%). For the U.S., annualized growth Hits: 6 |
MTR-2017-07.pdfINDEPENDENT FISCAL OFFICE - Amount 2017 Q1 Annual Growth 1 AAGR 2 2012-2017 Maryland $59,390 4.4% 2.3% New Jersey $62,970 3.4% 2.8% New York $61,630 3.0% 3.3% Ohio $45,730 3.6% 2.9% Pennsylvania $52,240 4.0% 2 Hits: 6 |
Monthly_Economic_Update_January_2023.pdfNew UI Claims Return to Pre-COVID Levels This economic update uses recent state labor market data to assess whether the published on a regular and timely basis, with short real-time lags. The five labor market metrics (seasonally adjusted except new UI claims) tracked for this update are as follows: Change in Payroll Jobs (Establishment Survey) The month-to-month Hits: 6 |
Monthly_Economic_Update_August_2021.pdfto last July. The large price increase is the result of greater demand for rental vehicles and supply constraints in new vehicle markets, rather than a rebound from the previous summer (prices fell just 3.3% from July 2019 to July price pressures may be delayed. PA Auto Loan Debt Increased Nearly 13% in 2021 Q2 The Federal Reserve Bank of New York recently released consumer debt data for 2021 Q2. Pennsylvania auto loan debt grew 12.7% from 2020 Q2, the Hits: 6 |
MER-2015-06.pdfgrowth rate in megawatt-hours of electricity sold to industrial customers in Pennsylvania each calendar quarter. 2 Completed Home Sales (New and Existing) The year-over-year growth rate in the number of single-family prop- erties, townhomes and condominiums sold U.S. Energy Information Administration. 3/Pennsylvania Association of Realtors. 4/Federal Housing Finance Agency. 5/Federal Reserve Bank of New York. 2014.2 2014.3 2014.4 2015.1 4.6% 5.0% 2.2% -0.2% 3.7% 4 Hits: 6 |
Like-Kind_Exchange_Analysis.pdfmay own a vehicle such as a pick-up truck or car. 6 The firm may prefer to obtain a new vehicle every third or fourth year, and the like-kind exchange rules could provide significant tax benefits. The firm may to report a $10,000 gain if no basis remained. However, if the firm exchanges the used vehicle for a new $40,000 vehicle, then the $10,000 gain can be deferred. In this case, the depreciable basis of the new Hits: 6 |
Ironman_Triathlon_Impact_Analysis_2024_04.pdfand companions ($2.2 million). 3 These spending data were input into the IMPLAN input- output model. The model converts new spending into economic impacts such as jobs supported, compensation paid and final sales or output. The economic impacts include (1) the direct effect of new spending (e.g., visitor spending at restaurants), (2) indirect effects (firms in the supply chain) and (3) induced effects (how Hits: 6 |
Initial_Revenue_Update_May_2023_Final.pdfconnection is lost, we will re-establish as soon as possible IFO will issue final revenue estimate June 20 ▪ Minimal new economic data available ▪ Key: CNIT and PIT second estimated payment June 15 ▪ Impact of CNIT rate reduction not evident in 11.1 Treasury earnings Note: Dollars in millions. PIT is personal income tax. Adjusted growth rate controls for one-time/new transfers (e.g., $3.84 billion transfer to General Fund from federal funds in FY 21-22). May revenues are Hits: 6 |
HTAE_2019_05_15.pdf1% 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 Statistics Hits: 6 |
FTA_Student_Loan_Presentation_Oct_2023.pdfof repayment pause | economic and revenue impact (IMPLAN) ▪ Supporting data and research | caveats and technical issues III Looking Forward: 2024 ▪ New SAVE income driven repayment (IDR) plan | lots of uncertainty ▪ Economic and revenue impact (IMPLAN) Disclaimer: not an endorsement/critique of to pay off loans ▪ NYFRB (2022): 19% of borrowers continued to reduce balances (41% pre-Covid) ▪ Katz (2023): 44% of new forbearance liquidity used to pay student loans (2020) ▪ IRS: student loan interest deduction falls ~50% from 2019 to 2021 (prelim Hits: 6 |
Econ_Budget_Outlook_Hearing_Response_Letter_02_2023.pdfa significant margin and (2) credit card balances most reflect consumers’ ability to cover current expenses. In November 2022, the New York Federal Reserve released an analysis that examined average credit card balances by income and age group through the third 358 -17.7 13.5 Average Balance U.S. Average Credit Card Balance by Income Source: Federal Reserve Bank of New York. Note: Quartile 1 represents the lowest income group. 2019Q4 to 2021Q2 to Age Group 2019Q4 2021Q2 2022Q3 2021Q2 2022Q3 Hits: 6 |
Senate Budget Hearing Request.pdf20/0 Missouri 20/2 Arkansas 5/0 Montana 7/3 California 20/2 Nebraska 20/0 Colorado 20/0 New Hampshire 10/0 Connecticut 20/0 New Jersey 20/0 Delaware 20/2 New Mexico 20/0 Florida 20/0 New York 20/3 Georgia 20/2 Hits: 5 |
Revenue-Estimate-2023-05.pdfquarters. For those quarters, the Philadelphia CPI-U for used cars declined 6.6%, but increased by 6.1% for new cars (not shown). In CY 2022, Pennsylvania consumer auto loan balances grew 9% (not shown), but data for the 7 Sales and Use Tax and Consumer Outlook Note: All growth rates are year-over-year. Source: PA indicators from New York Federal Reserve Board and FHFA. U.S. indicators from Federal Reserve Board and Wall Street Journal. Economic Outlook | Page Hits: 5 |
RB_2023_03_Electricity_Update.pdfregion. In 2022, Pennsylvania’s net exports were nearly equal (92.5%) to the combined import demand of Ohio, Maryland, New Jersey and New York. -26 -41 -25 +81 +21 -23 -13 2022 Net Exports (million megawatt hours) Pennsylvania Electricity Update Independent Fiscal Office Hits: 5 |
Presentation_Rotary_Club_of_York_7-15-2015.pdf0.9% for PSERS. (2) The SERS normal cost is computed based on the cost of benefits earned by a new member. The PSERS normal cost is based on an average of the costs for all members. PSERS reports that the cost for a new member is approximately 3%. Sources: SERS 2014 Actuarial Report (June 2015) and PSERS June 30, 2014 Actuarial Valuation (January 2015 Hits: 5 |
PICPA Presentation_ June 11, 2019.pdfJune 2018 1.3% 3.8% 4.3% 4.2% May 2019 1.3% 4.0% 4.0% 4.0% New Jobs (000s) June 2018 50.0 62.9 62.5 57.1 May 2019 48.8 58.8 65.6 Real GDP 1.8% 2.1% 1.9% 1.9% Wages-Salaries 3.4% 4.0% 4.0% 4.1% New Jobs (000s) 46.8 65.6 57.7 54.6 Philadelphia CPI-U 0.9% 1.3% 1.6% 2 Hits: 5 |
PBB_2021_DHS_REPORT_ADDENDUM.pdfmental health and/or non-Medical Assistance intellectual disability (ID) and/or autism. These states include the border states of New York and Ohio as well as Virginia. County-administered states employ a decentralized approach that allows for a higher level The IFO recommends that the department incorporate standardized, real-time reporting of county-level outcome data as part of the new system design. Expanded collaboration with other agencies would facilitate the development of key perfor- mance measures. As part of a Hits: 5 |
NGQU_2023_Q2.pdfflat from the first quarter after reaching the lowest level since monthly production data became available (2015). ▪ There were 94 new horizontal wells spud, a decrease of 39 new wells (-29.3%) from the prior year. After solid drilling gains in late 2021 and early 2022, there has been Hits: 5 |
NGQU_2023_Q1.pdfquarters and reached the lowest level since monthly production data became available (2015) in the first quarter. ▪ There were 120 new horizontal wells spud, a decrease of 27 new wells (-18.4%) from the prior year. After solid drilling gains in late 2021 and early 2022, there has been Hits: 5 |
NGPR-2018Q4.pdfor DEP. “Other” includes wells with miscellaneous designations such as abandoned. Independent Fiscal Office 4 Fourth Quarter 2018 Figure 4: New Horizontal Wells Spud Figures 3 and 4 display recent trends in well counts. Figure 3 shows the quarterly history of quarter of 2018 increased by 3 wells (0.2 percent) from the previous quarter. Figure 4 displays the number of new horizontal wells spud in each quarter over the last five calendar years. For the fourth quarter of 2018, there were Hits: 5 |
NGPR-2018Q2.pdfoperator or DEP. “Other” includes wells with miscellaneous designations such as abandoned. Independent Fiscal Office 4 Second Quarter Figure 4: New Horizontal Wells Spud Figures 3 and 4 display recent trends in well counts. Figure 3 shows the quarterly history of inventory of wells decreased by 102 (-6.3 per- cent) over the previous quarter. Figure 4 displays the number of new horizontal wells spud in each quar- ter over the last five calendar years. For the second quarter of 2018, there Hits: 5 |
NGPR-2018Q1.pdfor DEP. “Other” includes wells with miscellaneous designations such as abandoned. Independent Fiscal Office 4 First Quarter 2018 Figure 4: New Horizontal Wells Spud, By Quarter Figures 3 and 4 display recent trends in well counts. Figure 3 shows the quarterly The inventory of wells increased by 51 (3.2 percent) over the previous quarter. Figure 4 displays the number of new horizontal wells spud in each quarter since 2011. There were 197 new horizontal wells spud in the first quarter of Hits: 5 |
NGPR-2017Q1.pdfa half-year basis. Starting in 2015, data are reported on a monthly basis. Figure 1 displays the number of new horizontal wells spud in each quarter since 2011. After declining to its lowest point in the second quarter of 2016, new horizontal wells spud have increased in each of the last three quarters. Figure 1: New Horizontal Wells Spud, By Quarter Hits: 5 |
NGPR-2016Q3.pdfand earlier, which have become less productive as they age (see Tables 3 and 4). Figure 2 shows that 145 new wells were spud in the third quarter of 2016. This was an increase of 73 wells over the prior quarter, which is the largest quarterly increase since 2012. However, the 145 new wells spud is still one of the lowest totals on record. Figure 2: New Horizontal Wells Spud, By Quarter 442 Hits: 5 |
NGPR-2016Q2.pdffirst quarter of 2015, the number of producing wells has grown every quarter (see Table 7). However, the number of new wells spud declined during that same time, as shown in Figure 2. The term “spud” denotes the beginning of the drilling process, and there is often a substantial lag before a well produces output. Table 8: Number of New Wells Spud Calendar Year Q1 Q2 Q3 Q4 Total 2016 110 72 n.a. n.a. 182 2015 219 201 Hits: 5 |
NGPR-2016Q1.pdfwells spud in 2011 or earlier. Independent Fiscal Office 4 May 2016 - Natural Gas Production Report Table 8: Number of New Wells Spud Calendar Year Q1 Q2 Q3 Q4 Total 2016 110 n.a. n.a. n.a. 110 2015 219 of 44.5 percent per annum (see Table 6). However, beginning in the first quarter of 2015, the number of new wells spud began to decline significantly (see Table 8). Therefore, the increase in production for the first quarter of 2016 Hits: 5 |
NGIFE-2016.pdffee schedule and estimated collections by operating year. The primary reasons for the decline in collections are as follows: New wells insufficient to offset aging of wells. The impact fee is highest in a well’s first operating year, and declines as the well ages (see Table 2). Revenue from the 503 new wells spud is not expected to offset reduced collections from older wells as their fees decline. Estimated net impact: -$9 Hits: 5 |
NewsStand_2019_September.pdfSeptember 2019 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND Lower Mortgage Payments Bolster Disposable Income According to the CoreLogic Insight Blog, typical mortgage payments have decreased Hits: 5 |
NewsStand_2019_October.pdfOctober 2019 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND Growing Number of Older Americans Burdened by Housing Costs A report by Harvard University’s Joint Center Hits: 5 |
Newsstand_2018_June.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News New Data Show Strong PA Labor Market On May 23, the U.S. Bureau of Labor Statistics released state and county Hits: 5 |
Newsstand_2018_August.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News Retail Sales Strong in PA and U.S. On August 15, the U.S. Commerce Department released data that shows to that outcome. PA Consumer Debt Increases 0.6% in 2018 Q2 On August 14, the Federal Reserve Bank of New York released consumer debt data for 2018 Q2. For Pennsylvania, the data show a modest increase in per capita consumer Hits: 5 |
NAP-2018-03.pdfpurchase goods and services from businesses in other industries (indirect spending). The additional direct and indirect spending increases earnings, as new jobs are created, existing wages are increased and enhanced profits flow through to business owners. The economic activity generated by to businesses and individuals who qualify for their program and caps the annual credits allocated at $3 million. In contrast, New Jersey offers a 100% tax credit but reserves it strictly for businesses that invest in comprehensive revitalization plans. New Jersey Hits: 5 |
MTR-2018-04.pdfConsumer Sentiment Index 6 94.4 99.7 101.4 98.8 n.a. n.a. n.a. n.a. New Building Permits 7 9.2% 8.1% 5.9% n.a. -1.2% 8.9% 6.5% n.a. QUARTERLY Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 5 |
MTR-2018-03.pdfConsumer Sentiment Index 6 95.9 94.4 99.7 101.4 n.a. n.a. n.a. n.a. New Building Permits 7 9.5% 9.2% 8.1% n.a. -3.9% -1.2% 8.9% n.a. QUARTERLY Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 5 |
MTR-2018-02.pdfConsumer Sentiment Index 6 98.5 95.9 94.4 99.9 n.a. n.a. n.a. n.a. New Building Permits 7 10.4% 9.5% 9.2% n.a. 3.9% -3.9% -1.2% n.a. QUARTERLY Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 5 |
MTR-2017-12.pdfIFO) released revised monthly projections for the fiscal year (FY) 2017-18 revenue estimate published in June 2017. 1 The new release includes the incremental impact on General Fund revenues of (1) Acts 42, 43, 44 and 55 of 2017 and Consumer Sentiment Index 6 95.1 100.7 98.5 95.9 n.a. n.a. n.a. n.a. New Building Permits 7 8.6% 9.2% 10.4% n.a. 25.7% 10.7% 3.9% n.a. QUARTERLY Hits: 5 |
MTR-2017-01.pdf2016. The months’ supply is the number of months it would take for current inventory to be depleted if no new homes were added to the market. National data reflect similar trends as Pennsylvania. The National Association of Realtors estimates that Consumer Sentiment Index 6 87.2 93.8 98.2 98.1 n.a. n.a. n.a. n.a. New Building Permits 7 8.9% 7.5% 8.6% n.a. 12.3% 18.8% 20.7% n.a. Quarterly Hits: 5 |
MTR-2016-10.pdfof San Francisco; Rich, Robert et al. “U.S. Real Wage Growth: Slowing Down With Age.” Federal Reserve Bank of New York. 1.8% 5.3% -2.2% 3.9% 1.8% 4.0% 2.6% -4.0% -2.0% 0 Consumer Sentiment Index 6 90.0 89.8 91.2 87.2 n.a. n.a. n.a. n.a. New Building Permits 7 4.4% 5.5% 5.4% n.a. 8.7% 3.5% -2.4% n.a. Quarterly Hits: 5 |
MTR-2015-08.pdfof jobs by matching borrowers and lenders. The industry has been evolving in recent years due to economic pressures and new financial regulations. Since 2006, an average of ten banks per year have closed or been acquired, according to data from Consumer Sentiment Index 6 90.7 96.2 93.1 91.9 n.a. n.a. n.a. n.a. New Building Permits 7 9.4% 10.5% 9.3% n.a -24.1% -15.3% -11.0% n.a. Quarterly Hits: 5 |
MSC_March_31_2021.pdfthis year and likely next, then deficits An FY 20-21 surplus even without latest federal stimulus (ARP) New federal funds available through December 2024 (much is restricted) IFO estimates longer-term deficit at ~$2.5 billion | consensus appropriations for FY 20-21 requested in Executive Budget. For FY 21-22, excludes enhanced FMAP ($2.4 billion) and new American Rescue Plan stimulus. Prior year lapses include transfers to Budget Stabilization Reserve Fund. Source: IFO Economic and Budget Outlook Hits: 5 |
Monthly_Economic_Update_September_2022.pdfPA Payroll Employment Gains Moderate; New UI Claims Remain Low The latest poll of economic forecasters shows that one-half project the US economy will enter COVID average job openings. These data lag other labor market data by one month. • Initial Unemployment Insurance (UI) Claims. Average new weekly claims for unemployment compensation during the month. The average number of new claims fell to 6,800 in August Hits: 5 |
Monthly_Economic_Update_October_2022.pdfPA New UI Claims and Unemployment Rate at All-Time Record Lows The latest poll of economic forecasters projects a 60% probability average job openings. These data lag other labor market data by one month. Initial Unemployment Insurance (UI) Claims. Average new weekly claims for unemployment compensation during the month. The average number of new claims fell to 6,000 in September Hits: 5 |
Monthly_Economic_Update_March_2023.pdfpublished on a regular and timely basis, with short real-time lags. The five labor market metrics (seasonally adjusted except new UI claims) tracked for this update are as follows: • Change in Payroll Jobs (Establishment Survey) The month-to-month change COVID average job openings. These data lag other labor market data by one month. • Initial Unemployment Insurance (UI) Claims Average new weekly claims for unemployment compensation during the month. The average number of new claims decreased to 12,400 in January Hits: 5 |
Monthly_Economic_Update_July_2021_Final.pdf1%). The increase was due to strong gains related to gasoline (40.0%), used cars and trucks (45.3%), and new vehicles (18.7%). A WSJ article noted how strong vehicle sales and the lack of inventory are driving up the price of new and used cars. Household furnishings and supplies (11.0%) and apparel (6.9%) also recorded strong gains. The All Items Hits: 5 |
Monthly_Economic_Update_December_2022.pdfCOVID average job openings. These data lag other labor market data by one month. • Initial Unemployment Insurance (UI) Claims. Average new weekly claims for unemployment compensation during the month. The average number of new claims increased to 10,600 in November 2022 but the number of UI claims remains below the pre-COVID average Hits: 5 |
Monthly_Economic_Update_August_2022.pdfCOVID average job openings. These data lag other labor market data by one month. • Initial Unemployment Insurance (UI) Claims. Average new weekly claims for unemployment compensation during the month. The average number of new claims fell to 8,100 in July 2022 and the number of UI claims remains below the pre-COVID average Hits: 5 |
Monthly_Economic_Update_April_4_2023.pdfpublished on a regular and timely basis, with short real-time lags. The five labor market metrics (seasonally adjusted except new UI claims) tracked for this update are as follows: Change in Payroll Jobs (Establishment Survey) The month-to-month average job openings. These data lag other labor market data by one month. Initial Unemployment Insurance (UI) Claims Average new weekly claims for unemployment compensation during the month. The average number of new claims decreased to 9,300 in February Hits: 5 |
Impact-Fee-Estimate-2019.pdfcomponents of the reduction are as follows: Lower fee schedule. The average annual price of natural gas on the New York Mercantile Exchange (NYMEX) for CY 2019 was $2.63 per MMBtu. Due to the price dropping below $3.00 levels. The NYMEX gas price has not been below $3.00 since CY 2016. Estimated impact: -$49.9 million. New wells offset aging wells. Wells pay the highest impact fee in their first operating year. The collections from wells in Hits: 5 |
IFO_Response_Letter_Jan_20_2023.pdfuse tax (SUT) to purchases of gasoline, diesel and electric vehicle fueling stations located at non-residential locations, with all new revenue dedicated to the MLF. Note that it is assumed that SUT is already collected on sales of electricity to Revenue generated by imposing the 2% Philadelphia and the 1% Allegheny County local SUT on purchases of fuel, with all new revenue dedicated to public transportation in those counties. The IFO’s static estimates for these proposals are shown in the Hits: 5 |
IFO Five-Year Outlook.pdfof Pennsylvania Today’s Presentation Report posted to IFO website: www.ifo.state.pa.us. Demographic Outlook New projections from Penn State Data Center. Economic Outlook Latest projections from IHS Global Insight. Expenditure Outlook Slide 6 15.Nov.2012 Differences exclude the carryover of any ending balances, lapses or transfers to the BSF. Demographics New Population Projections from Penn State Data Center based on 2010 Census The Economic and Budget Outlook Slide 7 15.Nov Hits: 5 |
HAC testimony Feb 2019.pdfat full capacity, with the unemployment rate at 4.2% (December 2018), strong net jobs growth (roughly 73,000 net new payroll jobs in 2018) and wages increasing at a solid pace (4.3% for 2018 Q4). Moreover, median existing home inflation of 1.5%. The only downside to the state labor market is that nearly one-third of the net new jobs created occurred in three low-wage sectors: food service, social assistance and home healthcare. Due to flat demographic growth Hits: 5 |
EPLC_April_2024.pdf6% 24.5% 27.9% US Check-Savings Balance -3.4% -2.6% 0.0% -- Sources: Federal Reserve Bank of New York and FHFA. Education Policy & Leadership Center Slide 15 • Sales tax continues to surprise to upside • Heavy credit card spending projections allow growth for (1) inflation to maintain real purchasing power and (2) demographics (e.g., programs for older residents) • New Programs were line items not included in prior budget Notes Dollar Amounts ($ millions) Avg. Annual Growth Prelim EB EB EB Hits: 5 |
Budget_Roundtable_Response_Letter_02_2024.pdfalso inquired if those that paid down debt during the pandemic are the same borrowers that are now taking on new debt. The tables display debt balance by age group and the share of U.S. borrowers that entered into serious of the last five years. Based on available data, it is not possible to link borrowers who are taking on new debt with those that paid down debt using federal stimulus (e.g., economic impact payments, PPP loans, enhanced unemployment compensation Hits: 5 |
2023_Impact_Fee_Estimate.pdffor the decrease in collections are as follows: ▪ Lower Fee Schedule. The average annual price of natural gas on the New York Mercantile Exchange (NYMEX) for CY 2023 was $2.74 per MMBtu, a reduction of $3.91 (-58.8%) from 100, whereas the same well will pay a fee of $51,800 for CY 2023. Estimated impact: -$84.1 million. ▪ New and Existing Wells. The net impact of (1) collections from new wells drilled and (2) reduced collections from aging wells Hits: 5 |
2022-Impact-Fee-Estimate.pdffor the increase in collections are as follows: • Higher Fee Schedule. The average annual price of natural gas on the New York Mercantile Exchange (NYMEX) for CY 2022 is $6.64 per MMBtu through November. When the price is $6.00 to the fee schedule due 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 Hits: 5 |
TC_Board_Hearing_Jan_24_2022.pdfYear 4 Statute: Did the tax credits accomplish their legislative intent? ▪ Mixed-Use – Qualified Yes, unclear if it actually incentivizes new units ▪ Brewers’ – No, windfall to large brewers, small brewers cannot fully use ▪ Coal Refuse – Mixed, some coal burning incentivized, depends better ▪ Require documentation that demonstrates state funding is needed for project ▪ Unclear that tax credit leverages any private investment or new development ▪ Other states (2) provide direct credits to developer to offset costs January 24, 2022 3 #2 Brewers’ Credit offsets Hits: 4 |
Tax_Credit_and_PBB_Overview_2019-01-24.pdfTax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 Act 48 of 2017 – Tax Credit Duties The tax key decision points. Year 1 review schedule: Historic Preservation Tax Credit (HPTC). Film Production Tax Credit (FPTC). New Jobs Tax Credit (JCTC). January 24, 2019 1 Tax Credit Methodology Meet with stakeholders and agency staff. Request data Hits: 4 |
TaxCredit and PBB Overview- 2019-01-24.pptxTax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 1/24/2019 0 Act 48 of 2017 – Tax recommendations and (3) key decision points. Year 1 review schedule: ▪ Historic Preservation Tax Credit (HPTC). ▪ Film Production Tax Credit (FPTC). ▪ New Jobs Tax Credit (JCTC). January 24, 2019 1 Tax Credit Methodology Meet with stakeholders and agency staff. ▪ Request data from Hits: 4 |
TaxCredit and PBB Overview- 2019-01-24.pdfTax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 Act 48 of 2017 – Tax Credit Duties The tax key decision points. Year 1 review schedule: Historic Preservation Tax Credit (HPTC). Film Production Tax Credit (FPTC). New Jobs Tax Credit (JCTC). January 24, 2019 1 Tax Credit Methodology Meet with stakeholders and agency staff. Request data Hits: 4 |
Tax-Foundation-Presentation-11-14-2019.pdfCap Years Cap Pennsylvania 0 $0 20 40% of liability Delaware Conforms to federal treatment Maryland Conforms to federal treatment New Jersey 0 $0 20 Unlimited New York 3 Unlimited 20 Unlimited Ohio Not applicable (no corporate income tax) West Virginia Conforms to federal treatment Source: Tax Hits: 4 |
Sen_Maj_Pol_Comm_Brain_Drain_Workshop_04_30_2019.pdf000 80,000 Inflow 25-34 Outflow 25-34 4 State 1 Inflow to PA Outflow from PA Net Migration New York 21,445 14,280 7,165 New Jersey 20,265 13,363 6,902 Virginia 5,938 11,003 -5,065 Ohio 7,195 9,710 -2 Hits: 4 |
SEIU Healthcare Wage Contract Analysis- 2019.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-1 Hits: 4 |
Revenue_Estimate_Presentation_2022_05.pdfyear mortgage rate from end of quarter. Source: Wall Street Journal, Freddie Mac, FHFA, Zillow and Federal Reserve Board of New York. FY 2021-22 Revised Estimate May 23, 2022 8 June 2021 Official May 2022 Revised Dollar Change Adjusted Growth purchase patterns Motor vehicle sales tax up +23% in CY 2021 ▪ Nearly all is price gains | used cars up +29% | new cars up +16% ▪ Used car prices: +43% (Feb) and +24% (April) ▪ New car prices: +22% (Feb) and +19% (April) ▪ 21- Hits: 4 |
Response_Letter_9_23_2019.pdf4,180 $4,180 income dependent Nebraska fully taxable limited exemption income dependent Nevada n.a. n.a. n.a. New Hampshire n.a. n.a. n.a. New Jersey $60,000 $60,000 exempt New Mexico $8,000 $8,000 income dependent New York $20,000 exempt exempt Hits: 4 |
RB_2023_08_PTRR_Expansion.pdf80.0 million of the expansion for homeowners ($49.6 million, 62.0%) and renters ($30.4 million, 38.0%). New claimants resulting from the higher income caps expand rebates by $79.1 million for homeowners ($42.2 million, 53.4% Disabled (24.7%). The higher income caps (+$79.1 million) have the following impacts: 2 ▪ Adds an estimated 111,080 new homeowner claimants with household income between $35,001 and $45,000. The average rebate amount is $380. ▪ Adds an estimated Hits: 4 |
RB_2023_03_Expiration_of_the_Enhanced_FMAP.pdfrequirement for MA expires. Based on the average per member per month rate for CHIP enrollees, the analysis estimates that new CHIP enrollees will result in state costs of $19 million in FY 2023-24. FY 23-24 FY 24-25 Number Disenrolled 466 466 Newly Eligible 280 280 Traditionally Eligible 187 187 Reduced Costs Due to Disenrollment -$288 -$462 Cumulative New CHIP Enrollees 33 33 Increased Costs for New CHIP Enrollees $19 $30 Net Disenrollment Impact -$269 -$431 MA Disenrollment Impact Hits: 4 |
RB_2022_08_Worker_Shortage.pdfpandemic. This issue is different than the “Great Resignation,” which refers to the surge in job quits and transitions to new employment. A recent article by the Pew Research Center examined that issue and found that the three most important factors population contracted by an estimated 48,000 residents and the median age increased. 10 While the first outcome is relatively new, the second is a continuation of a long-term trend. Both factors cause the state labor force to contract: the Hits: 4 |
RB_2022_07_Worker_Shortage.pdfpandemic. This issue is different than the “Great Resignation,” which refers to the surge in job quits and transitions to new employment. A recent article by the Pew Research Center examined that issue and found that the three most important factors population contracted by an estimated 48,000 residents and the median age increased. 13 While the first outcome is relatively new, the second is a continuation of a long-term trend. Both factors cause the state labor force to contract: the Hits: 4 |
PSBA Presentation - Final.pdf92 $5.14 $5.36 $5.59 All Other Revenues $0.76 $0.84 $0.88 $0.90 $0.93 New Revenues Available $11.18 $11.74 $12.28 $12.81 $13.35 SD Prop. Tax Replacement $11.19 $12.13 5% to 4.0%). Some important considerations: How will “baseline” school district property taxes grow? How will the new replacement revenues grow? How will both respond to economic conditions? 1/19/2017 8 Long-Term Revenue Growth Trends Hits: 4 |
Presentation_PA_Bus_Council_6-22-15.pdfIFO. 2014 GDP is preliminary. 2011 2012 2013 2014 Rank Pennsylvania 0.8% 0.5% 1.5% 1.7% 13 New York 0.7 2.7 0.6 2.0 8 New Jersey -1.2 2.2 0.5 -0.1 42 Maryland 0.4 -0.4 0.0 0.0 41 Hits: 4 |
Presentation-2019-5-1-PAEL.pdf12.00 $13.00 $14.00 Washington $12.00 $13.50 $13.84 Massachusetts $12.00 $12.75 $13.50 New York $11.10 $11.80 $12.50 Maryland $10.10 $11.00 $11.75 1 New Jersey $10.00 $11.00 $12.00 Delaware $8.75 $9.25 $9.25 West Virginia $8.75 $8.75 Hits: 4 |
Presentation-2018-07-NCSL.pdfthose outcomes. 7/29/2018 5 Implementation Legislation (now Act 5 of 2017) proposed a significant benefit redesign for new employees beginning in 2019. Benefit options include hybrid DB/DC plans or DC-only plan. DB changes provide lower multipliers and higher retirement ages. Analysis confirmed the mitigation of investment risk. Employer contributions under the new law become less sensitive to a lower earnings assumption, but the effect phases in over time. Little impact in the Hits: 4 |
Presentation-2018-06-PICPA.pdfSources: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Energy Information Administration, Federal Reserve Bank of New York and Federal Housing Finance Agency. June.12.2018 5 Change in PA Payroll Jobs (000s) 2015 2016 2017 2018 053 4,582 5,082 5,354 5,888 Growth 31.3% 13.1% 10.9% 5.4% 10.0% New Wells Spud 1,350 783 503 810 810 Growth 13.6% -42.0% -35.8% 61.0% 0.0% Henry Hits: 4 |
PBB_Board_Hearing_Sept_28_2021.pdfSeptember 28, 2021 2 Keystone Special Development Zones (KSDZ) Incentivizes private investment in former industrial sites ▪ $2,100 credit per new FTE in zone | July 1, 2012 - June 30, 2035 ▪ Can claim credit up to 10 years | must maintain zone operations jobs that receive credit may have occurred regardless Gross ROI = 1.0 implies credit “breaks even” or is self-financed ▪ New state tax revenues attributable to tax credit = tax credit paid ▪ Only count new economic activity induced by the credit ▪ Credit Hits: 4 |
PBB_Board_Hearing_Jan_24_2022.pdf2.5 -- -- -- -- 0.5 2.9 Industry Partnerships -- -- 2.8 -- -- -- 2.8 Centers for Ind. Living -- -- -- 2.0 -- -- 2.0 New Choices / New Options -- -- 0.8 -- -- -- 0.8 Assistive Tech. Financing -- -- -- 0.5 -- -- 0.5 Assist. Tech. Dem. and Training -- -- -- 0.5 -- -- 0 Hits: 4 |
NGQU_2023_Q3.pdfbeen relatively stable for the last three quarters after reaching the lowest level on record (since 2015). ▪ There were 102 new horizontal wells spud, a decrease of 56 new wells (-35.4%) from the prior year. If the current pace holds, there will be fewer wells drilled in 2023 Hits: 4 |
NGPR-2019Q1.pdfDEP. “Other” includes wells with miscellaneous designations such as abandoned. 2018 Independent Fiscal Office 4 First Quarter 2019 Figure 4: New Horizontal Wells Spud Figures 3 and 4 display recent trends in well counts. Figure 3 shows the quarterly history of quarter of 2019 increased by 24 wells (1.6 percent) from the previous quarter. Figure 4 displays the number of new hori- zontal wells spud in each quarter over the last five calendar years. For the first quarter of 2019, there Hits: 4 |
NGIFE-2018.pdfas follows: Statutory fee schedule. The schedule is based on the average annual price of natural gas on the New York Mercantile Exchange (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 operating year, and declines as the Hits: 4 |
NewsStand_2019_May.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News Real State GDP Growth is 2.1% for CY 2018 On May 1, the U.S. Bureau of Economic Analysis at the end of July. Consumer Debt Increases Modestly in 2019 Q1 On May 14, the Federal Reserve Board of New York released consumer debt data for 2019 Q1. The data show the total per capita debt of PA consumers increased Hits: 4 |
NewsStand_2019_December.pdfDecember 2019 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND November Retail Sales An article by the Wall Street Journal reports that November retail sales, excluding motor Hits: 4 |
Newsstand_2018_April.pdfPennsylvania News Nationwide News (717) 230-8293 | Rachel Carson State Office Building Harrisburg, PA | www.ifo.state.pa.us Could Shale Gas Lead To Hits: 4 |
MTR-2018-1.pdfConsumer Sentiment Index 6 100.7 98.5 95.9 94.4 n.a. n.a. n.a. n.a. New Building Permits 7 9.2% 10.4% 9.5% n.a. 10.7% 3.9% -3.9% n.a. QUARTERLY Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2017-11.pdfConsumer Sentiment Index 6 96.8 95.1 100.7 98.5 n.a. n.a. n.a. n.a. New Building Permits 7 10.0% 8.6% 9.2% n.a. 13.5% 25.7% 10.7% n.a. QUARTERLY Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2017-10.pdfConsumer Sentiment Index 6 93.4 96.8 95.1 100.7 n.a. n.a. n.a. n.a. New Building Permits 7 11.4% 10.0% 8.6% n.a. 16.6% 13.5% 25.7% n.a. QUARTERLY Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2017-09.pdfConsumer Sentiment Index 6 95.1 93.4 96.8 95.1 n.a. n.a. n.a. n.a. New Building Permits 7 7.8% 11.4% 10.0% n.a. 2.3% 16.6% 13.5% n.a. QUARTERLY Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2017-06.pdfConsumer Sentiment Index 6 96.9 97.0 97.1 95.1 n.a. n.a. n.a. n.a. New Building Permits 7 13.4% 8.3% 9.3% n.a. 6.7% 0.1% 9.2% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2017-02.pdfConsumer Sentiment Index 6 93.8 98.2 98.5 96.3 n.a. n.a. n.a. n.a. New Building Permits 7 7.5% 8.6% 13.4% n.a. 18.8% 20.7% 16.9% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2016-08.pdfConsumer Sentiment Index 6 94.7 93.5 90.0 89.8 n.a. n.a. n.a. n.a. New Building Permits 7 11.8% 8.3% 4.4% n.a. 24.8% 25.6% 8.7% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2016-06.pdfConsumer Sentiment Index 6 91.0 89.0 94.7 93.5 n.a. n.a. n.a. n.a. New Building Permits 7 15.1% 14.1% 11.8% n.a. 25.9% 31.2% 24.8% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2016-05.pdfConsumer Sentiment Index 6 91.7 91.0 89.0 94.7 n.a. n.a. n.a. n.a. New Building Permits 7 12.3% 15.1% 14.1% n.a 10.4% 25.9% 31.2% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2016-04.pdfConsumer Sentiment Index 6 92.0 91.7 91.0 89.0 n.a. n.a. n.a. n.a. New Building Permits 7 11.5% 12.3% 15.1% n.a. -3.1% 10.4% 25.9% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2016-03.pdfConsumer Sentiment Index 6 92.6 92.0 91.7 91.0 n.a. n.a. n.a. n.a. New Building Permits 7 10.7% 11.5% 12.3% n.a. -12.4% -3.1% 10.4% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2016-02.pdfConsumer Sentiment Index 6 91.3 92.6 92.0 90.7 n.a. n.a. n.a. n.a. New Building Permits 7 10.5% 10.7% 11.5% n.a. -10.1% -12.4% -3.1% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2016-01.pdfConsumer Sentiment Index 6 90.0 91.3 92.6 92.0 n.a. n.a. n.a. n.a. New Building Permits 7 8.3% 10.5% 10.7% n.a. -7.9% -10.1% -12.4% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2015-11.pdfConsumer Sentiment Index 6 91.9 87.2 90.0 91.3 n.a. n.a. n.a. n.a. New Building Permits 7 11.2% 9.4% 8.3% n.a. 2.3% -0.8% -7.9% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2015-10.pdfConsumer Sentiment Index 6 93.1 91.9 87.2 90.0 n.a. n.a. n.a. n.a. New Building Permits 7 9.3% 11.2% 9.4% n.a. -11.0% 2.3% -0.8% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau Hits: 4 |
MTR-2015-07.pdfConsumer Sentiment Index 6 95.9 90.7 96.1 93.1 n.a. n.a. n.a. n.a. New Building Permits 7 10.0% 9.4% 10.5% n.a -18.7% -24.1% -15.3% n.a. Quarterly Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau Hits: 4 |
MQRE_FY22_23_August.pdfestimated revenues by $1.5 million. Pennsylvania Child and Dependent Care Enhancement Program (Act 53) The act provides for a new refundable PIT credit for eligible taxpayers who receive the federal child and dependent care tax credit. The credit is equal Development Zones (Act 53) The act creates the Airport Land Development Zone Program to encourage and promote the creation of new jobs on land and building owned by airports within the Commonwealth. The new program is modeled after Keystone Special Development Hits: 4 |
Monthly_Economic_Update_September_2020.pdfApplications for New Business in Pennsylvania Grow 15% Over 2019 The U.S. Census Bureau released Pennsylvania weekly business application data for the 19.3% higher than the same week in 2019 and high-propensity business applications are 11.6% higher than 2019. New IRS Data Reveal Impact of TCJA on PA Taxpayers The IRS released state-level data for tax year 2018 that Hits: 4 |
Monthly_Economic_Update_November_2022.pdfCOVID average job openings. These data lag other labor market data by one month. • Initial Unemployment Insurance (UI) Claims. Average new weekly claims for unemployment compensation during the month. The average number of new claims increased to 7,900 in October 2022 but the number of UI claims remains below the pre-COVID average Hits: 4 |
Monthly_Economic_Update_November_2020_Final.pdfare taxed but services are generally exempt. Consumer Debt Increases from Prior Year, Credit Card Balances Continue to Decline The New York Federal Reserve Bank released consumer debt data for 2020 Q3. Pennsylvania consumer debt declined 0.9% from the prior allowed forbearance on mortgage and student loans for six months (renewable), while many auto loan businesses offered optional forbearance. The New York Federal Reserve Bank reported on the status of borrowers in forbearance for a mortgage or auto loan. More individuals Hits: 4 |
Monthly_Economic_Update_July_2022.pdfnot abated. These data lag other labor market data by one month. Initial Unemployment Insurance (UI) Claims. Average of new weekly claims for unemployment compensation during the month. New claims remain below the pre-COVID level, but part of that outcome is impacted by the next labor market indicator Hits: 4 |
MER-2014-05.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2013.2 2013.3 2013.4 2014.1 2.5% 4.1% 2.6% ‐1.0% 3.2% 3 5% 5.6% 5.5% 5.2% May 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Snapshot: New Quarterly GDP Statistics On April 25, 2014, the U.S. Bureau of Economic Anal‐ ysis released new quarterly statistics on Hits: 4 |
Initial-Revenue-Estimate-2018-05.pdf8 million). The FY 2018-19 estimate includes $12.5 million in table game fees associated with the new mini- casinos and $54.0 million for iGaming certificates and operator licenses. Escheats collections are projected to total $111.6 million based on the unrounded amounts. Raffle included in In-State Lotto. Lottery expansion is composed of iLottery and new monitor games. Lottery expansion is excluded from total ticket sales and revenues, and the potential impact on existing games is not reflected Hits: 4 |
IFO_Response_Letter_May_16_2022.pdffull-year SUT estimate is $5.2 billion ($4.3 billion for the rate increase, $0.7 billion for the new 2% tax on clothing and $0.3 billion for the new 2% tax on food). Assuming an effective date of October 1, 2022, roughly $3.7 billion ($5.2 billion * 70% Hits: 4 |
Five_Year_Outlook_Presentation_2022.pdf63.5 Jul 17 63.4 Jul 21 62.4 Jul 22 62.3 LFPRs Needed to Facilitate 50,000 New Jobs per Annum November 15, 2022 7 Published Series Adults age 16+ +0.5 ppts each year Adjusted Series Adults PIT Wage +4.1% PA Economy +4.1% Notes: Big 3 are 85% of tax revenues. Excludes CNIT changes and new SUT transfer. 1.00 1.20 1.40 1.60 1.80 2.00 17-18 18-19 19-20 Hits: 4 |
Five_Year_Outlook_2017_Presentation.pdfTQM, Continuous Improvement. Cost-Benefit Analysis - PEW Results First model. Performance-Based Budgeting (PBB). Act 48 of 2017: New PBB and tax credit review duties. IFO to develop PBB plans for all executive agencies. Develop clear metrics 1.86 -$1.78 Plus: Revenue Package 2.30 0.22 0.14 0.09 0.08 0.07 Less: New SUT Transfer -- -- -- -- -- -0.48 November 2017 Final -1.54 1.62 -0.99 -1.87 -1.77 -1.78 -2 Hits: 4 |
EPLC_3_4_2022_update.pdfof Inflation March 4, 2022 11 Very High (Dec 21) Used Cars +38.1% Gasoline +37.4% Energy +25.1% New Cars +22.4% Relatively Low (Dec 21) Education-Comm +1.9% Medical Care +3.3% Shelter +4.3% -5% 0% 0 Housing - Shelter 33.0 0.0 1.2 4.3 Transportation 14.4 0.0 18.9 21.0 New Vehicles 3.1 2.7 18.7 22.4 Gasoline 2.6 9.6 40.0 37.4 Medical Care Hits: 4 |
Economic_Forecast_Business_Leadership_Summit_Feb_2024.pdfPrices: Dec 2019 to Dec 2023 Slide 8 Feb 2024 Economic Summit S&P 500 +50% PA Home Values +47% New-Used Vehicles +37% Car Insurance +36% Car Repair +31% Grocery, All Energy +27% Shelter +21% Philly CPI-U +19% Education- Off? Look at Real Earnings…. Slide 10 Feb 2024 Economic Summit Data Source 1 Average Hourly Earnings (counts all jobs, new workers) Data Source 2 Average Monthly Earnings (Stable) (must have worked in prior quarter) Note: Both Earnings measures are converted Hits: 4 |
Budget_Hearing_Background-Feb2014.pdfOver Year Growth Rates “All Other” includes mortgage, credit card, auto and other miscellaneous debt. Source: Federal Reserve Bank of New York. PA Dollar Change in Per Capita Total Debt Source: Federal Reserve Bank of New York. -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Student Loan All Other -$1 Hits: 4 |
Boyd PA IFO November 2016.pdfrockinst.suny.edu November 15, 2016 Main points •Despite large contribution increases (> avg in PA) and benefit cuts (primarily for new workers), U.S. public pension underfunding remains near record, almost as severe as at end of recession •Underfunding varies greatly need risk-taking to work out well or else contributions will rise significantly. Already public pension plans generally have bad news in the bank for FY 2015 and 2016 that will drive contributions up. Plans and govts should evaluate risk carefully Hits: 4 |
2023_Mid_Year_Update.pdfAug Oct Dec-20 Feb Apr Jun Aug Oct Dec-21 Feb Apr Jun Aug Oct Dec-22 gasoline (3%) new and used vehicles (7%) household energy (4%) annual growth Philadelphia CPI-U (share of CPI in parens) both energy series funds/transfer ($3.8b) Note: Dollars in millions. PIT is personal income tax. Adjusted growth rate controls for one-time/new transfers. January revenues are estimated. Mid-Year Update for FY 2022-23 January 31, 2023 14 IFO Official Estimate (June Hits: 4 |
2022_Mid_Year_Update.pdfof Inflation January 31, 2022 10 Very High (Dec 21) Used Cars +38.1% Gasoline +37.4% Energy +25.1% New Cars +22.4% Relatively Low (Dec 21) Education-Comm +1.9% Medical Care +3.3% Shelter +4.3% -5% 0% 0 Housing - Shelter 33.0 0.0 1.2 4.3 Transportation 14.4 0.0 18.9 21.0 New Vehicles 3.1 2.7 18.7 22.4 Gasoline 2.6 9.6 40.0 37.4 Medical Care Hits: 4 |
2021_Impact_Fee_Estimate.pdffor the increase in collections are as follows: • Higher Fee Schedule. The average annual price of natural gas on the New York Mercantile Exchange (NYMEX) for CY 2021 was $3.84 per MMBtu. Due to the price being between $3.00 to the fee schedule due 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 Hits: 4 |
2020_Impact_Fee_Estimate.pdfthe decrease in collections are as follows: Lower Fee Schedule. The average annual price of natural gas on the New York Mercantile Exchange (NYMEX) for CY 2020 was $2.08 per MMBtu. Due to the price dropping below $2.25 fee schedule decreased by $5,000 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 Hits: 4 |
2012-11 Monthly Economic Summary- DRAFT 6.pdf6.5% Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Financing Authority. 3/ Fed. Res. Bank of New York. 2012.3 n.a. 0.0% 5.3% Monthly Economic Report N o v e m b e r consecutive in- creases since 2006. Data from the U.S. Bureau of Cen- sus also signal a recovery based on new home sales and starts in 2012. In October, new single-family residential homes sales in the Northeast increased by 10 Hits: 4 |
UGSOA_Wage_Contract_Analysis_2024.pdfwage workers (2.16% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
UGSOA_Wage_Contract_Analysis_2021.pdfworkforce September 27, 2021 Page 2 turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-2 Hits: 3 |
UGSOA_Wage_Contract_ Analysis_2020.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-1 Hits: 3 |
UFCW_Wage_Contract_Analysis_2023.pdfwage workers (2.58% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
TC_2022_Mixed_Use_Development.pdfof construction projects were renovation or rehabilitation of existing build- ing(s), many of which were vacant. Remaining projects were new construction and often occurred on a vacant lot. 12 Per Community Revitalization Fund Program guidelines, the minimum funding request is a 10% tax credit for mixed-use development costs incurred during the construction of an eligible project. Development costs include new construction and/or rehabilitation of vacant buildings. Eli- gible projects are designated as a Major City Project (located within a Hits: 3 |
Tax_Credit_and_Other_Incentives_2022.pdfSpecial Development Zone Program and offers participating businesses an annual tax credit of $2,100 over ten years for each new job created. • As part of the tax credit reviews required by Act 48 of 2017, the IFO is reviewing the to the COVID-19 pandemic. There is $7.1 million available in the budget for the 2023 marketing campaign. • A new economic incentive program was included in the state’s fiscal code for FY 2022-23 – the Sports Tourism and Marketing Hits: 3 |
Smetters_Presentation_Full.pdf12 Revenue Impact Revenue Effect 2018-2027 (billions of $) Revenue Effect 2018-2040 (billions of $) Tax Provision JCT PWBM PWBM New tax rate and bracket structure -1,214 -1,307 -1,364 Expand the standard deduction and repeal personal exemptions 491 438 438 Index tax provisions to chained CPI 134 88 765 New pass-through business deduction -415 -542 -758 Pass-through business loss limits 150 140 114 Expand Child Tax Credit (CTC Hits: 3 |
SEIU_Local_668_Wage_Contract_Analysis_2023.pdfwage workers (1.85% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
SEIU_Local_668_UC_Referees_Wage_Contract_Analysis_2024.pdfwage workers (1.74% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
SEIU_HCPA_Wage_Contract_Analysis_2023.pdfwage workers (1.46% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
SEIU Local 668 UC Referees Analysis- 2020.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-2 Hits: 3 |
Roundtable_Jan_24_2023.pdf4.1% AAGR PA Economy +4.1% AAGR Notes: Big 3 are 85% of tax revenues. Excludes CNIT changes and new SUT transfer. 1.00 1.20 1.40 1.60 1.80 2.00 17-18 18-19 19-20 Note: Billions of dollars. AAGR is average annual growth rate from FY 23-24 to FY 27-28. Forecast assumes new spending in 22-23 base year is permanent New level-up supplement, basic ed subsidy increases Wage growth reflects PSP Hits: 3 |
Roundtable_Jan_2024_Final.pdf6% 25.8% US Checking-Savings Balance -3.2% -3.3% -2.4% -2.0% Sources: Federal Reserve Bank of New York and FHFA. PA Home Value Index for 2023.4 is an estimate. US Credit Card Debt above trend, but 85% PA GDP +29% +4% real +25% inflation PIT non-wage +36% SUT +36% PIT wage +31% Excludes CNITrate cut new SUT transfer Other Revenue Trends Realty Transfer US home sales at all time low since 1995 Treasury Earnings FY 23- Hits: 3 |
Revenue_and_Economic_Update_Presentation_2020_10.pdfS. Census: 18.8% of PA renter households missed last rental payment (Oct 2020) Impacts 300,400 renter households (new experimental Pulse Survey) Philly Fed: 4.5% of PA renter households have rental debt by Dec (IPUMS) Impacts What happens to jobs that were lost? To what extent is prior level of income merely redistributed in new form? October 29, 2020 14 Looking Forward Projections do not assume new major federal stimulus or closures The form Hits: 3 |
RB_2023_1_Population_Contraction.pdfrelative to state population. Southern and most western states generally recorded large, positive net domestic inflows while Illinois, California and New York recorded the largest relative and absolute outflows. Also notable was the difference in natural population gains or losses across 684 52 28 53 -30 -0.3% 34 Maryland 6,177 6,165 -13 20 33 -68 -1.1% 42 New Jersey 9,289 9,262 -27 24 55 -108 -1.2% 43 Hawaii 4,658 4,590 -68 0 11 Hits: 3 |
RB_2022_10_Worker_Shortage.pdfresearch brief updates an original release in July 2022 (updated August 2022) to include data for more recent months and new demographics data from the IFO’s Demographic Outlook (published October 2022). Tables 1 to 3 and the accompanying text are updates, while Table 4 is new. For the past year, many employers have noted ongoing challenges hiring and retaining staff due to labor market conditions that Hits: 3 |
RB_2022_09_SNAP_Changes.pdf2 ($36,624 annual) and $4,626 for a household of 4 ($55,512 annual). DHS estimates that 174,000 new households will qualify for SNAP due to the higher income limit, and under the ongoing federal PHE, they would qualify for the maximum benefit. The department estimates that the average new household that qualifies has 2.4 members. Effective October 1, under the ongoing federal PHE, new households with 2 members Hits: 3 |
RB-2019-01.pdf4 million increase from actual collections in the prior year. The primary reasons for the increase are as follows: New wells offset aging wells. The impact fee is highest in a well’s first operating year, and declines as the well ages. Revenue from the 779 new wells spud offset reduced collections from older wells as their fees decline or they become exempt. Net impact: +$15.1 Hits: 3 |
PSEA_Wage_Contract_Analysis_2023.pdfwage workers (1.30% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
PSEA Wage Contract Analysis- 2020.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-2 Hits: 3 |
PSCOA Wage Contract Analysis- 2020.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-2 Hits: 3 |
PLEA_Wage_Contract_Analysis_2023.pdfwage workers (1.21% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
PLEA Wage Contract Analysis- 2019.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-2 Hits: 3 |
perez ppt.pdfIncome Tax Above Estimate On Target Below Estimate Not applicable Source: NCSL survey of state legislative fiscal offices, Fall 2011 *New Hampshire and Tennessee do not levy a personal income tax, but tax interest income and dividends. Tennessee did provide information Transfer 17 states reported real estate transfer taxes coming in on target or above expectations. 4 states—Hawaii, Michigan, New Jersey and Pennsylvania—reported transfer taxes below the current forecast. Miscellaneous 5 states and Puerto Rico saw other Hits: 3 |
PDA_Wage_Contract_Analysis_2023.pdfwage workers (0.40% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
PDA Wage Contract Analysis- 2019.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-0 Hits: 3 |
PA_Economy_League_Presentation.pdfannum). PIT is personal income tax. SUT is sales-use tax. Percentages that appear in parentheses represent the share of new revenues from the associated tax law change. 18 19.May.2017 Statutory Tax Incidence Shares Total Individual Business Sales Tax report, including family members. Home mortgage includes primary mortgages, secondary mortgages and home equity loans. Source: Federal Reserve Bank of New York. Change in Real Per Capita Debt: 2003 to 2015 25 Various methods to eliminate or reduce SD taxes. Hits: 3 |
OPEIU_Wage_Contract_Analysis_2023.pdfwage workers (1.95% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
OPEIU Wage Contract Analysis- 2019.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-2 Hits: 3 |
Official-Revenue-Estimate-Methodology-2019-06.pdfregression uses a log transformation, quarterly data and two explanatory variables: wage and business net income and Pennsylvania new car and light truck registrations. Motor and non-motor model projections are gross of any transfers, which are deducted from projections to by the increase in state GDP for Arts, Entertainment and Recreation for FY 2019-20 and adjusted for new revenues attributable to gaming expansion. General Fund Methodologies | Page 22 - This page intentionally left blank. - Motor License Fund Methodologies | Page 23 Motor Hits: 3 |
Official-Revenue-Estimate-2018-06.pdf8 million). The FY 2018-19 estimate includes $12.5 million in table game fees associated with the new mini- casinos, $30 million for sports wagering licenses and $54 million for iGaming certificates and operator licenses. Escheats collections are projected MA recipients continue to rise slightly. 4 In addition, the MA line item reflects the creation of the new Community HealthChoices (CHC) program. The total CHC grant request is $1.67 billion for FY 2018-19, but only $171 million of Hits: 3 |
novak ppt.pdfa method that works indefinitely. • Buy local. Survey of Professional Forecasters (SPF) Real GDP (%) Unemployment Rate (%) Payrolls (000s/month) Previous New Previous New Previous New Quarterly data: 2011:Q4 2.6 2.6 9.0 9.0 148.7 115.3 2012:Q1 Hits: 3 |
NFIB_Presentation.pdfDemographics: rapid aging, domestic out-migration. ◦ Economics: latest data show 2016 weaker than expected. ◦ Short- and long-term budget outlook. ◦ New revenue package: borrowing, transfers and gaming. ◦ FYTD Revenues: hitting estimate through November. Looking forward: federal tax reform, property tax reform AAGR Beginning Balance -$1,538 -- -- -- -- Baseline Revenues 31,055 $32,187 $33,200 $34,428 $35,460 3.4% Plus: New Revenues 2,303 216 140 91 77 Less: Expenditures 31,951 33,516 35,330 36,417 37,447 4 Hits: 3 |
Newsstand_2019_March.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News PA Real Gross Domestic Product Expanded by 2.8% in 2018 Q3 On February 26, the U.S. Bureau of prices (-11.3%). Excluding consumer purchases related to en- ergy, the CPI-U increase was 1.9%. - March 2019- National News Tight Labor Market Begins to Translate to Wage Gains On March 8, the U.S. Department of Labor released average Hits: 3 |
Newsstand_2019_April.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News Labor Market Slows in 2019 Q1 On April 19, the U.S. Bureau of Labor Statistics released state employment data by 11.0%. Excluding energy, the Philadelphia CPI-U increased by 1.9% from the prior year. - April 2019- National News Federal Income Tax Refunds Remain Below Prior Year On a weekly basis, the IRS releases the latest data regarding federal Hits: 3 |
Newsstand_2018_October.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News Early Data Show PA Economy Had Robust Growth in 2018 Q3 Four real-time data sources suggest that the Pennsylvania the three previous years were as follows: 2016 (0.0%), 2017 (0.3%) and 2018 (2.0%). - October 2018 - National News U.S. Treasury Posts $779 Billion Deficit for FFY 2018 On October 15, the U.S. Treasury Monthly Treasury Statement Hits: 3 |
MTR-2016-09.pdfConsumer Sentiment Index 6 93.5 90.0 89.8 91.2 n.a. n.a. n.a. n.a. New Building Permits 7 8.3% 4.4% 5.5% n.a. 25.6% 8.7% 3.5% n.a. QUARTERLY Dept. of Revenue. 6. A diffusion index that reflects consumer optimism. Source: UM—Survey of Consumers. 7. Annual growth of new, privately owned single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau Hits: 3 |
MRU-2022-07.pdfGeneral Fund collections were $2.70 billion, or $4.0 million (-0.1%) below prior year collections. After adjusting for new transfers (1) from motor vehicle sales and use tax (SUT) to the Public Transportation Trust Fund ($42.2 million) and were $882.4 million for the month, or $14.8 million (1.7%) above prior year collections. (Adjusting for the new transfer, the PIT and withholding growth rates were 6.1% and 6.9%, respectively.) Quarterly payments grew slightly from the Hits: 3 |
MQRE-FY19-20-Aug.pdfMonthly and Quarterly Estimates | Page 6 Tax Credits Related to Beginning Farmers (Act 65) The act provides a new tax credit for owners of agricultural assets who sell or rent those assets to beginning farmers. The credit is equal to (1 effective July 1, 2019. Prior Law Previously, a company could claim a tax credit of $1,000 per new job created, or $2,500 per each new job created if the newly created job was filled by a veteran or an Hits: 3 |
Monthly_Economic_Update_June_2022.pdffuel prices for the U.S. and by region. Pennsylvania is included in the Central Atlantic region, along with Maryland, New York, New Jersey and Delaware. Data for the first two weeks of June show that the average weekly price of regular gasoline Hits: 3 |
MGMT Nonrepresented Wage Contract.pdfto prepare a cost analysis that assumes all management and non-represented employees will receive salary increases consistent with the new collective bargaining agreements. For the purpose of this analysis, the IFO applied the American Federation of State, County and Municipal in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
MER-2014-11.pdfS. Bureau of Economic Analysis. 2/Pennsylvania Association of Realtors. 3/Federal Housing Finance Agency. 4/Federal Reserve Bank of New York. 2013.4 2014.1 2014.2 2014.3 3.5% ‐2.1% 4.6% 3.9% 0.1% 3 5% 5.2% 5.2% 4.5% November 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Snapshot: New Quarterly Housing Indicator for Pennsylvania This month’s report includes a new quarterly economic indicator: the year‐over‐year growth Hits: 3 |
MER-2014-10.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2013.4 2014.1 2014.2 2014.3 3.5% ‐2.1% 4.6% 3.5% 0.1% 3 constrained, and likewise causes an excess of re‐ gional supply that lowers prices. The industry is rac‐ ing to develop new Marcellus pipelines. By 2018, there will be an additional 1,805 miles of pipelines leading into or out of Pennsylvania Hits: 3 |
MER-2014-06.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2013.2 2013.3 2013.4 2014.1 2.5% 4.1% 2.6% ‐2.9% 3.2% 3 cludes various technical changes such as the recog‐ nition of research and development (R&D) as capi‐ tal expenditures and new source data. Overall, BEA revisions reduced GSP growth for Pennsylvania by 0.5 percentage points in both 2011 and 2012 Hits: 3 |
MER-2014-04.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2013.1 2013.2 2013.3 2013.4 1.1% 2.5% 4.1% 2.6% 2.8% 3 4% 5.5% 5.6% 5.5% April 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Snapshot: New Pennsylvania Economic Indicator This month’s report includes a new economic indica‐ tor for Pennsylvania: the volume of commercial vehi‐ Hits: 3 |
MER-2014-02.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2013.1 2013.2 2013.3 2013.4 1.1% 2.5% 4.1% 2.4% 2.8% 3 may be the fact that Pennsylvania consumers continue to pay down debt. Recent data from the Federal Reserve Bank of New York reveal that Pennsylvania consumers re‐ duced average per capita debt levels by more than $1,000 (‐2.6 percent Hits: 3 |
Labor_Market_Update_Aug_2021.pdfYear-Over-Year Change (000s) Average Weekly Claims (000s) Total Monthly Amount ($ millions) For this month, the update includes a new table that compares the Pennsylvania payroll jobs recovery to border states and the U.S. average. The data compare non- be applied to the raw data. For July, Pennsylvania payroll jobs were down 5.2% in July 2021, compared to New Jersey (-5.3%), New York (-8.5%), Ohio (-4.4%) and the U.S. (-2.8%). Among the border states Hits: 3 |
ISSU_Wage_Contract_Analysis_2023.pdfwage workers (3.02% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
ISSU Wage Contract Analysis- 2019.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-3 Hits: 3 |
IFO_Testimony_Min_Wage_Feb_16_2021.pdf15.00 15.30 Washington 3 13.96 14.24 14.52 Massachusetts 4 13.50 14.25 15.00 New York 5 12.50 12.75 13.01 Colorado 6 12.32 12.57 12.82 Arizona 7 12.15 12.40 12.65 Oregon 9 12.00 12.75 13.50 Connecticut 9 12.00 13.00 14.00 New Jersey 9 12.00 13.00 14.00 Maryland 12 11.75 12.50 13.25 Vermont 12 11.75 Hits: 3 |
House_Appropriation_Response_Letter_3_17_2021.pdf526 in 2019. March 17, 2021 Page 4 Public Safety As a regulated substance, such as alcohol, recreational marijuana places new demands on public safety infrastructure. These include costs related to enforcement of new regulations and negative externalities such as persons driving under the influence of marijuana (marijuana-related DUIs). There are also likely Hits: 3 |
House Budget Hearing Request.pdf8,648,250 $8,786,763 2.8% Maryland $41,139,083 $39,556,993 $41,308,885 0.2% New Jersey $68,121,744 $67,362,610 $69,081,342 0.7% New York $181,226,180 $184,040,200 $178,324,895 -0.8% Ohio $76,524,453 $76,291,671 $79 Hits: 3 |
FOSCEP Wage Contract Analysis- 2019.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-1 Hits: 3 |
Five_Year_Outlook_Presentation_2023_final.pdfprofits still at very high levels, but reversion expected ▪ Treasury collections surge to $680 million in FY 2023-24 Expenditures ▪ New wage contracts built in (effective July 2023) ▪ Expiring FMAP (+) and MA disenrollment savings (-) ▪ Strong growth in Long-Term Living November 6% -- Effective Credit Card 16.4% 17.1% 18.4% 22.8% -- Note/Source: Freddie Mac, Federal Reserve Bank of New York. Potential Under or Overstatement of Structural Deficit November 15, 2023 16 IFO Assumption Alternative Assumption Annual Impact State Related Hits: 3 |
CIVEA_Wage_Contract_Analysis_2023.pdfwage workers (2.14% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
CIVEA Wage Contract Analysis- 2019.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-1 Hits: 3 |
ALES_Wage_Contract_Analysis_2024.pdfwage workers (1.87% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
ALES Wage Contract Analysis- 2019.pdfin wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this churning reduces total wages paid in the baseline scenario. These savings are entirely separate from the new agreement and should not be used to offset the incremental costs that result from the agreement. The turnover factor (-1 Hits: 3 |
AFSCME_Wage_Contract_Analysis_2023.pdfwage workers (1.57% multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. 2 Estimated base salaries and benefits as of July 1 in wages paid due to workforce turnover, as more experienced, higher-paid workers separate from service, and are replaced by new, lower- paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 3 |
2013-10 Monthly Economic Summary.pdfpa.us Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. Monthly Economic Report O c t o b e r 2 0 1 3 2012.3 2012.4 2013 support industries (NAICS 213111, 213112) increased from 3,538 to 20,943, an increase of nearly 500 percent. 4 The new drilling activity also generates impact fee reve- nues for Pennsylvania municipalities, counties, conser- vation districts and certain state agencies. The Hits: 3 |
2013-03b Monthly Economic Summary.pdf6.6% Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. 2012.3 2.9% -0.3% 5.3% Monthly Economic Report M a r c h 2 0 1 3 Snapshot: Are Consumers Ready to Borrow Again? Independent Fiscal Office Commonwealth of Pennsylvania The Federal Reserve Bank of New York (FRBNY) pub- lishes quarterly tabulations on average consumer debt levels. The debt includes auto, credit card, mortgage and student Hits: 3 |
2013 Appropriation Hearings Background Information.pdfservices, some of which would be taxable. PA Consumer Debt Per Capita – Quarterly Growth Rates Source: Federal Reserve Bank of New York. Average Debt of Graduating Seniors - Pennsylvania Source: The Institute for College Access & Success, College InSight, www.college-insight.org of the economy. Increasing sales and home values have a positive effect on consumer sentiment, which leads to additional spending. New construction contributes directly to economic growth through higher employment and consumer spending. • Consumers continue to reduce their overall debt burdens Hits: 3 |
Pensionslaw on December 23, 2013, Act 125 amended the Second Class County Code (Act 230 of 1953) to establish a new mandatory benefit tier applicable to county employees hired on or after the effective date of the bill. The bill also of actuarial tools intended to provide short-term fiscal relief to local governments operating public pension plans; 2) establish a new municipal distress determination method using the pension plan ratio of assets to liabilities, with corresponding remedies dependent upon the severity Hits: 3 |
Wage_Contracts_PDA.pdfwages paid solely due to the fact that more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this save $31.0 million due to increased employee contributions (includes all union and management employees) for healthcare benefits under all new agreements. The office provided data to support that estimate, which was supplied by a contracted actuary. Based on the data Hits: 2 |
Wage Contract SEIU-FINAL.pdfwages paid solely due to the fact that more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of workers and wage rates do not change), this will save $4.7 million due to increased employee contributions (includes union and management employees) for healthcare benefits under the new agreement. The office provided data to support that estimate, which was supplied by a contracted actuary. Based on the data Hits: 2 |
Wage Contract AFSCME-FINAL.pdfwages paid solely due to the fact that more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of workers and wage rates do not change), this will save $13.6 million due to increased employee contributions (includes union and management employees) for healthcare benefits under the new agreement. The office provided data to support that estimate, which was supplied by a contracted actuary. Based on the data Hits: 2 |
TC_2023_PA_Resource_Manufacturing.pdfComparison | Page 8 The bottom portion of Table 3.1 displays four states that require either capital investment in a new manu- facturing facility constructed within the state (Michigan, Oregon and West Virginia) or substantial invest- ment in tangible capital assets of the amount of PRM tax credits that would be generated at various levels of plausible ethane consumption for a new ethylene cracker plant that operates at full or near-full capacity. When the existing Pennsylvania plant reaches full operations, it Hits: 2 |
Tax_Credits_and_Other_Incentives_2024.pdf13.0 City Revitalization and Improve. Zone (CRIZ) 7.2 7.8 9.5 8.7 12.2 17.0 New Jobs 10.1 3.0 3.3 13.8 9.2 10.9 Beginning Farmers' -- -- -- -- 6.0 6.0 Historic 24; however, actual payments will be based on reimbursement requests and cash availability. • The Sports Tourism and Marketing Grants were new for FY 2022-23. While no grants were issued within that fiscal year, $5 million in grants were announced in Hits: 2 |
SD_Prop_Tax_Update_Jun_2023.pdfthe end of the forecast period. • Economic growth. Annual tax revenue growth reflects three factors: millage rate increases, reassessments and new construction. Based on historical trends, the forecast assumes that reassessments and new construction cause the underlying tax base to expand by 1.5% per annum. Table 1 displays the IFO’s forecast Hits: 2 |
SD_Prop_Tax_Update_Aug_2022.pdfrate is assumed to be 75%. • Economic growth. Annual tax revenue growth reflects three factors: millage rate increases, reassessments and new construction. Based on historical trends, the forecast assumes that reassessments and new construction cause the underlying tax base to expand by 1% per annum. Table 1 displays the IFO’s forecast of Hits: 2 |
Revenue_Estimate_2022_06.pdfGeneral Fund during FY 2021-22 do not recur in FY 2022-23. Excluding that one-time transfer and a new transfer to the Public Transportation Trust Fund (PTTF), the initial estimate declines by $1.48 billion (-3.3%) compared to revenues will decrease by $358 million (-3.0%), and motor vehicle revenues will increase 2.0%, after adjusting for a new transfer to the PTTF ($511 million). Personal Income The revised PIT estimate for FY 2021-22 is $18.14 billion Hits: 2 |
Revenue_Estimate_2022_05.pdfGeneral Fund during FY 2021-22 do not recur in FY 2022-23. Excluding that one-time transfer and a new transfer to the Public Transportation Trust Fund (PTTF), the initial estimate declines by $1.12 billion (2.5%) compared to revenues will decrease by $175 million (1.5%), and motor vehicle revenues will increase 2.0%, after adjusting for a new transfer to the PTTF ($514 million). Personal Income The revised PIT estimate for FY 2021-22 is $18.05 billion Hits: 2 |
Revenue_Estimate_2014-06-16_Snapshot.pdfreductions are largely the result of updated economic assumptions, a lower estimate for small games of chance tax revenues and new information on the timing of potential casino licensing decisions. Relative to the Executive Budget published in February, these projections are to federal tax law changes. Nontax revenues – The projection includes $50 million from the slot machine license fee for a new Category 1 license. General Fund Snapshot ($ millions) Revenue Source FY13-14 1 Growth FY14-15 1 Growth General Fund - Total Hits: 2 |
Revenue-Estimate-2020-05-Presentation.pdfGDP 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. Bureau Hits: 2 |
Revenue Conference Presentation Jan 2013 FINAL.pdf13.3 13.4 US Personal Consumption 3.4% 3.4% 2.7% 3.0% 3.0% 3.1% US New Car‐Truck 16.7% 10.3% 3.4% 5.9% 2.9% 0.4% US Equipment Investment 4.8% 5 PA Avg. Price, Existing ($000) 203.7 203.3 202.6 207.4 208.9 207.5 PA Avg. Price, New ($000) 263.4 255.6 254.4 257.6 259.3 260.7 Source: IHS Global Insight, January 2013. Starts Hits: 2 |
Response-Letter-2-27-2020.pdfSpecifically, your letter requests a fiscal analysis of the federal Family First Prevention Services Act (Family First). Family First provides new federal funding for certain evidence- based prevention services, but limits federal funding for congregate foster care placements. In addition, your the State Plan. Congregate Care Family First disallows federal reimbursement for congregate care placement settings longer than 14 days for new placements beginning October 1, 2019 or later if the state requests a delayed effective date. However, the Act makes an Hits: 2 |
Response-Letter-09-06-2019.pdfan additional estimate related to an analysis transmitted by the Independent Fiscal Office (IFO) on August 16, 2019. 1 The new request provides a proposed rebate for school district property taxes paid up to $5,000 for homeowners age 65 or methodology used from the August 16 letter, the IFO projects that the higher rebate would affect 616,000 homeowners and new rebates would total $1.03 billion for 2017 and grow to $1.09 billion by 2019. As before, senior homeowner Hits: 2 |
RB_2023_08_Wage_Contract.pdfreview expired June 30, 2023. Recently, members of the American Federation of State, County and Municipal Employees (AFSCME) ratified a new CBA effective July 1, 2023 through June 30, 2027. The AFSCME CBA is by far the largest agreement and comprised of salary adjustments to lower salaries due to the natural replacement of older and higher-paid workers that retire with new hires that have lower salaries. The turnover factor typically reduces the impact of the CBA salary adjustments by roughly 2% Hits: 2 |
RB_2023_06_Student_Loan_Repayment.pdfresidents with student loan debt, the latest data from the Enterprise Data Warehouse and the Federal Reserve Bank (FRB) of New York show: ▪ 1.9 million borrowers with $66 billion of total federal student loan debt (excludes private lenders). ▪ A debt a 12% default rate, so that net repayments are $5.9 billion per annum. For 2019 Q4, data from the New York FRB show the Pennsylvania delinquency-default rate was 13.6%. Delinquency indicates that the borrower has at least one Hits: 2 |
RB_2023_02_ChildCare.pdfchild care centers will need to adjust their budgets to maintain the higher wages for current staff and to attract new staff. Specifically, child care centers will need to (1) reduce staffing at the administrative, worker or auxiliary level (e.g not been made available, and it is unclear if the industry can maintain wages sufficient to retain staff and attract new workers once funds are fully exhausted. ELRC Notable Child Care State Funds Region Counties Stabl. Funds Recov. Funds Total per Hits: 2 |
RB_2022_03_Student_Loan.pdffell by 280,000 (-4.6%) compared to December 2019 and labor force participation rates are the lowest since 1986. News articles point to early retirements as a significant factor that drives both outcomes. However, the latest data from the U of payments. See https://www.brookings.edu/blog/up-front/2020/10/09/who-owes- the-most-in-student-loans-new-data-from-the-fed/ and https://www.brookings.edu/research/student-loan- forgiveness-is-regressive-whether-measured-by-income-education- Hits: 2 |
RB_10_2023_PA_Strained_Nursing_Homes.pdfSee table.) The increase in the age 75+ cohort implies strong demand for health care and long-term care services. ▪ New Pennsylvania regulations at long-term care facilities took effect July 2023. Facilities are now required to provide residents with at hours). The minimum will increase again to 3.2 hours on July 1, 2024. ▪ In September 2023, CMS proposed three new staffing requirements for long-term care facilities: (1) minimum nurse staffing standards of 0.55 hours per resident day (HPRD Hits: 2 |
RB-2015-02-annual_vs_lifetime_ETR.pdfhistorical tax burdens for existing wells. Lifetime tax rate. The average rate over all future years for a single, new well. (Wells are generally assumed to produce for 30 years.) This measure is best used to quantify the tax burden on new wells. The annual tax rate for a state may change from year to year based on the share of total Hits: 2 |
RB-10-2020-Economic_Development_Incentives.pdfof 2019 increased the annual program cap to $70.0 million. The amount claimed for the Tax Credit for New Jobs decreased considerably to $3.0 million in FY 2019-20 after three years of full utilization ($10.1 million 5.0 Manufacturing Tax Credit 0.0 0.0 0.0 0.0 0.0 4.0 Tax Credit for New Jobs 5.8 6.5 10.1 10.1 10.1 3.0 Mobile Telecomm. Broadband Investment 0.0 0 Hits: 2 |
PSBA Webinar - IFO - Act5_Actuarial.pdf17% DC rate T-G and T-H 2.71% Total rate 6/28/2017 3 Note: Rates are for new employees as of the 2020 valuation. All rates are blended rates for the listed benefit classes. Excludes the defined contribution- are below/above the assumed rate by 1 percentage point (ppt) or more over specified look-back periods. For new employees, possible 0.75 ppt increase/decrease in employee rate every 3 years; up to 3 ppts cumulatively. Dollar- Hits: 2 |
Presentation_PASBO_Annual_Conference_3-8-2018.pdfSchool property tax Demographics Revenue estimates Pensions / Act 5 2 March 8, 2018 School Property Tax Update New Forecast, Including Homestead Property Background on Property Tax and Discussion Regarding Possible Replacement Options Challenges for Replacement: Growing vs. Declining T-H 2.17% DC rate T-G and T-H 2.71% Total rate 31 Note: Rates are for new employees as of the 2020 valuation. All rates are blended rates for the listed benefit classes. Excludes the defined contribution- Hits: 2 |
Presentation_Harrisburg_Rotary_4-11-2016.pdf0.9% for PSERS. (2) The SERS normal cost is computed based on the cost of benefits earned by a new member. The PSERS normal cost is based on an average of the costs for all members. PSERS reports that the cost for a new member is approximately 3%. Sources: SERS 2014 Actuarial Report (June 2015) and PSERS June 30, 2015 Actuarial Valuation (January 2016 Hits: 2 |
Presentation-2018-11-19-CCAP.pdfDomestic 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 to 39 3,367 Maryland 5,328 40 to 59 -9,259 Virginia -2,304 60 Hits: 2 |
Presentation-2018-08-PA-State-Association-Boroughs.pdf245 -1,817 Total 258,980 264,520 -5,540 Destination/Origin Inflow to PA Outflow from PA Net Migration New Jersey 41,602 25,298 16,304 New York 42,480 24,941 17,539 Maryland 20,737 15,409 5,328 Florida 14,158 32,582 -18 Hits: 2 |
Presentation-2018-06-Philly-Pitt-Chambers.pdf053 4,582 5,082 5,354 5,888 Growth 31.3% 13.1% 10.9% 5.4% 10.0% New Wells Spud 1,350 783 503 810 810 Growth 13.6% -42.0% -35.8% 61.0% 0.0% Henry 1.43 $1.55 $2.20 $2.36 Impact Fee (millions) $224 $188 $173 $218 n.a. Note: Production and new wells spud for horizontal wells only. Regional PA hub price is weighted average for the Dominion South and Leidy hubs Hits: 2 |
Presentation-2018-06-PASBO.pdf053 4,582 5,082 5,354 5,888 Growth 31.3% 13.1% 10.9% 5.4% 10.0% New Wells Spud 1,350 783 503 810 810 Growth 13.6% -42.0% -35.8% 61.0% 0.0% Henry 1.43 $1.55 $2.20 $2.36 Impact Fee (millions) $224 $188 $173 $218 n.a. Note: Production and new wells spud for horizontal wells only. Regional PA hub price is weighted average for the Dominion South and Leidy hubs Hits: 2 |
PICPA_NPG_Presentation_2021_07.pdfSystem Funding Comparison July 13, 2021 3 2014 2018 State Funded Ratio Rank Per Capita Funded Ratio Rank Per Capita New York 98.1% 6 $186 98.0% 2 $217 Delaware 92.4 9 810 85.1 10 1,824 Georgia 6 46 4,257 54.8 45 5,377 Illinois 41.3 49 8,658 39.0 49 11,050 New Jersey 42.5 48 12,762 38.4 50 14,710 U.S. Total 74.8 -- 2,933 70.7 Hits: 2 |
Pennsylvania_Aging_Presentation.pdfInternational Migration 29,193 29,791 33,818 34,910 34,678 Other contracting states in 2016: Connecticut, Illinois, Mississippi, New York, West Virginia and Wyoming. Note: Amounts do not sum to total, excludes undefined residual. Source: U.S. Census Bureau report, including family members. Home mortgage includes primary mortgages, secondary mortgages and home equity loans. Source: Federal Reserve Bank of New York. May 24, 2017 16 Change in Real Per Capita Debt: 2003 to 2015 III. Revenue & Funding Trends Revenue Hits: 2 |
PBB_Board_Hearing_Jan_09_2023.pdfNeed dedicated resources and standardized measures at the local level January 9, 2023 2 Common Themes (Continued) Monitor impact of new funding on agency goals and outcomes ▪ DCNR – state funding for 3 new state parks in FY 22-23 ▪ PID – 1332 waiver program to reduce consumer healthcare costs ▪ Federal American Rescue Plan (ARP Hits: 2 |
PBB_Board_Hearing_Apr_26_2021.pdfROI < 0.25 ▪ This is true even if all activity associated with credit is incentivized ▪ Firm must also generate enough new economic activity and tax liability attributable solely to the tax credit to reimburse the state ▪ This is a large amount designated KSDZs | Aliquippa and Bethlehem ▪ Only 1 taxpayer participates | limited analysis Recommendations ▪ Documentation of baseline employment | ensures all jobs are new ▪ Implement program/project caps | limits tax impact ▪ Allow program to expire | limited use not worth admin cost April 26, 2021 Hits: 2 |
PBB_2022_PHMC_REPORT.pdflisted in the National Register of Historic Places (3.7% of the U.S. total), the fourth largest number behind New York (6,269), Massachusetts (4,418) and Ohio (4,109). National Register designation enables Pennsylvania municipalities and nonprofit organizations to the tax credit is awarded and QRE for federal projects reflect the year of completion. State Number Share ($ millions) Share New York 6,269 6.5% $4,038 13.1% Ohio 4,109 4.3 2,392 7.7 Missouri 2 Hits: 2 |
PBB-Board-Hearing-Jan-22-2020.pdfnot line item Activities: What services does the agency provide? January 22, 2020 2 Year 2 Reviews - What’s New? More efficiency, outcome and benchmark metrics Able to meet with agencies earlier than last year (start in April) based violation Highest in nation (13.4%) | four times national rate (3.3%) DEP increases fees and implements new fees to add resources Vector Management: Black Fly, West Nile and Lyme Disease West Nile incidence rate: 0.10 Hits: 2 |
PASBO_March_17_2021.pdfmeals/entertainment | leased space March 17, 2021 10 Alternative Scenarios: High and Low Average Wage Growth High Growth: impact of new stimulus, inflation and early retirements American Rescue Plan (ARP) injects ~$56 billion into PA economy Causes faster wage Most former workers return to labor force (seek jobs), suppress wage growth Most jobs return rapidly due to new stimulus, and most are part-time Lower raises in exchange for remote working and other benefits March 17, 2021 Hits: 2 |
Official-Revenue-Estimate-Methodology-2020-6.pdfregression uses a log transformation, quarterly data and two explanatory variables: wage and business net income and Pennsylvania new car and light truck registrations. Motor and non-motor model projections are gross of any transfers, which are deducted from projections to and historical collection patterns through May. The FY 2020-21 estimate is based on historical collections and incorporates new revenues for gaming expansion. 8 Business purchases are based on U.S. investment data from the U.S. Bureau of Economic Analysis Hits: 2 |
Official-Revenue-Estimate-2020-06-Presentation.pdfGDP 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. Bureau Hits: 2 |
NGPR-2019Q4.pdf6% 12.4% 19.3% 8 Colorado 1,688 1,831 1,993 0.0% 8.5% 8.9% 9 New Mexico 1,325 1,524 1,863 3.3% 15.1% 22.2% 10 Wyoming 1,805 1,721 1 Production does not directly correspond to DEP data. For CY 2019, December production is estimated by the IFO. All Other New Mexico West Virginia Colorado Wyoming Ohio Louisiana Oklahoma Alaska Pennsylvania Texas 0 5,000 10,000 15,000 20,000 Hits: 2 |
NCSL_PA_IFO_11_15_21.pdfCONFERENCE OF STATE LEGISLATURES Notable Allocations ○ Hazard/premium pay – 6 states ○ Funding pandemic-related positions – 7 states ○ Vaccine Incentives – Massachusetts, New Mexico, and Nevada ○ Food banks and insecurity - 13 states ○ Childcare grants to business, relief to workers and families - 5 states to Priorities and Implementation 16 • Established a broad legislative framework. • Determined specific uses by transfer of funds to existing and new cash funds. • Governor’s SPARK Taskforce • Working Groups → Advisory Committee → Executive Committee → State Finance Council authorizes funds. UT VT GA Hits: 2 |
MTR-2018-05.pdffluctuating payment due dates. The non-tax revenue year-over-year growth rate (next page) was impacted by (1) a new $50 million slots license fee, (2) $127 million from the auction of new casino licenses, (3) $1.5 billion from the Tobacco Settlement Fund revenue bond proceeds and (4) $259 million related to Hits: 2 |
Monthly_Economic_Update_Nov_2023.pdfCredit Cards Drive 3.0% Rise in Pennsylvania Consumer Debt On November 7th, the Federal Reserve Bank of New York released its Report on Household Debt and Credit for 2023 Q3. The report includes per capita debt balances for Debt Balances by Type Note: 2023 is the YOY growth rates for the third quarter. Source: Federal Reserve Bank of New York. -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 2015 2016 2017 2018 2019 2020 2021 2022 2023 Hits: 2 |
Monthly_Economic_Update_February_2021.pdfOver 70% of Economic Impact Payments Saved or Used to Pay Down Debt The New York Federal Reserve released findings from two pandemic-related surveys. Survey recipients were asked to classify how they spent the over the prior year, despite the higher legal age to consume tobacco (raised from 18 to 21 in 2019) and new federal restrictions on e-cigarette flavors. Possible reasons for stronger than expected cigarette and tobacco sales include: increased stress, unregulated Hits: 2 |
MER-2015-04.pdfgrowth rate in megawatt‐hours of electricity sold to industrial customers in Pennsylvania each calendar quarter. 2 Completed Home Sales (New and Existing) The year‐over‐year growth rate in the number of single‐family prop‐ erties, townhomes and condominiums sold U.S. Energy Information Administration. 3/Pennsylvania Association of Realtors. 4/Federal Housing Finance Agency. 5/Federal Reserve Bank of New York. 2014.2 2014.3 2014.4 2015.1 4.6% 5.0% 2.2% 0.2% 3.7% 4 Hits: 2 |
MER-2015-03.pdfU.S. Energy Information Administration. 3/Pennsylvania Association of Realtors. 4/Federal Housing Finance Agency. 5/Federal Reserve Bank of New York. 2014.1 2014.2 2014.3 2014.4 ‐2.1% 4.6% 5.0% 2.2% 3.6% 3 their housing. 2 The share of renters sharply increased from 2010 to 2011, while the share of owners dropped. This new relationship contin‐ ues to the present day. A recent working paper from the Harvard University Joint Center on Housing Studies Hits: 2 |
MER-2015-02.pdfU.S. Energy Information Administration. 3/Pennsylvania Association of Realtors. 4/Federal Housing Finance Agency. 5/Federal Reserve Bank of New York. 2014.1 2014.2 2014.3 2014.4 ‐2.1% 4.6% 5.0% 2.2% 3.6% 3 the Commonwealth’s labor market has regained the total number of jobs lost during the recession, the composi‐ tion of new jobs created are somewhat different. While overall job creation is important, the types of jobs creat‐ ed has economic implications Hits: 2 |
MER-2014-08.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2013.3 2013.4 2014.1 2014.2 4.5% 3.5% ‐2.1% 4.2% 3.0% 0 Pennsylvania Snapshot: Personal Consumption Expenditures by State In August 2014, the U.S. Bureau of Economic Analysis (BEA) released a new prototype statistic: personal consumption expenditures (PCE) by state. The PCE data represent the goods and services purchased by or on Hits: 2 |
MER-2014-03.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2013.1 2013.2 2013.3 2013.4 1.1% 2.5% 4.1% 2.6% 2.8% 3 1 percent over last year), the number decreased to 35,000 in February (‐47.8 per‐ cent under last year). New single‐unit residential sales in the region followed the same trend, with ap‐ proximately 34,000 sales in January (+6 Hits: 2 |
MER-2014-01.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2013.1 2013.2 2013.3 2013.4 1.1% 2.5% 4.1% 3.2% 2.8% 3 Viewing this Ðigure exclusively, it would ap‐ pear that the Commonwealth’s labor market is Ðinally recovering. However, the labor news is not all posi‐ tive. The BLS also reported that the number of non‐ farm, seasonally adjusted jobs for December Hits: 2 |
MER-2013-11.pdfpa.us Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. Monthly Economic Report N o v e m b e r 2 0 1 3 2012.4 2013.1 ethylene by an ethane cracker, and is a common feedstock used to pro- duce plastics and resins. Proponents of the new ethane cracker assert that the abundance of cheap natural gas in Pennsylvania creates a comparative advantage for the industry and Hits: 2 |
jackson ppt.pdfotherwise distributed in any form without prior written consent. (Percent change, annual rate) US Employment Will Gradually Recover, Reaching a New Peak in Late 2014 6 © 2012, IHS Inc. No portion of this presentation may be reproduced, reused, or otherwise distributed demand. • Credit conditions remain tight across regions. • Mortgage foreclosures are adding to excess supply, thereby depressing prices and holding back new construction. • Multifamily home construction will lead the recovery, reflecting a shift from owner- occupied to rental housing. A Much-Delayed Hits: 2 |
ITEP-Presentation-11-14-2019.pdfincentives Reason #3: state tax cut and incentives Reason #4: shift to pass-through entities The good news: state policymakers have the tools to combat each of these. The State of State Corporate Income Taxes: 3 Percent and Eight-year revenue loss from this gap: $126 billion The Future of State Corporate Income Taxes Post-TCJA: ??? New territorial tax system with international anti-avoidance measures. Effectiveness unclear. Federal collections plummeting (until they’re not) post-TCJA Hits: 2 |
IFO_Testimony_RGGI_Nov_4_2022.pdfmultiple noted (3.8x, or $4.45 to $6.27). • In the Balanced Approach scenario, the model assumed that each new dollar of RGGI investment would leverage $2.52 of private investment for energy efficiency (31% of proceeds) and renewables investment 41.5% Virginia 72.7 103.1 41.8% 41.4 31.8 -23.2% Note: 10-state RGGI includes New Jersey and excludes Virginia. Emissions in metric tons. Source: U.S. Energy Information Administration. CreationDate: 2022-11-04 13:59 Hits: 2 |
IFO_Testimony_Feb2018.pdfwith the latest Philadelphia CPI-U reading running low (0.8% in December), jobs growth strong (roughly 60,000 net new jobs last year) and wages increasing at a solid pace (4.2% in latest quarter). Moreover, median existing home values the Federal Reserve winding down its unusually large portfolio of US Treasury securities (and other debt) as well as the new corporate territorial tax regime (allowing for repatriation of certain deferred foreign income), which will motivate certain firms to sell US Hits: 2 |
House_State_Gov_Comm_Presentation_August_2021.pdfSystem Funding Comparison August 19, 2021 5 2014 2018 State Funded Ratio Rank Per Capita Funded Ratio Rank Per Capita New York 98.1% 6 $186 98.0% 2 $217 Delaware 92.4 9 810 85.1 10 1,824 Georgia 6 46 4,257 54.8 45 5,377 Illinois 41.3 49 8,658 39.0 49 11,050 New Jersey 42.5 48 12,762 38.4 50 14,710 U.S. Total 74.8 -- 2,933 70.7 Hits: 2 |
Five_Year_Outlook_Presentation_2021.pdf11.0% 12.4% 11.6% 5.3% Used Cars 20.7% 45.3% 32.3% 27.2% 2.2% New Cars 8.7% 18.7% 20.8% 24.2% 3.1% Not Subject to Sales Tax Shelter 0.6% 1 credit and SNAP ▪ Student loan moratorium ends Jan 31, 2022 (began Mar 2020) ▪ Federal Reserve taper and interest rate adjustments ▪ New, expanded or extended federal programs (e.g., BBB)? Significant economic risks ▪ Workers eventually return ▪ No wage-price spiral that further Hits: 2 |
EPLC-2-19-21.pdf260 Note: Millions of dollars. Excludes $165 million transfer to Worker’s Compensation Fund in FY 24-25. Executive Budget: New Revenue, Education Funding February 19, 2021 21 General Fund Revenue and Fee Proposals ▪ $2.96 billion – PIT rate increase to 49% | Expand tax forgiveness ▪ $209 million – Combined reporting | CNIT rate reduction phase-in ▪ $116 million – Minimum wage increase ▪ $168 million – New municipal fee to fund state police services General Fund Education Funding Proposals ▪ $1.6 billion – Basic Education ($1.35 billion Hits: 2 |
EPLC Feb 2020 FINAL.pdfor GDP Tax Cuts and Jobs Act Wayfair Decision +66% +48% +43% +40% 2010-11 = 1.0 Lottery and Other New Games February 28, 2020 13 2015-16 2016-17 2017-18 2018-19 2019-20 Traditional Game Sales Instant Tickets 094 5,364 6,123 6,822 Growth 31.2% 13.0% 10.8% 5.3% 14.1% 11.4% New Wells Spud 1,350 783 503 810 779 610 Growth 13.7% -42.0% -35.8% 61.0% -3.8% Hits: 2 |
CompetePA_March_11_2021.pdfappropriations for FY 20-21 requested in Executive Budget. For FY 21-22, excludes enhanced FMAP ($2.4 billion) and new American Rescue Plan stimulus. Prior year lapses include transfers to Budget Stabilization Reserve Fund. Source: IFO Economic and Budget Outlook Credit Card Debt -11.6% 70% of impact payments saved or pay down debt S&P 500 Index +12.4% New Round of Federal Stimulus March 11, 2021 5 CARES CAA ARP Notes Payments to Individuals State Unemployment Compensation $5.2 Hits: 2 |
Budget_Hearing_Testimony-Feb2014.pdf2013. The growth rate can be decomposed into two parts: (1) 1.0 percent for job growth (about 57,000 new jobs) and (2) 2.6 percent for wage inflation, mostly pay raises to current workers. An improvement in the labor unclaimed property or to transfer monies from the Oil and Gas Lease Fund. • Additional slots or table games fees from new casino openings Thank you. I would be happy to answer any questions that you might have. Author: Mark Ryan Company Hits: 2 |
Announcement-Updated_Revenue_Estimates_and_Report.pdfRelease Revised Revenue Estimates and Updated Fiscal Outlook The Independent Fiscal Office (IFO) will hold a public presentation to release new revenue estimates and provide an update to its five-year economic and budget outlook. Date and Time: Wednesday, January 27, 2016; 2:00 p.m. Location: 14 th Floor Conference Center, Harrisburg University, 326 Market Street, Harrisburg The new revenue estimates include: (1) a mid-year revision to the IFO’s fiscal year (FY) 2015-16 forecast, and (2 Hits: 2 |
Analysis of Recent Collective Bargaining Agreements.pdfwages paid solely due to the fact that more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this save $31.0 million due to increased employee contributions (includes all union and management employees) for healthcare benefits under the new agreements. The office provided data to support that estimate, which was supplied by a contracted actuary. Based on the data Hits: 2 |
2024_Mid_Year_Update_Final.pdf6% 25.8% US Checking-Savings Balance -3.2% -3.3% -2.4% -2.0% Sources: Federal Reserve Bank of New York and FHFA. PA Home Value Index for 2023.4 is an estimate. US Credit Card Debt above trend, but Year Update Slide 17 Follow us on X (@ind_fisc_office) or sign up on the IFO website to receive notifications about new releases. Questions? Submit to contact@ifo.state.pa.us January 30, 2024 CreationDate: 2024-01-30 17:54:26 Creator Hits: 2 |
2018_Mid-Year_Update.pdf18-19: +$60-$80 million. Income tax: direct and indirect effects. Direct: higher dividends and capitals gains. Indirect: new spending becomes taxable income for others. Some shifting of business profits out of 2017 to 2018. 29.Jan.2018 Number of U.S. light vehicle sales down 1.8% in 2017. U.S. CPI-U for 2017: new vehicles -0.2%; used vehicles -3.6%. Forecast decline of 1.3% for 2018 sales (IHS Markit). Saturated market Hits: 2 |
2013-08 Monthly Economic Summary.pdfpa.us Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. Monthly Economic Report A u g u s t 2 0 1 3 2012.3 2012.4 2013.1 59 68 56 52 Statistical changes -37 -57 -26 -43 -52 32 Total Change 464 432 444 454 444 533 New GDP Measure 14,877 14,834 14,418 14,779 15,052 15,471 growth rate 1.8% -0.3% Hits: 2 |
2013-06 Monthly Economic Summary - FINAL.pdfpa.us Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. Monthly Economic Report J u n e 2 0 1 3 2012.2 2012.3 2012.4 2013.1 demand for LNG and higher domestic prices would likely result in more production from current wells and the drilling of new wells. In- creased production would generate more employment and higher total wages for the industry, which pays a considerably higher Hits: 2 |
2013-02 Monthly Economic Report.pdf6.6% Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. 2012.3 3.0% -0.3% 5.3% Monthly Economic Report F e b r u a r y 5 billion to pay a special $3 billion divi- dend equivalent to more than six years of quarterly dividends. 1 New data released by the Bureau of Economic Analysis (BEA) indicate that fourth quarter dividend payments were indeed much higher in Hits: 2 |
2013-01 Monthly Economic Report.pdf6.6% Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. 2012.3 3.0% 0.0% 5.3% Monthly Economic Report J a n u a r y 2 grocery items, restaurants and entertainment) which comprise roughly 15-20 percent of an average employ- ee’s expenditures. 2 Anecdotal news stories suggest that mid-tier retailers and restaurants are most likely to expe- rience decreasing sales as consumers adjust to Hits: 2 |
2012-07 Monthly Economic Summary10.pdfShare of US consumer debt that is more than 90 days delinquent. Data are from the Federal Reserve Bank of New York. 2011.4 4.1% 4.1% 9.2% -2.6% 7.2% 2012.1 2.0% 2.8% 10 Share of PA consumer debt that is more than 90 days delinquent. Data are from the Federal Reserve Bank of New York. 2011.4 4.1% -2.8% 5.2% 2012.1 3.1% 0.2% 4.9% Independent Fiscal Office Hits: 2 |
LinksStatistics • Census Bureau • Weekly Jobless Claims • Employment Situation • Advance Retail Sales • Existing Home Sales • GDP and Profits • Monthly Personal Income • New Residential Sales • Case-Shiller Home Prices • Consumer Confidence PA Economic Indicators • Labor Force and Employment • Quarterly Personal Income • Gross State Department of Labor and Industry • Department of Revenue • General Assembly • Office of the Budget • Office of the Governor State Budget News • Pew Center for States • Rockefeller Institute of Government • Governing: States and Localities • Federation of Tax Administrators • National Conference of State Hits: 2 |
Witgert Nov 15, 2012.pdfeligibility regardless of family or employment status • Financial eligibility rules simplified – Everyone eligible up to 133% FPL • Enhanced FMAP for “new eligibles” • 100% 2014-2016 • 90% thereafter 10 Tools to help decide • How much will the expansion cost a state? – How Hits: 1 |
WC-2019-UFCW.pdfworkers (2.69 percent multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. Source: Office of Administration. 2/ Estimated base salaries and benefits Hits: 1 |
WC-2019-SEIU.pdfworkers (2.20 percent multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. Source: Office of Administration. 2/ Estimated base salaries and benefits Hits: 1 |
WC-2019-AFSCME.pdfworkers (1.75 percent multiplied by the prior year wage base). These savings would have been realized regardless of the new bargaining agreement and should not be attributed to the agreement. Source: Office of Administration. 2/ Estimated base salaries and benefits Hits: 1 |
Wage Contract PFBC-FINAL.pdfwages paid solely due to the fact that more experienced, higher-paid workers separate from service, and are replaced by new, lower-paid workers. All else equal (i.e., the total number of employees and wage rates do not change), this Hits: 1 |
Testimony-02-2020.pdfU.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis, Federal Housing Finance Agency, Federal Reserve Board of New York. Forecasts by IFO. Author: Matthew Knittel Company: Microsoft CreationDate: 2020-02-18 13:27:11 Creator: Acrobat PDFMaker 15 Hits: 1 |
TC_2022_Coal_Refuse_Energy_and_Reclamation.pdf5 0.7 2.8 1.9 Missouri 0.0 0.1 0.6 0.8 2.8 1.9 New Mexico 0.8 4.3 0.3 0.3 2.8 1.9 North Dakota 1.1 5.3 0 Hits: 1 |
Tax_Modernization_Mar_2024.pdfNote: millions of dollars. Follow us on X (@ind_fisc_office) or sign up on the IFO website to receive notifications about new releases. Questions? March 1, 2024 Addendum: Self-Employment and S Corps/Partnerships Slide 9 Tax Modernization & Reform Federal AGI (see Hits: 1 |
Select Committee Oct 1 2012 FINAL.pdfProperty Tax Relief Fund. Analysis assumes that General Fund is held harmless and Department of Revenue able to separate new revenues from existing revenues. 1.Oct.2012 Analysis of HB 1776 and SB 1400 of 2012 – Slide 3 Analysis Objectives Hits: 1 |
SD_Property_Tax_Forecast_Nov_2021.pdfactual FY 2019- 20 current-year property tax collections, (2) the impact from FY 2021-22 millage rates and (3) new wage projections that increase the statewide average weekly wage (SAWW) portion of the Act 1 Index projection. Forecast Overview Table Hits: 1 |
SD-Property-Tax-Forecast-2020.pdfFY 2017-18, estimated by IFO thereafter. Forecast Overview Independent Fiscal Office February 2020 2 The tax base expands when new properties are added to the assessment rolls or current properties are reassessed based on improvements, and it contracts when appeals Hits: 1 |
SD-Property-Tax-Forecast-2019.pdfto as economic growth) and (2) tax rate increases as limited under Act 1. 2 The tax base expands when new properties are added to the assessment rolls or current properties are reassessed based on improvements, and it contracts when assessment Hits: 1 |
Revenue_Estimate_2016-06-15_Release.pdfwww.twitter.com/ind_fisc_office. Sign up at www.ifo.state.pa.us/EmailSubscr.cfm to be alerted by email when new documents are posted to the IFO website. Contact: Matthew Knittel, 717-230-8293 # # # Author: mryan CreationDate: 2016-06-15 18 Hits: 1 |
Revenue_Estimate_2015-06-15_Release.pdfwww.twitter.com/ind_fisc_office. Sign up at www.ifo.state.pa.us/EmailSubscr.cfm to be alerted by email when new documents are posted to the IFO website. Contact: Matthew Knittel, 717-230-8293 # # Author: mryan CreationDate: 2015-06-15 19 Hits: 1 |
Revenue_Estimate_2015-05-04_Release.pdfFOR IMMEDIATE RELEASE May 4, 2015 Independent Fiscal Office Releases Revenue Estimates (Harrisburg) - - The Independent Fiscal Office (IFO) today released new revenue estimates for FY 2014-15 and FY 2015-16, according to director Matthew Knittel. By statute, the office issues Hits: 1 |
Revenue_Estimate_2014-06-16_Release.pdfwww.twitter.com/ind_fisc_office. Sign up at www.ifo.state.pa.us/EmailSubscr.cfm to be alerted by email when new documents are posted to the IFO website. Contact: Matthew Knittel, 717-230-8293 # # Author: MJR Company: Microsoft CreationDate: 2014-06- Hits: 1 |
Response-Letter-11-08-2019.pdfpercent of homeowners in Pennsylvania do not apply for the homestead exclusion. 5 This analysis assumes that the enactment of new, higher property tax relief would incentivize one-half of those homeowners to come forward and apply for the rebate. The Hits: 1 |
RB_2024_03_Jobs_Revised.pdfthe BLS in their Current Employment Survey (CES) data series, which are based on surveys and imputed jobs created by new firms. (Note: Both series exclude self-employed.) On March 11, the BLS published preliminary state-level CES jobs data for Hits: 1 |
RB_2024_02_Jobs_Revised.pdfthe BLS in their Current Employment Survey (CES) data series, which are based on surveys and imputed jobs created by new firms. In March, the BLS will release state-level CES jobs data for January and February 2024, and those data Hits: 1 |
RB_2023_07_Inflation_Impact.pdffigures represent cumulative real gains over the time period, and not average annual gains. 1 See https://www.bls.gov/news.release/realer.htm for the latest BLS release and methodology. All Private Leisure- Trade and Prof and Time Period Workers Hits: 1 |
RB_2023_06_Jackpot_Lottery.pdfgrowth in FY 2021-22 (+35.5%) due to an extra weekly drawing (increased to three weekly drawings) and a new double-play option to provide players another opportunity to win. For FY 2022-23, a rapid increase in interest rates Hits: 1 |
RB_2021_11_Wage_Growth.pdfDecember 1984. The total wages metric displays stronger growth because it is a broader measure that includes the impact of new jobs added from the prior year (or rehires) and employment shifting across industries (i.e., leaving a low-wage job Hits: 1 |
RB_2021_11_Economic_Development_Incentives.pdf1.5 Video Game Production 0.0 0.0 0.3 1.0 1.0 1.0 Tax Credit for New Jobs 6.5 10.1 10.1 10.1 3.0 0.0 Mobile Telecomm. Broadband Investment 0.2 0 Hits: 1 |
RB_2021_10_Inflation_Impact_Wages.pdfare-getting-large-raises-not-enough-keep-higher. 2 Payroll workers only. Excludes self-employed. See https://www.bls.gov/news.release/realer.htm#re_table1.f.1. May June July August All Private Workers -1.7% -1.5% -0.7% -0 Hits: 1 |
RB_2021_03 COVID-19 Impact on Deaths.pdfprojections, and other statewide demographic projections, will be released at the end of October. That release will also incorporate the new U.S. Census Bureau data based on the 2020 decennial census. Age 2017 2018 2019 2020 2021 2020 2021 Under Hits: 1 |
RB_2021_02 County Income Patterns.pdfof the state generally recorded strong per capita personal income growth, and some of the strongest growth occurred along the New York state border. Much of the growth in those counties was driven by net earnings. For instance, Potter County had Hits: 1 |
RB-2018-01.pdfto as economic growth) and (2) tax rate increases as limited under Act 1. 3 The tax base increases when new properties are added to the assessment rolls or current properties are reassessed based on improvements, and it decreases when assessment Hits: 1 |
QRR_2015Q4.pdftax revenues were above estimate by $4 million for the quarter and $20 million for the fiscal year. News reports indicated that some counties may have withheld funds during the budget impasse. If this occurred, the reported results understate the strength Hits: 1 |
QRR_2014Q2.pdffor the quarter and $72 million for the fiscal year. Total oil company franchise tax collections including the new Act 89 components total $341 million for the quarter and $841 million for the fiscal year. Revenues for this category were above Hits: 1 |
QRE_FY14-15.pdf9 Effective Date The change to the holding period and penalties took effect on July 10, 2014. The new misdemeanor and related fines take effect on January 10, 2015. Fiscal Analysis The FY 2014-15 Executive Budget estimated that the reduction Hits: 1 |
PSBA_January_19_2022.pdfRecent Acceleration of Inflation January 19, 2022 4 Very High Used Cars +38.1% Gasoline +37.4% Energy +25.1% New Cars +22.4% Relatively Low Education-Comm +1.9% Medical Care +3.3% Shelter +4.3% -5% 0% 5% 10% Hits: 1 |
Press_Release_2018_Economic_and_Budget_Outlook.pdfupcoming fiscal year. The potential imbalance falls to $1.58 billion in FY 2023-24 based on current policies. A new sales and use tax transfer to the Public Transportation Trust Fund beginning in FY 2022- 23 reduces revenue by approximately Hits: 1 |
Press_Release_2017_Economic_and_Budget_Outlook.pdffinancial statement incorporated only mandatory expenditures. The recent revenue package is expected to make approximately $2.3 billion of new revenue available in FY 2017-18, which would be sufficient to maintain a positive ending balance for the current year Hits: 1 |
Presentation_PICPA_12-3-2014.pdfNatural Resources +20k | +111% 2003 = 1 14 Expansion for Healthcare and Professional Service Sectors. • Healthy PA to add 600,000 new enrollees. • Some uncertainty over the ACA. Continued Contraction for Government Sector. • Federal government sheds Postal Service jobs. • Local gov’t Hits: 1 |
Presentation-2019-3-1-EPLC.pdf094 5,364 6,123 6,613 Growth 31.2% 13.0% 10.8% 5.3% 14.1% 8.0% New wells spud 1,350 783 503 810 779 n.a. Growth 13.7% -42.0% -35.8% 61.0% -3 Hits: 1 |
PICPA_Presentation.pdflevels for all PA consumers with a credit report. Includes family members of such consumers. Source: Federal Reserve Board of New York, Quarterly Report on Household Debt and Credit. U.S. Corporate Profits Decline - Again June 7, 2017 14 Annual Growth Hits: 1 |
PICA_Presentation_2020_11.pdfspending (redirected) Excess supply in commercial real estate rental market Less business travel, accommodation and dry cleaning services New spend patterns, more on-line sales and productivity gains = job loss Grocery spending up ~+10% June to Sept | but Hits: 1 |
PEW_Presentation(Video).pptxorg/ taxincentives Evaluation example: Alabama pewtrusts.org/ taxincentives Evaluation example: Minnesota pewtrusts.org/ taxincentives Options to inform policy choices • Create new legislative committees • Utilize existing committee structure • Require the governor to make recommendations after evaluations • Establish expiration dates on incentives to Hits: 1 |
PEW_Presentation(Video).ppsxorg/ taxincentives Evaluation example: Alabama pewtrusts.org/ taxincentives Evaluation example: Minnesota pewtrusts.org/ taxincentives Options to inform policy choices • Create new legislative committees • Utilize existing committee structure • Require the governor to make recommendations after evaluations • Establish expiration dates on incentives to Hits: 1 |
PBB_TaxCredits_Schedule_2022_Update.pdfand Alcohol Programs Insurance Revenue Executive Offices Environmental Hearing Board Conservation and Natural Resources Year Tax Credits 1 Film Production New Jobs Historic Preservation Incentive 2 Research and Development Keystone Innovation Zones Mobile Telecom and Broadband Organ and Bone Marrow 3 Hits: 1 |
PBB_Board_Hearing_Apr_27_2021.pdfto 5 (vs. 3.1 average for all PA nursing homes) Policymakers can monitor outcomes related to additional resources for new or existing programs ▪ PennDOT REAL ID program ▪ DMVA Keystone State ChalleNGe Academy April 27, 2021 3 Pennsylvania Department of Transportation Hits: 1 |
PBB-Board-Hearings-Schedule-2019.pdfNOB meetings rescheduled Hearing Room 1- NOB Department of Corrections Tax Credit Reviews: Pennsylvania Board of Probation and Film Production, New Jobs, Historic Parole Preservation Incentive Juvenile Court Judges' Commission 11:30 A.M. - 1:30 P.M. Pennsylvania Commission on Hits: 1 |
PBB-Board-Hearing-Agenda-January 2019-Revised.pdfIndependent Fiscal Office Brenda Warburton, Deputy Director, Independent Fiscal Office 10:15am - 11:30am Review of Tax Credits (Film Production, New Jobs & Historical Preservation Incentive) Amy Gill, Deputy Secretary of Tax Policy, Department of Revenue Scott Dunkelberger, Executive Deputy Secretary, DCED Hits: 1 |
PBB-Board Hearing Jan 23 2020.pptxof enrollees up 25% for MA physical health ▪ Number receiving services up 13% for MA behavioral health ▪ Higher share of new mothers and children receive care Notably shorter processing times due to electronic submissions ▪ Nearly one-third reduction for MA application Hits: 1 |
PBB Board Hearing Agenda- January 2019.pdfIndependent Fiscal Office Brenda Warburton, Deputy Director, Independent Fiscal Office 10:15am - 12:00pm Review of Tax Credits (Film Production, New Jobs & Historical Preservation Incentive) Amy Gill, Deputy Secretary of Tax Policy, Department of Revenue Scott Dunkelberger, Executive Deputy Secretary, DCED Hits: 1 |
PA_Assoc_of_Community_Bankers_Presentation_2020_12.pdfspending (redirected) Excess supply in commercial real estate rental market Less business travel, accommodation and dry cleaning services New spend patterns, more on-line sales and productivity gains = job loss Grocery spending up ~+10% June to Nov | but Hits: 1 |
PASBO_Presentation_March_16_2023.pdfResidence 8.8% 8.3% Owner Occupied Housing 8.0% 7.6% All Energy (gasoline, utilities) 5.2% 6.6% New Cars 5.8% 5.7% Used Cars -13.6% -13.6% All Durable Goods -1.8% 0.7% Medical Care Hits: 1 |
PACBI_Presentation_March_13_2023.pdfeffective Jan 1, 2024 Adult Use Cannabis Tax 20% wholesale price, effective Jan 1, 2025 Recruit and Retention Tax Credit New professionals in nursing, teaching, public policing, effective Jan 1, 2023 (-$25m) Surplus Funds (~$13 billion) Rainy Day Fund and Carryforward Hits: 1 |
Official_Revenue_Estimate_Methodology_2021.pdfcurrent trends and historical collection patterns through May. The FY 2021-22 estimate is based on historical collections and incorporates new revenues for gaming expansion. 2015 2016 2017 2018 2019 2020 2021 2022 Revenue $96 $100 $121 $123 $132 $143 $237 Hits: 1 |
NFIB_Feb_2024.pdfFederal Reserve depleted Greater reluctance to quit; softness in white collar jobs 2024: $10 trillion in debt matures or is new CreationDate: 2024-02-05 14:20:09 Creator: Microsoft® PowerPoint® for Microsoft 365 ModDate: 2024-02-05 14:21:10 Hits: 1 |
MTR-2019-07.pdfCNIT), personal income tax (PIT) and inheritance tax. Sales and use tax (SUT) and realty transfer tax declined due to new or expanded transfers. July CNIT collections were $93.1 million, an increase of $18.4 million (24.6 percent) from Hits: 1 |
MTR-2018-06.pdfmillion slots license fee, (2) a $24.8 million table games certification fee, (3) $127 million from the auction of new casino licenses, (4) $1.5 billion in Tobacco Settlement Fund revenue bond proceeds and (5) $324 million from the leasing Hits: 1 |
MRU-2020-3.pdfyear. Other tobacco products revenues are largely performing as expected for the year, after adjusting for the impact of the new federal age restriction on purchases (effective December 2019). Liquor tax collections displayed some weakness (-$2.6 million) for the month Hits: 1 |
MQRE_FY21_22_August.pdfpurchased for installation in a computer data center. This provision is effective January 1, 2022. Prior Law The new exemption replaces an existing refund provision for purchases of computer data center equipment. Fiscal Analysis This provision is projected to reduce FY Hits: 1 |
MQRE-FY18-19-July.pdfprojected to reduce FY 2018-19 PIT withholding collections by $15 mil- lion. Transfer to Retirement Systems for New Defined Contribution Plans (Act 42) The act requires PIT transfers of $4.9 million to the State Employee Retirement System (SERS) and Hits: 1 |
Monthly_Economic_Update_September_2021.pdffor homeowner imputed rent (Owner Equivalent Rent), which comprises 26.3% of the CPI-U basket. Transportation inflation (used and new cars, gasoline) decelerated in August, but remains strong at 17.5%. Excluding the Shelter component, metro area inflation also decelerated Hits: 1 |
Monthly_Economic_Update_Oct_2023.pdfto a larger home could impact decisions to expand family size, or delay such decisions. ▪ Fewer purchases of home amenities. New homeowners and current owners who relocate typically purchase goods such as appliances and furniture, or make specific upgrades (e.g Hits: 1 |
Monthly_Economic_Update_October_2021.pdfFee Likely to Increase by Nearly $75 Million in 2022 The near-month settlement price of natural gas on the New York Mercantile Exchange (NYMEX), upon which Pennsylvania’s Impact Fee is based, is $5.84 per MMBtu for October. This Hits: 1 |
Monthly_Economic_Update_March_2022.pdftotal CPI) grew rapidly due to used motor vehicles (+42.7% growth year-over-year (YOY)), gasoline (+31.6%) and new motor vehicles (+22.2%). The shelter component (35.4% of total CPI) grew due to rent of primary residences (+4 Hits: 1 |
Monthly_Economic_Update_March_2021.pdfto improve after the COVID-19 vaccine distribution. This could boost both demand and supply in the upcoming months, and new listings would enhance inventory in a tight housing market. 2020 Home Prices and Low Interest Rates Drove High Levels of Hits: 1 |
Monthly_Economic_Update_June_2021.pdfFemale Workers The U.S. Census Bureau recently released the Quarterly Workforce Indicators dataset for 2020 Q3. These data provide new detail on the type of workers who lost jobs during the COVID-19 pandemic. The table below displays these data Hits: 1 |
Monthly_Economic_Update_July_2020.pdfNYMEX Natural Gas Price at Lowest Level in Decades The average price of natural gas on the New York Mercantile Exchange (NYMEX), upon which the Pennsylvania impact fee is based, settled at $1.50 for July. This is Hits: 1 |
Monthly_Economic_Update_December_2020.pdfGas Price Declines 21%, PA Impact Fee to Fall to Record Low The average price of natural gas on the New York Mercantile Exchange (NYMEX), upon which the Pennsylvania Impact Fee is based, settled at $2.08 for calendar year (CY Hits: 1 |
Monthly_Economic_Update_August_2020.pdfand other economic stimulus measures. Household Debt Declines for the First Time Since 2014 Q2 The Federal Reserve Bank of New York released household debt and credit data for 2020 Q2. Total household debt and credit card balances both declined from Hits: 1 |
Monthly_Economic_Update_April_2020.pdfby 46.2% over the prior year in Pennsylvania and 30.1% nationally. The year- over-year contraction in Pennsylvania new business applications is more severe than contractions realized during the Great Recession. While some of the decline in business applications Hits: 1 |
Mid_Year_FY16-17_Presentation.pdflines of credit. Numbers in parentheses represent share of total consumer debt for 2016 Q3. Source: Federal Reserve Bank of New York. 25.Jan.2017 16 PA Consumer Debt Growth Year-Over-Year Growth Rates (Quarterlies) Tax Year Q1 Q2 Q3 Hits: 1 |
MER-2015-01.pdfU.S. Energy Information Administration. 3/Pennsylvania Association of Realtors. 4/Federal Housing Finance Agency. 5/Federal Reserve Bank of New York. 2014.1 2014.2 2014.3 2014.4 -2.1% 4.6% 5.0% 2.6% 3.6% 3 Hits: 1 |
MER-2014-12.pdfU.S. Energy Information Administration. 3/Pennsylvania Association of Realtors. 4/Federal Housing Finance Agency. 5/Federal Reserve Bank of New York. 2013.4 2014.1 2014.2 2014.3 3.5% ‐2.1% 4.6% 5.0% 0.1% 3 Hits: 1 |
MER-2014-09.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2013.3 2013.4 2014.1 2014.2 4.5% 3.5% ‐2.1% 4.6% 3.0% 0 Hits: 1 |
MER-2014-07.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2013.2 2013.3 2013.4 2014.1 1.8% 4.5% 3.5% ‐2.1% 2.6% 3 Hits: 1 |
MER-2013-12.pdfdelinquent. 3 Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Federal Reserve Bank of New York. 2012.4 2013.1 2013.2 2013.3 0.1% 1.1% 2.5% 4.1% 5.8% 2 Hits: 1 |
Medicaid_Expansion_Report_Note_on_Revisions.pdfAn Analysis of Medicaid Expansion in Pennsylvania May 13, 2013 Based on new information received after the release of its original report on Medicaid expansion, the Independent Fiscal Office has published a revision Hits: 1 |
Labor_Market_Update_Sept_2021.pdfstrong up to the final week of the program, and very few recipients appear to have returned to prior or new employment. Total amounts received did not change in the final month of extra benefits as the PUA benefits actually increased Hits: 1 |
Initial_Estimate_May_2017_Press_Release.pdfFOR IMMEDIATE RELEASE May 2, 2017 Independent Fiscal Office Releases Revenue Estimates (Harrisburg) - - The Independent Fiscal Office (IFO) today released new revenue estimates for FY 2016-17 and FY 2017-18, according to director Matthew Knittel. By statute, the office issues Hits: 1 |
IFO_Retirement_Task_Force_Jan2018_Presentation.pdfSince 2013, there have been 8,549 reverse mortgages completed. Source: "The Graying of American Debt," Federal Reserve Bank of New York. Fewer PA Seniors Own Home Outright Jan.25.2018 Independent Fiscal Office 14 Share of PA Homeowners w/o Hits: 1 |
IFO_PASBO_Presentation_Nov_2021.pdfflat. ▪ FY 2021-22 millage rates published by PDE. ▪ Current wage projections by the IFO utilized in Five-Year Outlook. New projection is $330 million higher in FY 25-26 than February ▪ Due to 20-21 revision and significant increase in Hits: 1 |
IFO_Job_Opportunity_Revenue_Analyst.pdfin writing in a manner that is appropriate for the intended audience. ➢ Motivation to improve analytical methods and seek out new and unique data sources. ➢ Ability to meet deadlines and manage time efficiently. ➢ Proficiency with Microsoft Excel. The ability to use Hits: 1 |
House_Maj_Policy_Com_Testimony_June_8_2022.pdfprices were up 33% from the prior year and comprise 7.0% of the CPI-U basket. • Durable goods purchases (new and used cars, appliances, furniture) were up 14% (10.9% of CPI-U). • Grocery prices are now increasing rapidly, up Hits: 1 |
Grow PA 12.3.2019.pdfAnalysis, U.S. Bureau of Labor Statistics, Economic and Budget Outlook, IFO (Nov. 2019), Zillow, and Federal Reserve Bank of New York. CreationDate: 2019-12-02 19:52:52 Creator: Microsoft® Excel® 2016 ModDate: 2019-12-02 19:59:45 Producer Hits: 1 |
GPNP July 10, 2012 final.pdfUS, All Debt PA, Mortgage Debt 2010 Q1 4.1% Share of Debt “Seriously Delinquent” Source: Federal Reserve Board of New York 10.Jul.2012 16 2012 GPNP Conference $200 $300 $400 $500 $600 2003 2005 2007 2009 2011 2013 $571 Hits: 1 |
FTA_Presentation_Oct_24_2022.pdf5% -29.7% -3.7% -11.6% Maryland -11.6 -2.4 -0.3 -9.9 -6.9 0.0 New York -5.6 -15.4 -7.0 -15.8 -5.8 -18.2 Pennsylvania -3.9 -14.6 -13.7 Hits: 1 |
Five_Year_Outlook_2015_Press_Release.pdfpotential imbalances of $1.1 billion for FY 2015- 16 and $2.4 billion for FY 2016-17.” Knittel said. “New policies or revised spending levels enacted with the FY 2015-16 budget will alter the projections.” The report evaluates the Hits: 1 |
Economic_and_Revenue_Update_Presentation_August_2020.pdf4 billion PUA paid Injection of nearly $1 billion per week on average Likely a large negative hit | new data are needed to assess Many lower wage jobs likely permanently lost Increased automation | shifting spending patterns | less travel Hits: 1 |
Economic_and_Revenue_Update_2020_10.pdfterm unemploy- ment. Many technical and structural factors support a scenario where lost jobs are not recovered including: new consumer spending patterns (e.g., more in-home dining), more online shopping, less travel, greater automation, more teleworking and reduced production capacity Hits: 1 |
Econ Summit Presentation Feb 28 2017.pdfAircraft 160 Insurance Premiums Tax 142 Tax Reform Corporate – Combined Reporting 0 Corporate – Rate Reduction 0 Corporate – NOL Threshold 81 New Severance Tax – 6.5% 294 TOTAL $1,006 Note: millions of dollars. The combined reporting and lower corporate tax rate Hits: 1 |
April_1_Revenue_Update.pdfin April and May, and not a true gain. • Withholding tax collections remained solid for the first quarter of the new calendar year, growing by 4.8% relative to the prior year. That rate was largely as expected. • Sales and use Hits: 1 |
Act_1_Index_Update_Nov_2023.pdfout of 500 school districts had an adjusted index that was higher than the base index. Act 1 Index Reaches New High Independent Fiscal Office | November 2023 Fiscal Year SAWW ECI Base 2007-08 2.8% 4.0% 3.4% 2008- Hits: 1 |
ACN_SB1_technical_corrections_2017_06_05.pdfof compensation. Also on page 5, clarified that the final average salary limitation on voluntary overtime pay applies only to new hazardous duty employees. • On page 7, clarified the amortization starting dates for changes to the unfunded accrued liability of SERS Hits: 1 |
2020_Mid_Year_Update.pdfSource: Home sales and median home price from Zillow. House Price Index from Federal Housing Finance Agency. Debt data from New York Federal Reserve Board. Demographic Trends Cause Tight Labor Market January 28, 2020 6 Annual Change (000s) 2015 2016 2017 Hits: 1 |
2020 PBB Agenda.pdf9:40 am 1. Business of the Board (Election of Chair and Vice Chair) 2. Recognition of Board Designees 3. New Business: Re‐Adopt Operating Rules 9:40 am – 9:45 am Overview of Plan Development Process and Review of Process Hits: 1 |
2013-09 Monthly Economic Summary-FINAL.pdfpa.us Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. Monthly Economic Report S e p t e m b e r 2 0 1 3 2012.3 2012 Hits: 1 |
2013-05_Monthly_Economic_Summary.pdfpa.us Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. Monthly Economic Report M a y 2 0 1 3 2012.2 2012.3 2012.4 2013.1 1 Hits: 1 |
2013-04 Monthly Economic Report.pdfpa.us Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Finance Agency. 3/ Fed. Res. Bank of New York. Monthly Economic Report A p r i l 2 0 1 3 2012.1 2012.2 2012.3 2012 Hits: 1 |
2012-12 Monthly Economic Summary FINAL.pdf6.6% Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Financing Authority. 3/ Fed. Res. Bank of New York. 2012.3 3.0% 0.0% 5.3% Monthly Economic Report D e c e m b e r Hits: 1 |
2012-10 Monthly Economic Summary FINAL.pdfn.a. Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Financing Authority. 3/ Fed. Res. Bank of New York. 2012.3 n.a. n.a. n.a. Monthly Economic Report O c t o b e r 2 Hits: 1 |
2012-09 Monthly Economic Summary 7.pdf7.1% Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Financing Authority. 3/ Federal Reserve Bank of New York. 2011.3 3.8% -1.1% 5.5% Monthly Economic Report S e p t e m b e Hits: 1 |
2012-08 Monthly Economic Summary_Final.pdf7.1% Sources: 1/ U.S. Bureau of Economic Analysis. 2/ Federal Housing Financing Authority. 3/ Federal Reserve Bank of New York. 2011.3 4.5% -1.1% 5.5% domestic profits’ share of GDP fails to surpass its pre-recession Hits: 1 |
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