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Act 1 Index Reaches New High The Act 1 index limits the annual increase in school district millage rates. For FY 24-25, PDE recently certified an all-time high value (5.3%). This report examines the factors that drive that outcome and provides projections through FY 28-29. Tags: act, index, one
June 2023 Revenue Update The Commonwealth collected $44.92 billion in General Fund revenues for fiscal year 2022-23, a decrease of $3.22 billion (-6.7%) compared to the prior fiscal year. The decline is due to a one-time transfer of $3.84 billion in FY 2021-22 and a new SUT transfer. 07/03/2023
Keystone Special Development Zone Tax Credit Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credits. Click on the link to access the Keystone Special Development Zone Tax Credit Report. 09/24/2021
NAP, REAP, EEEP, VGP and KSDZ Tax Credit Reviews IFO presentation of the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credit Reviews. 04/26/2021
Resource Enhancement and Protection Program Tax Credit Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credits. Click on the link to access the Resource Enhancement and Protection Program Tax Credit Report. IFO Letter to the SCC 04/23/2021
Entertainment Economic Enhancement Program Tax Credit Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credits. Click on the link to access the Entertainment Economic Enhancement Program Tax Credit Report. 04/23/2021
Neighborhood Assistance Program Tax Credit Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credits. Click on the link to access the Neighborhood Assistance Program Tax Credit Report. 04/23/2021
Video Game Production Tax Credit Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the third year, the IFO reviewed the Neighborhood Assistance Program, Resource Enhancement and Protection Program, Entertainment Economic Enhancement Program, Video Game Production and Keystone Special Development Zone Tax Credits. Click on the link to access the Video Game Production Tax Credit Report. 04/23/2021
Projecting the Components of the Act 1 Index Director Matt Knittel made a presentation to PASBO regarding the IFO’s recent computation of the Act 1 Index. 03/17/2021
OBMD, MTBI, R&D, and KIZ Tax Credit Reviews and PBB Overview for DCED, DOH and DHS IFO presentation of Organ and Bone Marrow Donation, Mobile Telecommunications Broadband Investment, Research and Development and Keystone Innovation Zone Tax Credit Reviews and Performance-Based Budget highlights for the Department of Community and Economic Development, Department of Health and Department of Human Services.   01/22/2020
Research and Development Tax Credit Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits. Click on the link to access the Research and Development Tax Credit Report. 01/21/2020
Keystone Innovation Zone Tax Credit Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits. Click on the link to access the Keystone Innovation Zone Tax Credit Report. 01/21/2020
Mobile Telecommunications Broadband Investment Tax Credit Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits. Click on the link to access the Mobile Telecommunications Broadband Investment Tax Credit Report. 01/16/2020
Organ and Bone Marrow Donation Tax Credit Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the second year, the IFO reviewed the Research and Development, Keystone Innovation Zone, Mobile Telecommunications Broadband Investment and Organ and Bone Marrow Donation Tax Credits. Click on the link to access the Organ and Bone Marrow Donation Tax Credit Report. 01/16/2020
Tax Incentive Expansion In response to a legislative request, the Independent Fiscal Office analyzed new or expanded tax credits and special zones approved by the General Assembly since 2009. 12/11/2019
PA Fiscal Update and Outlook Director Matthew Knittel gave a presentation to the County Commissioners Association of Pennsylvania that reviews highlights from the IFO's recent Economic and Budget Outlook. 11/19/2018
County Homestead Detail As an extension of its recent research relating to property taxes, the IFO has released additional data regarding homestead property. Estimates for the numbers and assessed values of homestead properties by county are based, in large part, on the results of a survey of county assessment offices. The County Commissioners Association of Pennsylvania provided valuable assistance by coordinating the survey. Data for Philadelphia has been adjusted based on new information provided by the Philadelphia Department of Revenue. 12/06/2017
Actuarial Note for Senate Bill 1; A01354 and A01558 The actuarial note analyzes a proposal to amend the Public School Employees' Retirement Code and the State Employees' Retirement Code to (1) require most new employees to select one of three new plan design options and (2) make certain actuarial funding changes. The plan design options include two hybrid plans consisting of defined benefit and defined contribution components. The third option is a stand-alone defined contribution plan.  On June 5, 2017 the IFO updated the actuarial note by clarifiying certain language in the summary of Senate Bill 1. A list of the changes is available here.  06/03/2017
A Look Forward: Pennsylvania’s Economic and Revenue Outlook Deputy Director Mark Ryan made a presentation to the 2016 Keystone Rail Freight Seminar regarding Pennsylvania's economic and revenue outlook. 05/13/2016
Uncapping the Film Production Tax Credit: A Fiscal and Economic Analysis This report presents the results of an analysis performed by the Independent Fiscal Office (IFO) on the fiscal and economic impacts of eliminating the cap on Pennsylvania’s film production tax credit (FPTC). The report also considers stand-alone tax credits for post-production and digital interactive media services. 05/31/2013
ACN_SB1071_A10803_text.pdf permanently designated in writing by a participant receiving distributions to the board under an approved domestic relations order to receive one or more distributions from the plan upon the death of such participant. * * * "Leave for service with a collective bargaining organization of July 23, 1970 (P.L.563, No.195), known as the Public Employe Relations Act: Provided, That greater than one- half of the members of the employee organization are active members of the system or active participants of the plan Hits: 80
2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf 479 A.2d 962 (1984). Public Employee Retirement Commission actuarial note on Document Number 1182, April 2002. 5 - 4 - As one of the jurisdictions that applies the most literal construction to the constitutional contract clause, Pennsylvania is less able to alter the federal constitutional contract clause construction, it appears that a bankruptcy judge could vacate contractual provisions going forward. This is one of the many issues being litigated in other jurisdictions (e.g., California and Rhode Island).5. Yet another possibility is Hits: 61
ACN_SB1_A01354_A01558_2017_06_03a.pdf 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 The third option is a stand-alone defined contribution plan. New employees not making an election are automatically assigned to one of the hybrid plans. Current members may elect to join one of the new plans. The actuarial funding changes for Hits: 48
Public Employee Retirement Laws of PA Local Governments (2009).pdf of Philadelphia, Pittsburgh, and Scranton and the County of Allegheny are not covered, as each of these applies to only one entity, is complex and detailed, and gener- ally is of interest only to the affected officials and employees. Likewise, the of the General Assem- bly. Main Responsibilities. Under the Public Employee Retirement Commission Act, the Commission has two main responsibilities. One is to review legislation affecting public employee retirement systems. The other is to study, on a continuing basis, public employee Hits: 46
Single-Use Plastics Report-2020_06.pdf consumers forego disposable bags and retailers may continue to provide LWPBs, which are the lowest cost option. Roughly one-half of the lower consumer costs flow back to Pennsylvania manufacturers. Employment increases by 260 jobs and labor earnings increase by $10 though many consumers reuse for secondary uses, such as trash bin lin- ers). They are often less than one mil (thousandth of an inch) thick, but this parameter ultimately depends on jurisdictional definitions. Paper Bag: Bag often made of unbleached kraft Hits: 38
2007_divestment_complete_report.pdf Financial Impact of Divesting from Companies on the Sudan Divestment Taskforce List (HB 1140) -ix- Executive Summary This report concerns one element of economic sanctions intended to influence the policies and practices of foreign governments: divestment of securities and shares of and the pension systems are compelled to purchase that service from private contractors, thereby delegating substantial administrative discretion. Obviously, no one supports terror, genocide, deprivation of human rights, or other wrong doing. That is not the issue. What is the issue Hits: 36
TC_2020_Research and Development Tax Credit.pdf million in total credit awards, which ranks in the middle of states that have an RDTC. It is one of only three states that allow the tax credit to be sold and one of seven that has an annual dollar cap on total awards. Similar to other states, Pennsylvania follows the federal tax code to Hits: 33
2002_dbdc_report.pdf of 21 state-level public employee pension plans in 16 states that are DC or have a DC component. Nearly one-quarter of these plans were implemented during the past five years, suggesting that strong investment returns of recent years provided School Employees’ Retirement Code, members are eligible for full retirement benefits when the member attains age 62 with at least one year of service, age 60 with 30 or more years of service, or any age with 35 years of service Hits: 33
Revenue-Proposal-Analysis-2019-03.pdf anticipates that the proposal will require updates to the business tax system and additional staff training at a one-time cost of $1 million (not included in table). 6 Under the administration’s proposal, sharing of NOLs between members of a a PIT transfer to the Defined Contribution Fund for costs associated with the SERS Defined Contribution Plan. This one-time transfer is expected to reduce FY 2019-20 PIT withholding revenues by $4 million. Resource Enhancement Tax Credit The administration’s Hits: 24
2004_srpvffinal.pdf has compelled many community leaders to consider various types of incentive programs to address the perceived recruitment and retention difficulties. One type of incentive program provides pension-like benefits to volunteer firefighters as a reward for long tenure in the volunteer governmental units (i.e., 2,566 local government units, including townships, boroughs, cities, and towns). 3 Since there is almost one volunteer fire company for each municipality in the state, there is a correspondingly high number of volunteer fire companies. An Hits: 24
TC_2019_Historic_Preservation_Tax_Credit_Report.pdf is insufficient to motivate large projects and likely incentivizes small projects only. Historically, the credit has offset roughly one percent of total qualified rehabilitation expenses (QREs).  The credit allocations are subject to too many constraints: an aggregate dollar cap ($3 for staff time and annual costs to administer and enforce the tax credit:  For PHMC, less than one full-time equivalent (FTE) staff person ($55,800).  For DCED, less than one FTE staff person ($6,000).  For DOR Hits: 23
2000_cost_of_living_adjustments.pdf a general discussion on the topic of postretirement adjustments to provide a policy context for a more detailed discussion of one type of postretirement adjustment—cost-of-living increases. The report describes the historic approach used by the Commonwealth to provide CPI) or some other measurement of inflation. Fixed - In 31% of the retirement systems, the benefit amount is determined as one fixed percentage or dollar amount. The CPI is an explicit factor in one of the 21 instances where a fixed Hits: 23
Summary_Tax_Credit_Reviews_Oct_2023.pdf is equal to Net Tax Revenue Impact divided by the dollar value of Tax Credits Awarded. Net ROI is only one metric used to evaluate programs and tax credits are not designed to pay for themselves (i.e., gross ROI >$1 2019) ▪ Permitted the award of credits to multi-film projects, if produced by the same taxpayer over a period of one to four years. (Act 25 of 2021) ▪ Increased the program cap to $100 million. (Act 53 of 2022) Page 4 Hits: 20
Revenue_Proposal_Analysis_2021_04.pdf 8 billion. ▪ An IFO survey of 11 other states that enacted or proposed combined reporting since 2008 reveals that only one other state estimated a similar expansion of the tax base from combined reporting (Rhode Island at 28%). Eight other states not move out of committee, Virginia adopted two amendments to the budget bill to study the impact of combined reporting. One bill requires corporations operating in Virginia that are members of a unitary group to file an informational combined report on Hits: 20
Five_Year_Outlook_2020.pdf for all future years. For FY 2021-22, revenues contract by 4.6 percent because the prior fiscal year includes one-time transfers from special funds ($531 million) and delayed tax payments shifted into the year ($1.9 billion). The analysis 22, expenditures increase by 14.6 percent due to the use of substantial federal monies, pay- ment delays and other one-time measures in the prior fiscal year. From FY 2021-22 to FY 2025-26, General Fund expenditures expand at Hits: 20
TC_2021_Video_Game_Production.pdf research, the IFO submits this report to fulfill the requirements contained in Act 48. Currently, nineteen states (includes Pennsylvania) offer one or more incentives to video game production companies. Twelve states offer tax credits and the remaining offer grants or a rebate. Pennsylvania is one of only a few states that offer a video game incentive that is separate from its program for film production Hits: 19
Five_Year_Outlook_2019.pdf includes all assumed supple- mentals for FY 2019-20. The increase is due to the non-recurrence of one-time savings measures used to support expenditures by the Department of Human Services, the expansion of health and human services programs and to various states and regions based on data from the U.S. Census Bureau’s American Community Survey, one-year microdata files. 2011 2014 2017 All States Border States 7,331 23,065 19,768 Northeast 111 -6,772 1,572 Hits: 19
PBB_2022_AGING_REPORT_Addendum.pdf Reports and U.S. Census Bureau Population Estimates, Vintage 2020. Calculations by the IFO. 4 Can be multiple RONS within one investigation and multiple abuse types specified. Calculations by IFO. Key Metrics to Monitor Agency Overview | Page 6 PACE/PACENET gross waitlist for meals. See pages 13 to 18 for more details. Reports of need (RONs), investigations and substantiated abuse/neglect One of PDA’s primary objectives is to protect older adults who are unable to protect themselves and are at risk Hits: 18
TC_2021_Keystone_Special_Development_Zones_Update.pdf a result, this analysis has been updated to include historical data, an economic impact analysis and revised recommendations. Pennsylvania is one of 11 states that offer a tax credit to incentivize brownfield remediation and redevel- opment. Some states offer credits as and (2) have been designated a Special Industrial Area (SIA) under Act 2 of 1995. An eligible applicant must employ one or more qualified employees at the KSDZ site. A qualified KSDZ employee must (1) be employed after June 30, 2011 Hits: 17
2006_surviving_spouse_healthcare_study.pdf permissible. Not all State retirees participate in the SERS, nor do they all participate in the REHP. Some participate in one but not the other, and some participate in neither. While the General Assembly may restrict the extension of benefits to who meet the current age and service eligibility criteria. The retiree is required to annually contribute an amount equal to one percent of the final base salary that was earned by the employee in the year prior to retirement. RETIRED EMPLOYEE Hits: 17
Revenue-Proposal-Analysis-2018-04.pdf do not extend to consolidated reporting. Consol- idated reporting allows related affiliates/firms to combine tax reports into one filing, similar to the federal consolidated return, rather than combine income from all states in which the taxpayer may or may not mcf The average annual price is determined using the arithmetic mean of the New York Mercantile Exchange (NYMEX) one-month futures contracts. The proposed tax would be effective July 1, 2018 with the first payment due June 15, 2019. The initial Hits: 16
Five_Year_Outlook_2021.pdf structural budget surplus or deficit assumes an economy that operates at full-employment (i.e., no recession) and excludes all one- time measures such as temporary borrowing, shifting of funds or payment delays. Table 3.2 displays state economic data for lag and only published on an annual basis. Conversely, national data are available on a monthly basis with only a one- or two-month lag. For these reasons, the data in this subsection use national data, but state data from 2020 Hits: 16
BEFC_Survey_Results_FINAL.pdf costs with the districts. In a few cases, a municipality paid the full cost of crossing guards. Overall, roughly one-third of the cost of crossing guards is paid by a municipality and two-thirds by a district. The table reflects We continue to see an increase in enrollment of high needs students and ELL, requiring additional supports to include one-one PCAs, individualized transportation, OT/PT and Speech. We are experiencing dramatic increases to our special education expense. We currently have Hits: 16
TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf submits this report to fulfill the requirements contained in Act 48. Currently, twenty-four states (includes Pennsylvania) offer one or more incentives to encourage investment in broadband infrastructure. Many of these states limit funding to, or provide a greater incentive for or sold. The general findings of this report are as follows:  Twenty-four states (includes Pennsylvania) offer one or more incentives to encourage investment in broadband infrastructure. Many states limit funding to, or provide a greater incentive for, equip- ment Hits: 15
SUT Exemption for Aircraft - January 2013.pdf of aircraft, aircraft parts and aircraft maintenance, repair and overhaul (MRO) services. The report has six parts. Part One describes Pennsylvania’s tax treatment of aircraft purchases, parts and MRO services. Part Two compares the tax treatment of the aircraft industry current law, sales of commercial and private aircraft are exempt from sales tax (6.35 percent) provided that one of the following conditions apply: (1) the aircraft’s takeoff weight is 6,000 pounds or greater, (2) the aircraft is owned Hits: 15
PBB_2022_DLI_REPORT.pdf claimant making claims in five different months has five times the weight as a claimant making a single claim in one month. Workers Trad. UC Trad. UC PUA Trad. UC PUA Race White 83% 76% 75% 49% 71% 47% Black 12 be considered lower-bound estimates. For 2020, the ratio of unique claimants to county residents age 20 to 74 exceeded one-third for the top four counties. Activity 1: Unemployment Compensation Benefits | Page 16 - This page intentionally left blank. - Activity 2 Hits: 15
PBB_2022_PDE_REPORT_Amended.pdf that ELC advocates for education spending across states. 4 4 The ELC Mission Statement notes that the Center “has become one of the most effective advocates for equal educa- tional opportunity and education justice in the United States.” K-12 Education school district locale designation (i.e., rural, urban, suburban and town) in SY 2018-19. 5,6 Each dot represents one school district. Blue dots indicate a district in the first quartile (smallest share of students with low income) based on Hits: 14
PBB_2021_DHS_REPORT_ADDENDUM.pdf is also updated from last year’s report. Other services that DHS provides are addressed in separate reports. Pennsylvania is one of the nine states that rely on a county-administered system to provide services related to child welfare, mental health instead of out-of-home care. For children in out-of-home care, the share of children in congregate care (one of the most restrictive placement settings) declined from 15.5 percent in FY 2015-16 to 11.3 percent in Hits: 14
TC_2023_Manufacturing.pdf in 2016, the Manufacturing Tax Credit (MTC) is available to qualified manufacturing firms that increase annual 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 MTC). The program provides tax credits for approved firms engaged in manufacturing that increase their annual taxable payroll in year one by at least $1 million above the amount in the base year through the creation of new full-time jobs Hits: 13
TC_2022_Brewers.pdf brewers. Six states offer a tax credit for brewers, five states offer a tax exemption or reduced tax rate and one state offers a tax rebate. Requirements for each incentive vary but most states provide larger benefits to small brewers (based based on annual production. ▪ In 2020, 28 brewers received tax credits that totaled $2.1 million. ▪ For most years, roughly one half of awarded tax credits flowed to large brewers that request the annual maximum of $200,000. Those brewers are Hits: 13
TC_2019_New_Jobs_Tax_Credit_Report.pdf 1 Credits range from $1,000 to $2,500 per job and are awarded for a period of one to three years upon approval by the Department of Community and Economic Development (DCED). The tax credit seeks to promote economic development filling the job with a veteran or previously unemployed individual. Credits can be awarded for a period of one to three years at the discretion of the Department of Community and Economic Development (DCED). The annual cap on available tax credits Hits: 13
TC_2019_Film_Production_Tax_Credit_Report.pdf provided estimates for staff time and annual costs to administer and enforce the tax credit:  For DCED, one to two full-time equivalent (FTE) staff ($237,000; includes $50,000 of operating expenses).  For DOR, two to three FTE cents on the dollar. The entity that facilitates the transaction will also typically receive a commission equal to one to two percent of the transaction. The residual discount accrues to the buyer of the tax credit, which is often a large Hits: 13
TC_2023_Waterfront_Development.pdf is provided in narrative format and there are no specific instructions regarding what the narrative must include. To date, only one completion report has been filed. WDTC Overview | Page 8 Historical Data Table 2.1 provides detail on WDTC program credits For the latest program year, there are 14 approved projects from five approved WDTC organiza- tions. Each WDTC organization has one to five approved projects that are eligible to receive con- tributions through the program.  For FY 2021-22, credit Hits: 12
TC_2022_Educational_Tax_Credits.pdf for the collection of student performance and demographic data so that program effectiveness can be evaluated. Across states, Pennsylvania has one of the largest tax credits, but collects and publishes the least amount of outcome data. ▪ The caps on Educational Opportunity 1.5 or 2.993 for a student with a disability. 9 A student that receives an opportunity scholarship in one year, but resides within the boundaries of a school that has been removed from the list of low-achieving schools Hits: 10
TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf affiliated with a KIZ partnership. The partnership consists of supporting economic development partners and must include at least one institution of higher education. The general findings of this report are as follows:  Act 84 of 2016 reduced the KIZ Tax with a KIZ partnership. The partnership consists of supporting economic development partners (EDPs) and must include at least one institution of higher education. EDPs may assist KIZ firms with legal, financial or technological services and provide networking opportunities. Each KIZ is Hits: 10
PBB_2022_DHS_REPORT_ADDENDUM.pdf APS) Act for adults 18 to 59 years of age who have a physical or intellectual disability that substantially limits one or more major life activities. The APS Act reinforces the Commonwealth's commitment to provide services necessary to protect the in STARS 3/4 Facilities Note: Data are for FY 2020-21. Excludes counties with less than 300 children served. One of the goals of Child Care Works is to provide quality child care to low-income families who otherwise could Hits: 10
IFO - Economic and Budget Outlook - January 2012.pdf will be transparent and their implications easily followed over time. The revenue and expenditure projections used by this report represent one potential outcome given reasonable economic assumptions and the extrapolation of demographic trends. Projections will change significantly during the next five increased since the previous recession. But merely knowing the level of collections does not provide a useful benchmark against which one may assess whether collections have reverted to a “normal” level, nor does it reveal the pattern of that reversion. Relative Hits: 10
CNIT-Rate-Cut-2018-04.pdf tax (NH) or corporate fees (DE). If those amounts are excluded, then the two comparison metrics would fall by approximately one-half. Source: U.S. Census Bureau and U.S. Bureau of Economic Analysis. IFO | APRIL 2018 6 SECTION 3: WHO of firmwide sales that occurred in Pennsylvania were used to attribute profits to the state). The data show that nearly one‐third (32.9 percent) of tax liability was attributable to firms with a tax liability greater than $5 million, and Hits: 10
TC_2021_Neighborhood_Assistance_Program.pdf highest annual cap and the second highest in annual awards among states that have these tax credit programs. Pennsylvania is one of only two states that allows the tax credit to be sold. The IFO welcomes all questions and comments on Enterprise Zones. Qualified investments are limited to 2 A distressed area is an area that exhibits a high incidence of one or more demographic factors such as consistent unemployment, school dropout and public assistance dependency. Areas deemed distressed for NAP Tax Hits: 9
Revenue-Estimate-2020-05.pdf the COVID-19 virus was reported in Seattle, and the president declared a national emergency on March 13. One week prior to that declaration, Pennsylvania reported its first confirmed case of coronavirus, and on March 18, the first death due to determine when counties can partially reopen (yellow status) or fully reopen (green status, however under a modified basis). One key metric (among others) that informed the determination of a partial reopening was whether a county recorded fewer than 50 new confirmed Hits: 9
PBB_2021_DMVA_REPORT_ADDENDUM.pdf also dropped from the second largest state National Guard force, behind Texas, to the third largest, behind Texas and California. One tool PANG uses for retention and recruitment is the Education Assistance Program (EAP) that provides education grants to National Guard ratings are produced monthly by the U.S. Centers for Medicare and Medicaid Services (CMS), which rates each facility between one (lowest) and five (best) stars. Each facility receives overall, health inspection, staffing and quality of resident care measures (QM) ratings Hits: 9
PBB_2020_DCED_REPORT.pdf new employment at firms that receive economic development incentives. Currently, the department requires payroll compliance reports for only one in ten projects on a random basis across a small number of incentive programs. The employment impact from job creation programs administered this outcome. First, firms that pledge to create and/or retain jobs may receive funds from more than one incentive program. In those cases, the department notes that it cannot separately track the impact on jobs from the multiple incentives. (However Hits: 9
Official-Revenue-Estimate-2020-06.pdf the COVID-19 virus was reported in Seattle, and the president declared a national emergency on March 13. One week prior to that declaration, Pennsylvania reported its first confirmed case of coronavirus, and on March 18, the first death due to reopened on a modified basis  June 26: 12 additional counties reopen on a modified basis and only one county (Lebanon) remains in yellow status Under a full reopening, continued telework is strongly encouraged, certain businesses with restricted occu- pancy can Hits: 9
June_Revenue_Estimate_2021.pdf into the state economy over several years. As of June 21, 6.18 million state residents had received at least one dose of vaccine and the CDC issued guidance that fully vaccinated individuals need not wear masks in most indoor and rates: ▪ The S&P 500 Index was up 26.9%. Through June 16, the index was up 35.7% from one year prior (not shown). ▪ Dividend payments were largely flat from the prior year. On March 25, 2021, the Federal Reserve Hits: 9
2002_drop_report.pdf to terminate service, the DROP account balance is paid to the DROP participant and normal monthly pension benefit payments begin. One of several distribution alternatives may be elected for the DROP account balance: 1) Lump-sum distribution direct to the participant of DROP participation. - 4 - Deferred Retirement Option Plans and Pennsylvania Local Government Commission Rational for Developing Enabling Legislation Pennsylvania has one of the most decentralized systems of local government pension plan administration in the country. With a total of 4,800 Hits: 9
TC_2023_Rural_Jobs_Investment.pdf to 39% of the qualified investment, eight states offer a tax credit equal to another amount (24% to 100%) and one state (Alaska) offers a loan program. All states limit the dollar amount of incentives awarded each year, although not necessarily companies located in rural areas of the Common- wealth or other states prior to the application date. ▪ Have at least one principal who has been an officer or employee of the applicant for at least four years prior to the application Hits: 8
TC_2023_PA_Resource_Manufacturing.pdf created tax credits for the benefit of specific manufacturing industries (primarily in renewable energy or alternative fuels). Pennsylvania currently has one ethylene cracker plant that began operation in November 2022. This analysis examines available data and issues that may determine the credit cap. The general findings of this report are as follows:  As of the date of this report, only one ethylene manufacturing (“cracker”) plant exists in Pennsyl- vania, and it began operation in November 2022. No applications have been submitted Hits: 8
TC_2021_Resource_Enhancement_and_Protection.pdf credit. Based on that research, the IFO submits this report to fulfill the requirements contained in Act 48. Pennsylvania is one of two states in the Chesapeake Bay watershed to offer a tax credit to agricultural operations that implement and maintain costs. Most project costs are for constructed (51.5 percent) or equipment (45.2 percent) BMPs. Planning BMPs comprise about one percent of all project costs, but are 10 to 15 percent of projects that receive credits each year. The portion Hits: 8
TC_2020_Organ and Bone Marrow Donation Tax Credit.pdf month following the end of the firm’s taxable year. For firms subject to tax in more than one state, the amount of the credit that may be claimed in Pennsylvania is subject to apportionment based on a payroll factor. Once of awards was less than $4,000. (Two businesses received a total of $2,160 for 2006 and one business was awarded $1,320 for 2010.) Nationally, there were 6,831 living organ donors in 2018 (excludes bone marrow donations). 4 Hits: 8
Revenue_Estimate_2021_05.pdf into the state economy over several years. As of May 20, 5.62 million state residents had received at least one dose of vaccine and the CDC issued guidance that fully vaccinated individuals need not wear masks in most indoor and adjustments for COVID-related delayed tax due dates in 2020, an extra withholding due date in FY 2020-21 and one-time transfers. (See Table 2.2.) 5 The IFO’s revised official estimate released on January 21, 2021 reflected the Hits: 8
RB_2022_08_Worker_Shortage.pdf in July 2022 to show data for two more recent months (job openings, jobs, unemployment rates and labor force) or one quarter (employment by age group). Otherwise, the text is largely the same. Many employers have noted ongoing challenges hiring and to July 2021. 4 Data are seasonally adjusted. The JOLTS data on job openings lag other labor market data by one month. 5 Data are seasonally adjusted. For “prime working age” adults age 25 to 54, the LFPR for 2019 was Hits: 8
RB-2020-COVID-19 Local Revenue Impact.pdf 2020, (2) EIT remittances received during the calendar year, which are attributable to wage compensation and certain net profits earned one quarter prior (i.e., 2019 Q4 to 2020 Q3) and (3) gaming local share assessment distributions on a one quarter delay (i.e., 2019 Q4 to 2020 Q3). Hence, COVID-19 will affect only two quarters of revenues received Hits: 8
PBB_2023_DDAP_REPORT.pdf employees for NAICS code 621420 - outpatient and NAICS code 623220 - residential. 5 Refers to all licensed facilities with at least one residential level of care. 7 Calculations by the IFO. More than one inspection may occur per facility. 6 Facilities licensed for MAT (methadone, buprenorphine and vivitrol) divided by total facilities. Key Metrics Hits: 8
PBB_2021_PennDOT_REPORT_ADDENDUM.pdf 3 Bridges on state system, length 8 feet or greater. The poor rating means that the bridge has deterioration to one or more of its major components (i.e., deck, superstructure, substructure, or culvert). As of 9/30/2020. 4 Bridges on local system, length 20 feet or greater. The poor rating means that the bridge has deterioration to one or more of its major components (i.e., deck, superstructure, substructure, or culvert). As of 6/30/2020. 2 IRI Hits: 8
Revenue-Proposal-Analysis-2020-04.pdf 2019). The remaining 17 states that levy a CNIT require separate 2 However, Iowa allows a deduction for one-half of federal income tax paid so that the effective tax rate is 12.00 * (1 – 0.21 * 0.5) = 10.74 anticipates that the proposal will require updates to the business tax system and additional staff training at a one-time cost of $1 million (not included in table). Based on a request from the Senate Appropriations Committee, the analysis concludes with Hits: 7
RB_2022_07_Worker_Shortage.pdf See footnote 5. 7 Data are seasonally adjusted. The JOLTS data on job openings lag other labor market data by one month. U.S. data are available for June but data for May are used so the same month is used lower LFPRs for older residents implies a contraction in the state labor force of roughly 61,000. These two outcomes, one recent and one long-term, motivate about one-half of the current labor force contraction and related worker shortage. The Hits: 7
RB_2020_12_PPP_Loans_to_PA_Businesses.pdf sector. Highlights include:  Firms that received a loan under $150,000 comprised 85 percent of all firms and nearly one-quarter ($5.1 billion) of total loans.  There were 205 firms (0.1 percent) that received a loan between of loans, while C corporations received $7.6 billion.  Construction, manufacturing, retail-wholesale and healthcare firms received more than one-half (52.9 percent) of total dollar loans. Manufacturers received the largest average loan ($285,470).  The All Other Hits: 7
PBB_2019_DGS_Report.pdf redundancies and a focus on customer needs. 1 See the Appendix for the PPB review schedule. 2 Thirty-one states have a statutory requirement that requires the computation and publication of performance metrics by executive agencies. See “Budgeting Processes Spotlight: How maintains the state’s cable system infrastructure. Goals and Outcomes The consolidation of print and mail activities under one entity enables the Commonwealth to leverage economies of scale through the use of high-volume print and mail equipment. The goals of Hits: 7
NGPR-2020-Q1.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Natural Gas Production Report January to March 2020 Q1 INDEPENDENT FISCAL OFFICE FIRST QUARTER 2020 Figure 1 Preliminary data for the second quarter show that the number of wells spud in April and May declined by roughly one- third from the prior year. 14.5% 9.7% 6.9% 2.3% 4.6% 4.8% 9.9% 10 Hits: 7
TC_2022_Coal_Refuse_Energy_and_Reclamation.pdf mining. An eligible facility (i.e., power plant) must have been in service prior to July 2016 and consist of one or more units that generate electricity located on the same property. Additionally, the facility must (1) combust qualified coal refuse for award years 2016 and 2020. For 2020, two firms each received awards greater than $3.0 million and comprised one half of total dollar awards. By contrast, five small firms received a credit less than $500,000 and comprised roughly Hits: 6
TC_2021_Entertainment_Economic_Enhancement_Program.pdf Pennsylvania, (2) re- hearse at a qualified rehearsal facility for a minimum of 10 days and (3) perform at least one concert at a Class 1 venue and at least one additional concert at a Class 1, 2 or 3 venue located in a municipality other than the municipality in which Hits: 6
Revenue_Estimate_Performance_Dec_2017.pdf factors that caused forecast errors. As a general rule of thumb, a total forecast error that is within one percentage point of actual revenue collections is considered a solid forecast. For Pennsylvania, a one percent error would imply a roughly $320 million difference from actual revenues. Fiscal Year 2012-13 The difference between actual collections and Hits: 6
Revenue-Update-2020-04.pdf million workers (includes self-employed that receive unemployment compensation) are impacted by business closures in 2020 Q2. In Scenario 1, one-half return to work after the six-week closure while the other half remain unemployed through June. For 2020 Q3 assumption is lower than it would have been in the absence of the business closures. IFO Scenario Scenario Mid-Year One Two Wages-Salaries 3.9% -1.0% -1.7% Net Profits 5.0% -10.0% -15.0% Capital Gains 6 Hits: 6
PBB_2020_DHS_REPORT_Final_Updated.pdf at least two SUD treatment sessions within a certain amount of time from the initial session. Slightly over one- third of newly diagnosed SUD patients in Pennsylvania engaged in SUD treatment, compared to the national average of 15 percent. A closer taking steps to coordinate with L&I to collect this information. Pennsylvania’s child support enforcement program is one of the most effective in the nation and DHS collects many relevant performance measures. Pennsylvania ranks first in the nation in the Hits: 6
PBB_2019_Criminal_Justice_Report.pdf redundancies and a focus on customer needs. 1 See the Appendix for the PPB review schedule. 2 Thirty-one states have a statutory requirement that requires the computation and publication of performance metrics by executive agencies. See “Budgeting Processes Spotlight: How and Recommendations | Page 9 Agency Overview and Recommendations Mission 6 The Pennsylvania Department of Corrections (DOC) operates as one team, embraces diversity, and commits to enhancing public safety. We are proud of our reputation as leaders in the corrections field. Our Hits: 6
Official-Revenue-Estimate-Methodology-2020-6.pdf rate is two-thirds cents per half pint or eight fluid ounces. In larger quantities, the rate is one cent per pint or 16 fluid ounces. The rate has remained constant since 1947. Base The malt beverage tax is levied upon log of a computed five-year weighted average rate for (1) the three- month treasury bill, (2) the one-year treasury bill and (3) the five-year treasury note.  Rents, Royalties, Patents and Copyrights: The model assumes that the overall Hits: 6
Official-Revenue-Estimate-Methodology-2019-06.pdf rate is two-thirds cents per half pint or eight fluid ounces; in larger quantities, the rate is one cent per pint or 16 fluid ounces. The rate has remained constant since 1947. Base The malt beverage tax is levied upon log of a computed five-year weighted average rate for (1) the three- month treasury bill, (2) the one-year treasury bill and (3) the five-year treasury note.  Rents, Royalties, Patents and Copyrights: The model assumes that the overall Hits: 6
NGPR-2021-Q1.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Table 1: Production Volume and New Wells Spud Natural Gas Production Report January to March 2021 Q1 2020 Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. Table 2: Quarterly Producing Well Count 8.1% 9.9% 10.0% 9.9% 11.6% 11 Hits: 6
EPLC-2-19-21.pdf dollars. Growth rates adjusted to reverse the shift of revenues to FY 2020-21, as well as the impact of one-time transfers. PIT Quarterly growth rate assumes that $335 million of payments were shifted to February 2021 due to the 3.6% Note: Billions of dollars. FY 20-21 adjusted for delayed tax payments, an extra withholding day and a one-time transfer to the Property Tax Relief Fund, but includes one-time transfers from special funds. Expenditure Outlook: Strong Growth Hits: 6
Economic_and_Revenue_Update_2020_10.pdf excludes any impact the pandemic has on unreported labor income. Recent IRS tax gap studies find that roughly one-half of self-employment income is not reported. See https://www.irs.gov/pub/irs-pdf/p1415.pdf. CY 2020 Notes Lost service (26.9 percent), retail-wholesale trade (12.9 percent) and manufacturing (7.6 percent) sectors comprise nearly one half of total job losses relative to the level from the prior year. For recent months, the jobs data show weakness in Hits: 6
Revenue_Estimate_2022_05.pdf will contract by 45% for tax year 2022, but still exceed the latest actual value from tax year 2019 by one-quarter. Largely due to inflation, net business profits are assumed to expand by 2% in 2022 while dividend income contracts to Recover Growth from 2019 Change from 2019 (000s) Economic Outlook | Page 6 The contraction of capital gains income is one factor that motivates the projected decline in Pennsylvania Cash Income. Cash Income includes all income received by state residents that Hits: 5
Revenue_Estimate_2021_05_Presentation.pdf U.S. Department of Labor, U.S. Treasury Department, Small Business Administration. Calculations by the IFO. Impact of Business Closures One Year Later May 26, 2021 7 YOY Change (000s) YOY Growth Apr 20 Oct 20 Apr 21 Apr 20 Oct 236 6.0 Note: Dollar amounts in millions. PIT is personal income tax. Adjusted growth rate controls for payment shifts, one-time transfers and an extra deposit day for PIT withholding. What Caused the Large Upward Revision? Previous estimate did not Hits: 5
Revenue-Estimate-Performance_2022_10.pdf describes the factors that caused forecast errors. As a general rule of thumb, a total forecast error that is within one percentage point of actual revenue collections is considered a solid forecast. A one percent forecast error implies a $350 to $450 million deviation from actual revenues. Fiscal Year 2012-13 The difference between Hits: 5
Revenue-Estimate-Performance-2021-09.pdf describes the factors that caused forecast errors. As a general rule of thumb, a total forecast error that is within one percentage point of actual revenue collections is considered a solid forecast. A one percent forecast error implies a $350 to $400 million deviation from actual revenues. Fiscal Year 2012-13 The difference between Hits: 5
Revenue-Estimate-Performance-2020-09.pdf factors that caused forecast errors. As a general rule of thumb, a total forecast error that is within one percentage point of actual revenue collections is considered a solid forecast. A one percent forecast error implies a $300 to $350 million deviation from actual revenues. Fiscal Year 2012-13 The difference between actual collections Hits: 5
Revenue-Estimate-Performance-2019-07.pdf factors that caused forecast errors. As a general rule of thumb, a total forecast error that is within one percentage point of actual revenue collections is considered a solid forecast. A one percent forecast error implies a $300 to $350 million deviation from actual revenues. Fiscal Year 2012-13 The difference between actual collections Hits: 5
Revenue-Estimate-Performance-2018-07.pdf factors that caused forecast errors. As a general rule of thumb, a total forecast error that is within one percentage point of actual revenue collections is considered a solid forecast. A one percent forecast error implies a $300 to $320 million deviation from actual revenues. Fiscal Year 2012-13 The difference between actual collections Hits: 5
RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdf level of $7.25 per hour. 1 Stimulus Overview Since March 2020, at least four pieces of federal legislation, and one executive action, have provided direct economic support to individuals during the COVID-19 pandemic. In general, the funding came in Compensation (FPUC) Known as the weekly bonus, this program allows workers who claimed unemployment benefits for any day during a one-week period Income Level CARES CAA ARP Amount Share Below $25k $3.60 $1.94 $4.86 $10.41 32 Hits: 5
RB 2019 RACP.pdf directed by statute. Key program guidelines are as follows: 1  All grant awards must be included in at least one Capital Budget Project Itemization Act and have remaining project allocation amounts.  Programs must meet the statutory definition(s) of the following five categories: 1. Economic Development Projects that spur economic and local development or do not fall cleanly into one of the other categories. This could include business park redevelopments, private business assistance, housing facilities, sport facility expansions, or targeted Hits: 5
Presentation-2018-06-PICPA.pdf 0% 4.0% 5.0% Note: Sales tax growth rate controls for tax law changes and transfers. Data are lagged one month to coincide with withholding. Withholding growth rate controls for any extra deposit days in quarter. Year-Over-Year Growth 2%. Sales-Use: consistent strength since November.  Good holiday season and impact of TCJA.  Business spending likely helps (~one-third of tax base). FY 2017-18 Revenue Themes June.12.2018 10 Two Estimates of the Federal Tax Cut Hits: 5
PBB-Board Hearing Jan 23 2020.pptx 5 (2018) ▪ PA lower than all border states except WV | U.S. rate is 11.4 ▪ 80% receive treatment within one month of diagnosis (up from 70%) Opioid overdose rates decline, but remain far above U.S. avg ▪ DOH data: 2017 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 ▪ However, PA still lags U.S. average and border states in % electronic ▪ Average TANF and Hits: 5
Official_Revenue_Estimate_Methodology_2024_06.pdf The tax rate is two-thirds cents per half pint or eight fluid ounces. In larger quantities, the rate is one cent per pint or 16 fluid ounces. The rate has remained constant since 1947. Base The malt beverage tax is income is primarily a function of state GDP and the average growth rates of the three-month treasury bill, the one-year treasury bill and the five-year treasury note. ▪ Rents, Royalties, Patents and Copyrights: The model assumes that the overall Hits: 5
Official_Revenue_Estimate_Methodology_2023_06.pdf The tax rate is two-thirds cents per half pint or eight fluid ounces. In larger quantities, the rate is one cent per pint or 16 fluid ounces. The rate has remained constant since 1947. Base The malt beverage tax is and the log of a computed five-year weighted average rate for (1) the three- month treasury bill, (2) the one-year treasury bill and (3) the five-year treasury note.  Rents, Royalties, Patents and Copyrights: The model assumes that Hits: 5
Official_Revenue_Estimate_Methodology_2022.pdf The tax rate is two-thirds cents per half pint or eight fluid ounces. In larger quantities, the rate is one cent per pint or 16 fluid ounces. The rate has remained constant since 1947. Base The malt beverage tax is and the log of a computed five-year weighted average rate for (1) the three- month treasury bill, (2) the one-year treasury bill and (3) the five-year treasury note. ▪ Rents, Royalties, Patents and Copyrights: The model assumes that the Hits: 5
Official_Revenue_Estimate_Methodology_2021.pdf The tax rate is two-thirds cents per half pint or eight fluid ounces. In larger quantities, the rate is one cent per pint or 16 fluid ounces. The rate has remained constant since 1947. Base The malt beverage tax is and the log of a computed five-year weighted average rate for (1) the three- month treasury bill, (2) the one-year treasury bill and (3) the five-year treasury note. ▪ Rents, Royalties, Patents and Copyrights: The model assumes that the Hits: 5
NGPR_2022_Q3.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Table 1: Production Volume and New Wells Spud 2022 Natural Gas Production Report July to September 2022 2022 Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. Table 2: Quarterly Producing Well Count 10.6% 10.7% 8.5% 8.2% 8.3% 8 Hits: 5
NGPR_2022_Q2.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Table 1: Production Volume and New Wells Spud Natural Gas Production Report April to June 2022 Q2 2021 Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. Table 2: Quarterly Producing Well Count 2022 11.2% 10.6% 10.7% 8.5% 8.2% Hits: 5
NGPR_2021_Q4.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Table 1: Production Volume and New Wells Spud Natural Gas Production Report October to December 2021 Q4 2021 Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. Table 2: Quarterly Producing Well Count 9.9% 11.6% 11.2% 10.6% 10.7% 8 Hits: 5
NGPR_2021_Q3.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Table 1: Production Volume and New Wells Spud Natural Gas Production Report July to September 2021 Q3 Count Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. 10.0% 9.9% 11.6% 11.2% 10.6% 10.7% 8.5% 8.2% 8 Hits: 5
NGPR_2021_Q2.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Natural Gas Production Report April to June 2021 Q2 INDEPENDENT FISCAL OFFICE SECOND QUARTER 2021 Figure 1 Count Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. 9.9% 10.0% 9.9% 11.6% 11.2% 10.6% 10.7% 8.5% 8 Hits: 5
NGPR_2020_Q4.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Natural Gas Production Report October to December 2020 Q4 INDEPENDENT FISCAL OFFICE FOURTH QUARTER 2020 Figure 1 2019 Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. Table 2: Quarterly Producing Well Count 2020 9.1% 8.1% 9.9% 10.0% 9.9% Hits: 5
NGPR_2020_Q3.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Natural Gas Production Report July to September 2020 Q3 INDEPENDENT FISCAL OFFICE THIRD QUARTER 2020 Figure 1 Count Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. 12.3% 9.1% 8.1% 9.9% 10.0% 9.9% 11.6% 11.2% 10 Hits: 5
NGPR-2022-Q1.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Table 1: Production Volume and New Wells Spud Natural Gas Production Report January to March 2022 Q1 Count Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. 11.6% 11.2% 10.6% 10.7% 8.5% 8.2% 8.3% 8.1% 7 Hits: 5
NGPR-2020-Q2.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Table 1: Production Volume and New Wells Spud Natural Gas Production Report April to June 2020 Q2 2020 Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. Table 2: Quarterly Producing Well Count 13.0% 12.3% 9.1% 8.1% 9.9% 10 Hits: 5
MTR-2019-09.pdf vehicle sales. For the year, SUT collections are falling short of projection by $77.2 million due to an unexpected, one -time transfer in July (-$115.3 million). That shortfall is offset by higher than expected collections ($38.1 million). For fiscal year, total SUT base growth was 5.1 percent over the prior year, which excludes the impact of the one-time transfer. Monthly PIT collections outpaced the estimate by $34.9 million, largely due to quarterly payments exceeding expectation ($28 Hits: 5
IFO-Presentation-11-14-2019.pdf 2019 2 Economic Development and Business Taxation 30 states perform some form of annual tax credit review  PA is one of 16 “leading” states (Pew, Aug 2019) Since 2008, states make fundamental changes to business taxes  15 states reduce potential | No recession  Real GDP +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 Hits: 5
Five_Year_Outlook_2022.pdf a contraction in the state labor force of roughly 65,000. 5 Therefore, recent demographic trends motivate slightly more than one-half of the labor force contraction and related worker shortage. The residual contraction is due to other factors such as blank. - Revenue Outlook | Page 17 Revenue Outlook General Fund revenues of $48.13 billion in FY 2021-22 include a one-time transfer of $3.84 billion of federal funds. After adjusting for (1) this transfer, (2) a corporate net income Hits: 5
EPLC_3_4_2022_update.pdf Dollars in millions. Revenues through February 2022. PIT is personal income tax. Adjusted growth rate controls for due date shifts, one-time transfers and extra deposit day for withholding. Initial Revenue Estimate for FY 2022-23 March 4, 2022 18 Revised 0.9% Note: Dollars in millions. PIT is personal income tax. Adjusted growth rate controls for a $2.19 billion one-time transfer. Expenditure Outlook: Strong Growth for FY 2022-23 March 4, 2022 19 Base Yr Avg Ann 21-22 Hits: 5
Demographics_Outlook_2020.pdf Deaths are divided into numerous age groups using a two-year, weighted average death rate from 2017 (weighted one-third) and 2018 (weighted two-thirds). 2 Death rates in the near term reflect recent trends (mostly declining death rates) and then migration for 2019 by individual age is calculated using the 2019 population minus the 2018 population (aged by one year) plus 2019 projected births minus the projected 2019 deaths. The total model net migration is distributed proportionally between domestic and international Hits: 5
2013-05_Monthly_Economic_Summary.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in Hits: 5
State_Tax_Comparison_2024_02.pdf annual data on state and local tax revenue. However, the local tax data generally lag the state tax data by one fiscal year. For this analysis, most state tax data are from 2022 State Government Tax Collections which represent fiscal year 15 th highest cigarette tax rate in the U.S. ($2.60 per pack), and the City of Philadelphia levies one of the highest rates in the U.S. at $4.60 per pack (includes state tax). State Rank Amount Per Hits: 4
SERS_Stress_Test_Impact_Analysis_2023.pdf of the ratio of projected employer contributions to projected state revenues under the scenario analysis. The report includes 11 scenarios, one simulation and one sensitivity analysis. The report separates scenarios into three groups based on risk factors: • Investment Risk - Investment performance exceeds or fails Hits: 4
Revenue_Proposal_Analysis_2024_03.pdf 1 Legalize and Tax Adult Recreational Use Cannabis Note: Millions of dollars. Assumes sales begin January 1, 2025 and a one-month delay in tax collections. Tax and Revenue Proposals | Page 4 Legalization of recreational use marijuana impacts medical marijuana markets the May 2022 wage distribution to May 2024 reduces the number of directly impacted workers by 277,000 jobs. Nearly one-third is due to a reduction in the number of jobs that earn less than $10.00 per hour in Hits: 4
Revenue_Estimate_Performance_2024_07.pdf describes the factors that caused forecast errors. As a general rule of thumb, a total forecast error that is within one percentage point of actual revenue collections is considered a solid forecast. A one percent forecast error implies a $400 to $450 million deviation from actual revenues. Fiscal Year 2016-17 The difference between Hits: 4
Revenue_Estimate_Performance_2023_08.pdf describes the factors that caused forecast errors. As a general rule of thumb, a total forecast error that is within one percentage point of actual revenue collections is considered a solid forecast. A one percent forecast error implies a $400 to $450 million deviation from actual revenues. Fiscal Year 2015-16 The difference between Hits: 4
Revenue_Estimate_2022_06.pdf are assumed to expand by 5% in 2022 while dividend income remains flat. The contraction of capital gains income is one factor that motivates the projected decline in Pennsylvania Cash Income. Cash Income includes all income received by state residents that tax (PIT) estimate exceeds the IFO’s official estimate by $2.63 billion, an increase of 20.8% (adjusted for one-time transfers, additional due dates and COVID-related delayed due dates) over the prior fiscal year. The revision is attributable Hits: 4
Response_Letter_9_23_2019.pdf was passed through to renters, then CEX data September 23, 2019 Page 4 suggest that senior renters might effectively pay one-fifth of that amount ($280 to $440 million) for FY 2019-20. Senior Migration Patterns and Potential Impact from Proposed southeastern states are popular destinations for Pennsylvania seniors who migrate from the state. For seniors who enter the state, nearly one-half migrate from a border state. Tax data from the IRS confirm the general patterns from the U.S. Census Hits: 4
RB_2024_05_ACP.pdf eligible households and up to $75 per month for households on qualified Tribal lands. Eligible households could also receive a one-time discount of up to $100 to purchase a laptop, desktop computer, or tablet from participating providers. The ACP was limited to a monthly service discount (ongoing if qualified) and one device discount per household. Households were eligible for the program if at least one member qualified under any of the Hits: 4
PSCOA Wage Contract Analysis- 2020.pdf a benefit rate of 40% implies that those costs increase by 40 cents for each dollar increase in wages.  One general pay increase effective July 2020 (2.50%).  One step increase effective on the employee’s anniversary/longevity date (3.26%).  One increase in the biweekly employer healthcare Hits: 4
Presentation_PICPA_12-3-2014.pdf Note: FY 2014-15 excludes $227 million of transfers made in July from various funds. $109 relative to Admin. forecast one-time payment $80 liquor store profits possible weakness 3.Dec.2014 FY 14-15 Revenues Remain Unclear Description Amount Gains Transfer 95 Potential Net Gain 45 19 Note: millions of dollars. The Snapback: FY 2014-15 to FY 2015-16. • One-time revenues (FY 2014-15): $572 million. • One-time savings: $619 million. • One-time transfers: $332 million. Return to Trend Hits: 4
Presentation-2019-3-1-EPLC.pdf Risk  Demographics: a contracting workforce  Economics: modest 2018 gains from TCJA, strong labor market  Revenues and Expenditures: one-time measures dominate  State and Local Revenues: property tax, impact fee March 1, 2019 2 Budget Outlook Highlights Revenues tax years). IFO adds +$373 million to official revenue estimate. Growing concern over moderate slowdown next few years. Expenditures: many one-time measures expire. Mainly affects Department of Human Services. Ramp up of debt obligations (Tobacco MSA bond). Bright spot: pension Hits: 4
PBB_2023_DOR_REPORT.pdf reach out to new businesses to educate them on tax requirements with follow up in three months, six months and one year to determine if they are properly paying relevant taxes. Enforcement | Page 15 The figure to the left displays the Minimum Profit Margin Requirement Since the Lottery’s inception, there has been a minimum profit margin requirement, and Pennsylvania is one of seven states that currently has this requirement. 2 Originally 30%, various legislative acts have lowered the minimum margin, including Hits: 4
PBB_2022_PHMC_REPORT.pdf five sites that receive the most visitors annu- ally, two are lo- cated in the south- eastern region of Pennsylvania, one is in the southwest, one is in the middle of the state and one in the northwest. These five sites accounted for 74% of visitors Hits: 4
PBB_2021_PSP_REPORT_ADDENDUM.pdf which represented 75% of all drug crime offenses in 2018.The mariju- ana possession offense rate, which rep- resents over one-half of possession of- fenses grew 18% over the period. The Non-marijuana drug possession offense rate grew by 45% increased reliability. Though the P25 system has not been implemented for all troops, maintenance costs ($3.1 million) were approximately one-third of annual maintenance costs ($9.5 million) for the OpenSky system in FY 2019-20. P25 System Reduces Number Hits: 4
PBB_2019_PCCD_Report.pdf redundancies and a focus on customer needs. 1 See the Appendix for the PPB review schedule. 2 Thirty-one states have a statutory requirement that requires the computation and publication of performance metrics by executive agencies. See “Budgeting Processes Spotlight: How counties in Pennsylvania. These six counties are shown in the following table. Pennsylvania’s community supervision rate is one of the highest in the nation, but state fund- ing to support county probation departments remains low. Based on the Annual Probation Hits: 4
Official-Revenue-Estimate-2018-06.pdf is the starting point for the General Fund revenue estimate be- cause most revenue sources require forecasts of one or more economic variables. The Pennsylvania forecast projects an acceleration of economic growth from 2017 into 2018 partly due to the federal growth rate from 2013 to 2018. 2 The 2014 PIT withholding rate has been adjusted to account for one extra deposit day. Computations exclude transfers to the Enhanced Revenue Collections Account (ERCA). 3 The SUT non-motor growth rate excludes recent Hits: 4
NGPR_2022_Q4.pdf rates are year-over-year. Production in billion cubic feet. All data exclude vertical wells, which account for less than one percent of production. Table 1: Production Volume and New Wells Spud Natural Gas Production Report October to December 2022 Q4 2022 Note: Growth rates are year-over-year. Vertical wells are not shown separately, as they account for less than one percent of production. Table 2: Quarterly Producing Well Count 10.7% 8.5% 8.2% 8.3% 8.1% 7 Hits: 4
MTR-2019-07.pdf the month, an $86.0 million (-8.5 percent) reduction from the prior year. The decline was due to a one-time transfer of $115.3 million from non-motor revenues to the Tobacco Revenue Bond Debt Service Account. Motor vehicle 1 percent) above the prior year, while Treasury revenues declined by $31.3 million (84.3 percent), due to a one-time payment of $30.4 million received in July 2018. Revenue and Economic Update Independent Fiscal Office | July 2019 FY Hits: 4
MRU-2020-12.pdf June 2020 Official Estimate. The overage was primarily due to stronger than expected corporate net income tax (CNIT) collections and one-time transfers under Act 114 of 2020 (not included in the IFO’s Official Estimate). Monthly CNIT collections of $760 37.5 percent) payments. FYTD PIT collections exceed estimate by $219.8 million (3.0 percent) after adjusting for a one-time transfer that was not included in the IFO’s Official Estimate. Through December, withholding collections declined at an adjusted Hits: 4
Monthly_Economic_Update_May_2020.pdf Public Pension Funding Outlook Negative; Philadelphia Plan One of Most At-Risk The Center for State & Local Government Excellence published an article detailing public pension market returns for fiscal year (FY) 2020 and potential impacts going forward. Listed as one of the 20 “worst-off” plans, Philadelphia is projected to end FY 2020 49.7% funded with just under six Hits: 4
Monthly_Economic_Update_August_2022.pdf Remain Strong, But Job Openings Decline Since the release of June CPI-U data, many analysts believe there is a one-third to two-thirds chance of at least a mild recession during the next year. This economic update uses recent May. However, the latest estimate still exceeds pre-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 Hits: 4
MER-2015-01.pdf An index greater than 50 indicates that the sector is expanding. 6 Monthly Average Gas Price National average price for one gallon of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly DE). A negative number indicates increasing pessimism. 5 Monthly Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of regu- lar gasoline. 6 Commercial Traffic on PA Turnpike Year-over-year growth rate of the volume of Hits: 4
MER-2014-04.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 5 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of un‐ leaded gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 4
Kling_Presentation.pdf analytical methods  Releasing data  Analyzing the accuracy of its estimates  Comparing its current estimates with its previous ones  Comparing its estimates with those of others  Estimating the effects of policy alternatives  Describing how much uncertainty projections of various kinds of spending were for 2017. 12 CBO CBO routinely compares its current estimates with its previous ones. For example:  Reports on the budget and economic outlook explain the differences between current and previous revenue and spending Hits: 4
Initial-Revenue-Estimate-2018-05.pdf is the starting point for the General Fund revenue estimate be- cause most revenue sources require forecasts of one or more economic variables. The Pennsylvania forecast projects an acceleration of economic growth from 2017 into 2018 partly due to the federal growth rate from 2013 to 2018. 2 The 2014 PIT withholding rate has been adjusted to account for one extra deposit day. Computations exclude transfers to the Enhanced Revenue Collections Account (ERCA). 3 The SUT non-motor growth rate excludes recent Hits: 4
Impact-Fee-Update-2018-Outlook-2018-06.pdf 00 per MMBtu on the NYMEX, causing the fee schedule to increase. For example, a horizontal well in operating year one in 2017 paid a fee that, including an inflation adjustment, was $5,400 more than the same type of well in 2016. Net impact: +$36.7 million.  Collections from New Wells. The collections from wells in operating year one more than offset decreased collections from older wells as their fees decline. Net impact: +$13.0 million.  Exempt Status Hits: 4
IFO_Testimony_RGGI_Nov_4_2022.pdf allowance revenues. • Conventional modeling assumes those costs would be pushed forward to final consumers. Based on the latest EIA data, one-third of that amount could be exported if generation did not change. The RGGI model had assumed that one-quarter was exported. • If passed forward to consumers, the much higher auction price could impact demand and generation compared to Hits: 4
IFO_Hearing_Packet_Feb2019.pdf impacts on DHS program costs 37 Net impact of other new initiatives -269 Sub-Total 251 Due to Administrative and One-Time Measures Various program funding reductions/eliminations 147 Reduced debt service (no issuance FY 18-19) 68 DHS use of prior year and one-time funds 201 DHS pharmacy rebates 58 DHS one-time administrative changes (timing) 285 DHS - new assessment revenues 170 All Hits: 4
Five_Year_Outlook_2020_Presentation_Final.pdf slows, some permanent job loss  Revenues solid, income surge due to federal stimulus  Expenditures significant growth due to one-time measures Analysis finds a ~$2.0 billion structural deficit  November 2019 IFO Outlook identifies a ~$1.0 billion 2.9% Note: YOY is year-over-year. Amounts adjusted to reverse shift of revenues to FY 2020-21 and one-time transfers. Revenue Outlook: Weak Growth for FY 2021-22 January 21, 2021 14 Adjusted Base Yr Avg Ann FY Hits: 4
DotPlotData.xlsx from source "B" listed above. - The various tuition data are from source "C" listed above. The tuition payments removed were ones when it was relatively clear that the student was being fully educated by another local education agency (LEA) such as 594, 15%), ($16,724, 16%) and ($36,916, 28%). Four would appear in the southeast quadrant of the graph and one would appear in the southwest quadrant. Source: Current expenditures per student and share of students from low-income households from Hits: 4
Budget_Hearing_Background_Feb2016.pdf for current fiscal year. Technical factors restrain IFO General Fund revenue growth rate for next fiscal year. Factors include: (1) one less PIT withholding due date (‐$110 million), (2) complete phase‐out of CSFT (‐$136 million) and (3) higher escheats payouts Restrain Revenue Growth Shortening of escheats holding period yields $380 million of extra revenues in FY 2014‐15. Forecast assumes one half of gain paid out in this and next fiscal year. Claims are close to forecast. FY 2016‐17: final Hits: 4
Boyd PA IFO November 2016.pdf encourage risk taking. 10 11 Governments hope that successful (but risky) investing will keep contributions low 12 Consequences of a one standard deviation shortfall are 3-4x as great as in 1995, 10x vs 1985 •Typical plan has about a 1 Pension fund fiscal year Invested assets, (billions of 2016 $) Volatility (risk) for a portfolio with 8% expected return (Standard Deviation) One standard- deviation risk, (billions of 2016 $) State & local government taxes, (billions of 2016 $) One standard- deviation risk, as % of taxes Hits: 4
2022_Mid_Year_Update.pdf 12.6 3.6 19.8 23.6 6.5 2.3 Notes Expanded/advance CTC ends Jan 2022. Roughly one half of advance will result in higher tax liability. Expanded UC subject to federal but not state income tax. All fed funds/transfer Note: Dollars in millions. PIT is personal income tax. Adjusted growth rate controls for due date shifts, one-time transfers and extra deposit day for withholding. Mid-Year Update for FY 2021-22 January 31, 2022 15 IFO Hits: 4
2018_Mid-Year_Update.pdf 42.6 40.5 Total Tax Cut -280.0 -257.2 All Individual and Pass Throughs -188.8 -168.5 One-Third Net Corporate -30.4 -29.5 Tax Cut Realized -219.2 -198.1 Estimated PA Share 3.5% 3 4) pay workers, (5) pay down debt, (6) reduce prices or (7) simply retain the funds. The computation assumes that one-third of the tax cut in the first full fiscal year will flow through to individuals as higher dividends, capital Hits: 4
Wage Contract PFBC-FINAL.pdf pension contributions, Social Security and Medicare taxes, and 1 The agreement between the Commonwealth and the PFBC is only a one-year contract. 2 workers’ compensation payments. For example, a benefit rate of 40% implies that those costs increase by 40 cents for each dollar increase in wages. • One step increase effective January 2017 (2.25%). • No increase in the biweekly employer healthcare contribution of $455. • The employee contribution Hits: 3
TC_2022_Mixed_Use_Development.pdf 6 million). Development projects include 189 residential units and 88,676 square feet of commercial space. Most residential projects were one-bedroom apartments (143 units, 75.7%), but 22.2% were two-bedroom (42 units) and 2.1% were three-bedroom apartments (4 units). The average rent for the residential unit ranges from $800 (one-bedroom) to $1,300 (three-bedroom) per month. Commercial space ranged in size from 1,000 to 18,000 square Hits: 3
SERS_Stress_Test_Impact_Analysis_2022.pdf of the ratio of projected employer contributions to projected state revenues under the scenario analysis. The report includes nine scenarios, one simulation and one sensitivity analysis. The report separates sce- narios into three groups based on risk factors: • Investment Risk - Investment performance exceeds or Hits: 3
Select Committee Oct 1 2012 FINAL.pdf 1776 and SB 1400 of 2012 – Slide 21 Homeowners  Research suggests an average property tax capitalization rate of roughly one-third.  Median home price 2014 $180,000  Median school property tax $2,200  Discount factor 4.0% 24 Businesses  Data suggest property taxes comprise:  roughly 0.4 to 0.9 percent of business receipts.  one-third of total taxes to state and local govt’s.  Potential for significant reduction in tax.  Firms with Hits: 3
RTR-2014-07.pdf General Fund revenues, an increase of $323 million (16.8%) over July 2013. Non-tax collections include $227 million in one-time transfers from special funds. Absent these transfers, General Fund revenue increased by $97 million, or 5.0%. Additional detail in the table below and on the following pages.  Tax revenues increased by $83 million, or 4.4%. The one-month growth in tax revenues has exceeded the recent 3-month (2.1%) and twelve-month (0.1%) growth.  Hits: 3
Revenue_Proposal_Analysis_2023_05.pdf five years if employment at the qualified school is maintained. 4 ▪ The New Mexico 2022 Nurse’s Credit was a one-time $1,000 tax credit available to all hospital nurses working full time in the state throughout TY 2022. 5 columns display the percentage contraction within each wage group and the num- ber of jobs that receive a wage increase. One important caveat is that the projected employment contraction would not all occur at the same time or in the same Hits: 3
Revenue_Proposal_Analysis_2022_04.pdf Commonwealth for purposes of the Corporate Net Income Tax.” Due to potentially significant overlap, this proposal is scored with the one that follows. While the department believes that most passive investment companies are currently subject to CNIT under existing U.S tipped workers, the proposal increases the cash minimum wage from $2.83 per hour to $12.00 per hour in one adjustment. Due to the dramatic increase in wage rates at one time and the lack of data and research related Hits: 3
Revenue-Estimate-2023-05.pdf Outlook | Page 2 The three U.S. forecasts project a modest jobs contraction in CY 2024 (not shown), but only one projects a contraction in real GDP. In the latest Wall Street Journal Survey (April), 61% of economists surveyed project that borrowers with an average payment of $350 per month ($7.7 billion per annum) will begin repayments this fall. If one-third of those repayments would have been spent on taxable goods or services, it would gener- ate roughly $150 million Hits: 3
REU-2019-10.pdf in near estimate. FYTD SUT collections are $36.3 million lower than predicted (0.9 percent) due to the unanticipated, one-time transfer that occurred in July of -$115.3 million. PIT collections for the month surpassed the forecast by $29 on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 3
Response_Letter_2021_April.pdf rental units was passed through to renters, then Consumer Expenditure Survey (CEX) data suggest that senior renters might effectively pay one-fifth of that amount ($290 to $440 million) for FY 2020-21. Table 4 provides Pennsylvania net migration data across provides a summary of state income tax treatment of retirement income for 2021. As shown by the table, Pennsylvania is one of 28 states with a personal income tax that do not tax Social Security income and one of three states Hits: 3
Response-Letter-2-27-2020.pdf TBD TBD TBD Delay in adoption assistance for children under 2 years -$0.2 -$0.2 -$0.2 Family First one-time transition funding $16.8 $0.0 $0.0 Note: Dollar amounts in millions. Assumes October 1, 2020 implementation. The 67 counties participated in the waiver program through FFY 2019, when the program expired. Philadelphia County left the waiver program one year early due to increases in children entering the foster care system, which strained the capped waiver funding. The Family Hits: 3
RB_2024_09_Who_Pays_Gaming_Taxes.pdf uses debit and credit card transactions from a balanced panel of 717,724 “potential gamblers” who regularly deposited funds with one of 41 gambling merchants (e.g., DraftKings, Fan Duel, BetMGM, Bellagio, Wynn Resorts) over a five-year period (2019 to into an online gaming account was $1,375 and average income was $132,000. 2 The paper found that roughly one- half of casino net revenues (after payouts) was attributable to 3% of gamblers, so gambling losses were highly concentrated in Hits: 3
RB_2023_08_PTRR_Expansion.pdf 500 to $650 to eligible renters who earned $15,000 or less of qualified income. 1 Eligible homeowners/renters meet one of four criteria: (1) age 65 or older, (2) have a spouse age 65 or older, (3) widow age 50 the PTRR program provided $350.6 million in rebates to 429,137 claimants. That amount includes $144.3 million in one-time bonus rebates that were authorized by Act 54 of 2022. Table 1 provides rebate and dollar amounts for 2021 Hits: 3
RB_2023_06_Student_Loan_Repayment.pdf are scheduled to resume in September. The moratorium began in March 2020 and will have been effective for three and one-half years. This research brief uses the latest student loan data and the IMPLAN economic model to quantify the state New York FRB show the Pennsylvania delinquency-default rate was 13.6%. Delinquency indicates that the borrower has at least one student loan 90+ days delinquent while default is declared after loans have been delinquent for a period of time (usually Hits: 3
RB_2022_01 COVID-19 Impact on Deaths.pdf in 2021 (-840) due to (1) the likelihood that some deaths of medically compromised individuals in 2020 were pulled forward one year in time and (2) a general reduction in deaths from flu, pneumonia or other communicable diseases in 2021. Table excess deaths by cause of death. However, the five categories itemized separately in Table 1 comprise a little more than one-tenth of total deaths in a typical year. Hence, the overall change in total deaths by age group still provides Hits: 3
RB_2021_03 COVID-19 Impact on Deaths.pdf 2021 (-7,670) due to (1) the likelihood that some deaths of medically compromised individuals in 2020 were pulled forward one year in time and (2) a general reduction in deaths from flu, pneumonia or other communicable diseases in 2021. Table excess deaths by cause of death. However, the five categories itemized separately in Table 1 comprise a little more than one-tenth of total deaths in a typical year. Hence, the overall change in total deaths by age group still provides Hits: 3
RB-2017-5.pdf to compute a responsiveness parameter that facilitates a simple comparison of responsiveness to economic conditions across all states that levy one of the three taxes. Two general caveats that pertain to the analysis are noted. First, the comparisons cannot control for 3 A relatively flat or flat tax rate structure can be identified if the marginal effective rate is similar to one or more of the other rate categories. Sources: Tax Foundation and State and Local Taxes: A Comparison Across States, IFO Hits: 3
Presentation_Lancaster_Chamber_2017-07-14.pdf to achieve balance.  Expenditures shifted to special funds.  Transfers of available monies from reserves or special funds.  One-time revenue measures.  Acceleration of revenue or deferrals of expenditures. 7/14/2017 4 Long-Term Structural Imbalance 7 Special fund transfers of $231 million in FY 2016-17 do not recur.  Tax amnesty produced $100 million of one-time revenue in FY 2016-17 and reduces collections by $10 million in FY 2017-18.  Other adjustments: CSFT Hits: 3
Presentation-2018-11-19-CCAP.pdf dollars. FY 2018-19 expenditures include a $200 million supplemental appropriation. Net revenues deduct refunds and include lapses. Assumes future one-time measures are not utilized. Factors that Drive FY 19-20 Deficit November 19, 2018 13 Cost Drivers Dollar Amount Managed Care Organization GRT Overage (FY 18-19) $351 One-Time Tobacco Master Settlement Agreement (FY 18-19) 342 PlanCon Increase 214 Workers’ Compensation Security Fund Transfer Repayment 165 GeneralAssistance Hits: 3
Presentation-2018-06-Philly-Pitt-Chambers.pdf 42.6 40.5 Total Tax Cut -280.0 -257.2 All Individual and Pass Throughs -188.8 -168.5 One-Third Net Corporate (see note) -30.4 -29.5 Tax Cut Realized -219.2 -198.1 Estimated PA Share 3 4) pay workers, (5) pay down debt, (6) reduce prices or (7) simply retain the funds. The computation assumes that one-third of the tax cut in the first full fiscal year will flow through to individuals as higher dividends, capital Hits: 3
Presentation-2018-06-PASBO.pdf 42.6 40.5 Total Tax Cut -280.0 -257.2 All Individual and Pass Throughs -188.8 -168.5 One-Third Net Corporate (see note) -30.4 -29.5 Tax Cut Realized -219.2 -198.1 Estimated PA Share 3 4) pay workers, (5) pay down debt, (6) reduce prices or (7) simply retain the funds. The computation assumes that one-third of the tax cut in the first full fiscal year will flow through to individuals as higher dividends, capital Hits: 3
PBB_2023_DCNR_REPORT.pdf of State Parks to account for specific park features, such as number of entrances or parking lots. The parks utilize one or more traffic counters to track the estimated number of vehicles that enter the park. These estimates are reported to that the bridge is unsafe or in danger of collapse. The poor rating means that the bridge has deterioration to one or more of its primary structural elements’ components. ▪ The infrastructure project backlog is a cumulative snapshot in time, provided by Hits: 3
PBB_2022_AGRICULTURE_REPORT.pdf the department conduct regulatory inspections and could share the PAIRS application as well as maintenance and enhancements costs associated with one system as opposed to five separate systems. Additional functionality is planned for PAIRS, including online regis- tration, payments, license and 12,000 is a low-end estimate, as multiple complaints of this type against a single facility were recorded as one complaint. ▪ The percentage of tests with laboratory errors is equal to the number of samples with non-conformance divided by Hits: 3
PBB_2020_PEMA_REPORT.pdf 79 entities applied for the VLAP. In 2019, only 62 applied for the VLAP, which is roughly a one-third decline from 2015. The success of this loan program depends on entities knowing the loan program exists and offering loan terms data provided by PEMA. County population data from the U.S. Census Bureau. Note: The EMPG program is one of the preparedness grants that PEMA receives. EMPG is non-competitive, formula driven and all recipients must maintain an approved Emergency Operations Hits: 3
PBB_2020_DOH_REPORT_Final_Update.pdf Health: Activities and Primary Services Provided Activity Department of Health Overview | Page 4 Health and Human Services as one of 48 U.S. counties that comprise more than 50 percent of all new HIV diagnoses in 2018. 3 HIV disproportionately affects at state healthcare centers or in community settings. 4 SD stands for school districts. The required ratio is one school nurse per 1,500 students according to 24 P.S. Education § 14-1402(a.1). 5 The J-1 visa waiver Hits: 3
PBB_2020_DEP_Report.pdf coal mining and oil and gas drilling operations throughout the state. According to DEP, there are more than one million structures in Pennsylvania that are located above aban- doned coal or clay mines. Furthermore, DEP has located more than 12,100 conducts technical outreach for wastewater treatment facilities and wastewater operators and (5) administers the nutrient trading program as one part of the Chesapeake Bay restoration strategy. The goal of the Clean Water Activity is that Pennsylvania’s waters will be compliant Hits: 3
PBB_2019_DOBS_Report.pdf redundancies and a focus on customer needs. 1 See the Appendix for the PPB review schedule. 2 Thirty-one states have a statutory requirement that requires the computation and publication of performance metrics by executive agencies. See “Budgeting Processes Spotlight: How cases are a growing concern for seniors and the financial system. Currently, elder financial abuse is the number one complaint received about elder abuse in Pennsylvania. The Department of Banking and Securities typically refers consumers to the Department of Aging for Hits: 3
PA_Economy_League_Presentation.pdf 2015 (millage / homestead reduction).  Combination of millage reductions and homestead exclusions aiming to reduce school property taxes by approximately one-third to one-half.  Revenues supplied by a 1.0 percentage point increase in sales tax rate (to 7.0%) and a Hits: 3
PA_Chamber_June_17_2021.pdf 2020 and normal seasonal hiring. Excludes self-employed. Source: U.S. Bureau of Labor Statistics. Impact of Business Closures vs. One Year Later June 17, 2021 6 YOY Change (000s) YOY Growth Apr 20 Oct 20 Apr 21 Apr 20 Oct 6,800 (tax free) When will workers return? Depends… ▪ Compute the tradeoff | what is gained vs lost ▪ Assume: workers have one-year time horizon | 30 hrs/wk @ 50 weeks ▪ Accept job now: must receive $5.20 per hour more (pre-tax Hits: 3
NGPR-2015-2H.pdf producing wells in each half year does not directly correspond to the full year because some wells are reported in one six-month time period but not the other. The full-year number represents wells that were producing in either period 0 percent increase in 2014, the most recent production data reflect a slowdown in the rate of growth. More than one-half of horizontal well production during the second half of 2015 and the full calendar year was driven by wells Hits: 3
NAP-2018-03.pdf PROJECT CATEGORIES Neighborhood organizations may qualify for NAP tax credits (NAP, SPP, NPP and CFP) by investing in projects in one or more of the following categories: 5 5 Neighborhood Assistance Program, Program Guidelines, Pennsylvania Department of Community and Economic Development assumes that the state still spends the $17.9 million as direct support for neighborhood programs, but businesses make only one-half of their current contributions/investments in the absence of the credit. This reduction in contributions reduces the federal tax Hits: 3
MTR-2019-08.pdf million (-0.6 percent). FYTD SUT collections are $83.7 million (-4.2 percent) under estimate due to an unexpected, one-time transfer that occurred in July. Monthly PIT revenues were $20.8 million (2.6 percent) higher than anticipated. The on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 3
MTR-2016-05.pdf retail sales. The data reveal some interesting trends. Food services and drinking places (e.g., restaurants and bars) is now one of the largest sectors of retail sales, as the share of total sales increased from 12.6% in 2004 to up recently, due to the improving housing market, and have been particularly strong through April 2016 (9.2% annual growth). One of the larger retailers in this sector, Home Depot Inc., reported that customers spent $60 per trip this year, which Hits: 3
MTR-2015-09.pdf data also include breakdowns by age and income levels. Those data show that individuals aged 55 to 64 comprised roughly one-sixth (16.9 percent) of net migrants, but more than one-third of the total dollar amount (-$356 million) reported on tax returns. Those aged 65 and older comprised the same Hits: 3
MTR-2015-08.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Tax — Non-Motor Corporate Net Income Tax Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  August is typically one of the three smallest months for tax collections. (Other small months include November and February.)  Transfers of unrestricted General Hits: 3
MTR-2015-07.pdf based on latest three months of data. Source: U.S. Department of Labor—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Realty Transfer Tax Personal Income Tax — Withholding Technical Notes:  Non-Tax revenues declined from the prior year due to one-time transfers in July 2014.  A transfer of $26.1 million from the General Fund to the Enhanced Revenue Hits: 3
MQRE-FY19-20-Aug.pdf by $2.0 million. Cigarette Tax Transfer to the Tobacco Settlement Fund (Act 20) The act requires a one-time transfer from cigarette tax to the Tobacco Settlement Fund for the repayment of the Tobacco Revenue Bond debt service. This transfer until there are no more bids. The minimum bid for each license is $7.5 million. An additional one-time nonrefundable authorization fee of $2.5 million is required for the operation of table games at the facility. These provisions are Hits: 3
Monthly_Economic_Update_September_2022.pdf PA 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 into a recession during the next year. This economic update uses recent state 0% compared to June but remains above pre-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 Hits: 3
Monthly_Economic_Update_July_2022.pdf Demand Remain Strong Since the release of June CPI-U data last week, many analysts now believe there is a one-third to two-thirds chance of at least a mild recession during the upcoming year. For the next several months surpassed for recent months and suggest that labor demand has not 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 Hits: 3
mid-year-FY14-15-presentation.pdf 80 +11 +91 Total Change +100 +60 +160  Year‐to‐date revenues include an unexpected $100 million payment from one estate. The estimate does not include any additional remittances from that estate.  Except for the unexpected one‐time payment, revenues are meeting estimate. 28.Jan.2015 21 Inheritance Tax July to January +$106 February to June ‐6 Hits: 3
MER-2015-03.pdf An index greater than 50 indicates that the sector is expanding. 6 Monthly Average Gas Price National average price for one gallon of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly DE). A negative number indicates increasing pessimism. 5 Monthly Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of regu‐ lar gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 3
MER-2014-12.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 5 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of regu‐ lar gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 3
MER-2014-09.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 5 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of un‐ leaded gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 3
MER-2014-07.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 5 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of un‐ leaded gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 3
MER-2014-05.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 5 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of un‐ leaded gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 3
MER-2014-01.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly DE). A negative number indicates increasing pes‐ simism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of unleaded gasoline. 5 Consumer Price Index (PA‐NJ‐DE‐MD) Year‐over‐year change in average price level Hits: 3
MER-2013-12.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly DE). A negative number indicates increasing pes- simism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) Year-over-year change in average price level Hits: 3
Impact-Fee-Update-Outlook-2019-06.pdf 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 their fees decline. Net impact: +$26.5 million.  Previous Disputes Court ruling from 2017 that a gas well’s production only needs to fall below 90 Mcf per day in one month of the year to be exempt from the fee. As a result, all wells that previously disputed payment of Hits: 3
Impact-Fee-Estimate-2019.pdf aging wells. Wells pay the highest impact fee in their first operating year. The collections from wells in operating year one more than offset reduced collections from (1) older wells as their fees decline and (2) wells that stopped remitting the percent) is offset by a similar reduction in the market value of gas, causing the ETR to fall by just one tenth of a percentage point from the prior year. The reduction in market value (-17.2 percent) was impacted by Hits: 3
EPLC Feb 2020 FINAL.pdf 0 -$1.3 -$1.2 -$1.1 Note: Billions of dollars. Net revenues deduct refunds and include lapses. Assumes future one-time measures are not utilized. Source: Economic and Budget Outlook: FY 2019-20 to FY 2024-25, IFO (November 2019 this excludes renters (but no good data on renter burden)  Tax retirement income: Social Security, IRAs, pensions  PA one of only 3 states that does not tax retirement income Sales tax: raise rate (6.0%) and/or expand base Hits: 3
2023_Mid_Year_Update.pdf 4 fed 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 5 3,898 369 11.1 Note: Dollars in millions. PIT is personal income tax. Adjusted growth rate controls for one-time/new transfers and CNIT law changes. Detail on COVID Relief Programs for Pennsylvania January 31, 2023 15 Student Loan Hits: 3
2013-08 Monthly Economic Summary.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) Year-over-year change in average price Hits: 3
2013-01 Monthly Economic Report.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in Hits: 3
Pensions SERS and PSERS. The analysis must include: (1) the potential cost savings if the early retirement option was offered in one-, five-, and ten-year increments; (2) value in ... read more SB 32 Summary • Miscellaneous 0092 Muth Would require the State stands in a fiduciary relationship to a public pension fund to attend training. Training requirements would include two hours within one year of appointment or election into the position, and then one hour annually after. ... read more HB 1505 Summary • Cost Hits: 3
Pensions to active service after July 1, 2011, and new members of Class T-E or Class T-F, will have one year within which to purchase any previous NQPTS. Modifications to the Actuarial Funding Requirements of PSERS and SERS • Beginning July Retirement Code and the State Employees' Retirement Code by setting a minimum employer contribution rate equal to no less than one percent, plus, in the case of the Public School Employees' Retirement Code, the premium assistance contribution rate, except that in Hits: 3
Pensions 2006, Act 174 amended the County Pension Law (Act 96 of 1971) by extending to June 30, 2007, the previous one-year window created by Act 43 of 2003. Act 43 established a twelve-month period, or "window," following enactment of authorize, by rule, the retroactive application of the enhanced membership class to the prior service credit of members. The original one-year window expired December 16, 2004. Act 174 also permits (until June 30, 2007) a county retirement board to authorize Hits: 3
UGSOA_Wage_Contract_ Analysis_2020.pdf a benefit rate of 40% implies that those costs increase by 40 cents for each dollar increase in wages.  One general pay increase effective October 2020 (2.00%).  One step increase effective April 2021 (2.25%).  No increase in the biweekly employer healthcare contribution. 1 1 The agreement Hits: 2
Tax-Foundation-Presentation-11-14-2019.pdf n.a. $1 million West Virginia 100% $1 million Source: Tax Foundation, 2020 State Business Tax Climate Index. PENNSYLVANIA HAS ONE OF THE HIGHEST CORPORATE INCOME TAX RATES IN THE U.S. PENNSYLVANIA’S PROPERTY TAX ADMINISTRATION IS OVERLY COMPLEX  on all classes of businesses LOCAL GOVERNMENTS CONTINUE TO LEVY ASSESSED OCCUPATION TAXES • The Occupation Tax can be imposed in one of three ways: • As a lump sum of $10 or less • By unlimited millage against the value of all occupations Hits: 2
State_Tax_Comparison_2023_02.pdf annual data on state and local tax revenue. However, the local tax data generally lag the state tax data by one fiscal year. For this analysis, state tax data are from 2021 State Government Tax Collections which represent fiscal year (FY 14 th highest cigarette tax rate in the U.S. ($2.60 per pack), and the City of Philadelphia levies one of the highest rates in the U.S. at $4.60 per pack (includes state tax). State Rank AmountRatio State Hits: 2
State_Tax_Comparison_2020_11.pdf on state and local tax revenue. However, the local tax data generally lag the state tax data by one fiscal year. For this analysis, state tax data are from 2019 State Government Tax Collections which represents fiscal year (FY) 2018-19 highest cigarette tax rate in the U.S. ($2.60 per pack), and the City of Philadelphia levies one of the highest rates in the U.S. at $4.60 per pack (includes state tax). Table 5 Sin Taxes State Rank Hits: 2
State-Tax-Comparison-2020-01.pdf on state and local tax revenue. However, the local tax data generally lag the state tax data by one fiscal year. For this analysis, state tax data are from 2018 State Government Tax Collections which represents fiscal year (FY) 2017-18 highest cigarette tax rate in the U.S. ($2.60 per pack), and the City of Philadelphia levies one of the highest rates in the U.S. at $4.60 per pack (includes state tax). Table 5 Gaming-Liquor-Tobacco Taxes Hits: 2
Senate Appropriations Response Letter 3-6-2020.pdf percent) Note that the percentages total more than 100 because the borrower may have used the proceeds for more than one purpose. 1 See http://www.freddiemac.com/research/insight/20190313_quarterly_refinance_report.page. March 6, 2020 Page 2 Senator Haywood asked which debt forgiveness to students with degrees in eligible bachelor programs. Applicants must begin work in a Utah qualified job within one year of graduation and work for the same number of years as the loan was received. A focus of the Hits: 2
RTR-2014-10.pdf 9 billion are $661 million (8.1%) over the prior fiscal year-to-date. Excluding July’s $227 million in one- time transfers from special funds and a reported $100 million inheritance tax payment in October, fiscal year-to-date growth 112 million (3.3%) over the prior fiscal year-to-date. Withholding, which comprises the majority of these revenues, posted one, three and twelve-month growth rates of 4.0%, 3.7% and 3.0%, respectively. Nonwitholding revenues increased by $1 Hits: 2
Revenue_Estimate_Presentation_2022_05.pdf 99 10.1 Note: Dollar amounts in millions. PIT is personal income tax. Adjusted growth rate controls for payment shifts, one-time transfers and an extra deposit day for PIT withholding. Various Factors Motivate Revenue Surprise Much higher inflation than expected 859 -82.9 -2.2 Note: Dollar amounts in millions. PIT is personal income tax. Adjusted growth rate controls for one-time transfers. Motor vehicle sales tax includes a new transfer to the Public Transportation Trust Fund ($514 million). Nearly All Hits: 2
Revenue_Estimate_2023_06.pdf borrowers with an average payment of $300 per month ($6.7 billion per annum) will begin repayments this fall. If one-third of those repayments would have been spent on taxable goods or services, it would gener- ate roughly $130 million higher than the IFO’s official estimate, a decrease of 2.2% over the prior fiscal year (after adjustments for one-time transfers). The upward revision is due entirely to non-withheld revenues (+$250 million in esti- mated and +$164 million Hits: 2
Revenue_Estimate_2016-06-15_Release.pdf increase of $406 million (1.3 percent) over FY 2014-15. The updated estimate is $23 million lower than the one issued by the IFO in May, but $127 million higher than the estimate certified by the governor in December. FY recent statutory changes to the Liquor Code. Excluding those statutory changes, the base projection is $31 million lower than the one issued by the IFO in May. “The downward adjustment in the base estimate reflects the recent underperformance of wage and Hits: 2
Revenue_and_Economic_Update_Presentation_2020_10.pdf rates All Other Tax -7.7% 2.0% Note: Growth rates control for revenue shifts for tax relief and miscellaneous one-time transfers. Excludes non-tax revenues. IFO and Administration Revenue Estimates FY 2020-21 October 29, 2020 9 IFO Official 682 2.6 Note: Dollar amounts in millions. PIT is personal income tax. Adjusted growth removes shifts ($1.94 billion), one-time transfers in both fiscal years and an extra withholding deposit ($130 million) this fiscal year. Non-Motor Sales Tax Hits: 2
Revenue-Estimate-2019-05.pdf of all net jobs created, and the two subsectors devoted to care of the elderly-disabled comprised roughly one-quarter of all net jobs created. Other sectors that recorded notable gains include food service (both limited- and full-service restaurants and IFO had assumed a growth rate of 6.3 percent. The much stronger profits growth accounts for roughly one-half of the underprediction for FY 2018-19. For FY 2019-20, the forecast projects CNIT revenue growth of 3.5 percent Hits: 2
REU-2020-02.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S RATES INDEPENDENT FISCAL OFFICE FEBRUARY 2020 Revenue Trends  The non-motor SUT growth rate excludes a $115.3 million one-time transfer that occurred in July 2019.  The 3-month motor vehicle SUT growth increased dramatically in February due Hits: 2
REU-2020-01.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S RATES INDEPENDENT FISCAL OFFICE JANUARY 2020 Revenue Trends  The non-motor SUT growth rate excludes a $115.3 million one-time transfer that occurred in July 2019.  The 3-month non-motor SUT growth rate fell for the month Hits: 2
REU-2019-12.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S RATES INDEPENDENT FISCAL OFFICE DECEMBER 2019 Revenue Trends  The non-motor SUT growth rate excludes a $115.3 million one-time transfer that occurred in July 2019.  After falling in November, the 3-month and 12-month non-motor Hits: 2
REU-2019-11.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S RATES INDEPENDENT FISCAL OFFICE NOVEMBER 2019 Revenue Trends  The non-motor SUT growth rate excludes a $115.3 million one-time transfer that occurred in July 2019. The 3-month and the 12-month growth rates continue to exhibit unusual Hits: 2
RB_2023_12_Gasoline_Consumption_Remains_Subdued.pdf This research brief updates one published in January 2023 to include an additional 11 months of gasoline consumption and retail price data. More than three S. Census Bureau Pulse survey (and consistent with national trends), 26% of Pennsylvania workers 18 or older work from home one or more days per week. Other factors that negatively affect gasoline consumption are increased vehicle fuel efficiency and the shift Hits: 2
RB_2022_12_Worker_Reduction_By_Age.pdf changed from 2020 Q1. If ratios had not changed, then there would be 113,000 additional workers, and more than one-half would be under age 35. As noted, these computations do not account for residents who are solely self-employed due to lack of survey data within each age group for each state. Hence, the QWI data, although lagged, provide one of the best indicators regarding work force participation at the state level by age group. CreationDate: 2022-12-08 14 Hits: 2
RB_2022_10_Worker_Shortage.pdf on the impact of long-term demographic trends. Based on the latest data, the analysis finds that slightly more than one-half of the contraction of the state labor force since the onset of the pandemic is attributable to long-term implies a contraction in the state labor force of roughly 65,000. These recent demographic trends motivate slightly more than one-half of the current labor force contraction and related worker shortage. The impact is more noticeable due to the dramatic Hits: 2
RB_2022_06_Act_105_Pre-Funding_Impact.pdf flow, savings or current bond ratings effectively preclude many employers from issuing additional debt to allow the option of a one-time advance payment. The act excludes specific employers such as the Pennsylvania Turnpike Commission, the State Public School Building Authority State University Penn State was the largest employer eligible to participate under Act 105. As of FY 2020-21, about one- third of its employees were SERS members. In April 2020, Penn State made an advance payment of $1.061 billion Hits: 2
RB_2022_03_Student_Loan.pdf brief also counts number of jobs, as opposed to individuals. If an individual worked two jobs in 2019 but only one job in 2021, it will appear as a reduction in the ratio. 19-21 22-24 25-34 35-44 benefit during periods of unexpected high inflation, especially if interest does not accrue on outstanding loans. The moratorium is only one factor that may explain the larger reduction in employment-population ratios, but for individuals with loans, the repayment suspension could Hits: 2
RB_2021_11_Wage_Growth.pdf the prior year (or rehires) and employment shifting across industries (i.e., leaving a low-wage job for a higher one). To examine wage trends for Pennsylvania, the graph below uses total wage data through 2021 Q2 published by the BEA recovery from the Great Recession, which recorded a stronger annual wage contraction, but over three consecutive quarters and not just one. (See graph.) The graph also shows the YOY growth in the Philadelphia CPI-U through 2021 Q3. Employee compensation typically Hits: 2
RB_10_2023_PA_Strained_Nursing_Homes.pdf February 2023. 5 The waitlist is an upper bound estimate, as the same patient could potentially be on more than one waitlist. 6 Pennsylvania Department of Human Services, 2023-2024 Quarterly BAF Rates. Pennsylvania’s Strained Nursing Homes Independent Fiscal Office costs. For example, if there are 670 unique residents on a waitlist for transfer to a long-term care facility (one-third of the estimate from prior page), then the total implied extra expense would be $625 million per annum. 8 Hits: 2
RB-2018-01.pdf it decreases when assessment appeals reduce the assessed value. The forecast projects that the net tax base expansion will be one percent annually through FY 2022-23. Act 1 allows school districts to increase millage rates within certain limits, and the recent amendment to the Pennsylvania Constitution revised the homestead exclusion by removing the limitation that the exclusion shall not exceed one-half of the median assessed value of all homestead property in a local taxing jurisdiction. The revised language permits the Hits: 2
RB-2015-04.pdf For adults, economic research suggests a lower responsiveness parameter, and the CBO report uses an adult employment elasticity that is one‐third that of teenagers. These responsiveness parameters apply to the average change in the wage of workers who would be Industry also publishes an annual report on minimum wage workers entitled “Analysis of the Pennsylvania Minimum Wage” (various years). 3. One factor that drives this result is the fact that many states have a minimum wage that exceeds the federal minimum Hits: 2
RB 2019 Natural Gas Royalties.pdf leaseholders reside and file returns from counties (or states) other than the land under contract and do not reside in one of the top eight producing counties shown in the table. This outcome would cause the methodology used to understate royalty royalties paid to Pennsylvania landowners. Compared to 2017, the average spot price at major Pennsylvania hubs increased by more than one-third, while total output increased by 14 percent. If those gains were passed through to landowners, then royalty payments would Hits: 2
PSBA Webinar - IFO - Act5_Actuarial.pdf on PSERS employer contributions and risk mitigation.  Maximum “Act 5 employee” impact of $9 billion through FYE 2050.  One increment (0.75 ppt) applied to one-half of the projection period would change the estimated risk mitigation by 11 ppts. 6/28/2017 7 Act 5 Hits: 2
Presentation_PICPA_9-24-2013.pdf at data from first quarter of FY 2013-14. 24 . Sept . 2013 10 Are PA Consumers Spending? Sales Taxes nearly one-third of General Fund. Non-Motor Sales Tax collections remain weak. o For first quarter of FY 2013-14, revenues S. Department of Commerce, Monthly Retail Trade Survey. 24 . Sept . 2013 13 Are PA Firms Hiring? Wage withholding comprises nearly one-third General Fund revenues. Growth in withholding will reflect two factors: oIncrease in number of jobs. oAny wage and salary Hits: 2
Presentation_Pension_Town_Hall_3-26-2015.pdf the 2008‐2009 recession.  Employer contributions. • Determined actuarially after accounting for fund liabilities, employee contributions and investment earnings. Effectively, one could think of it as a “residual.” • Affected by “collars” that reduce contributions below actuarially determined levels. 3/26/2015 pension systems are based on the 7.5% earnings assumption. Unfunded liabilities increase when the earnings assumption is reduced. A one percentage point reduction in the long‐term rate of return (7.5% to 6.5%) increases liabilities: • SERS: ~$4.9 Hits: 2
Presentation_2016-06-08_GPNP_Budget_Outlook.pdf Gas Lease funds. • Transfers of available monies from special funds. • Acceleration of revenue or deferrals of expenditures. • “Snap‐back” as one‐time measures expire. Post‐Recession Budgets 8.Jun.2016 4  About $1.6 billion of short‐term measures used are in millions. IFO January Report 8.Jun.2016 6  FY 2016‐17 expenditure growth of $1,884 million. • One‐time expenditure deferrals expire. • Use of special funds scaled back. • Mandatory expenditure categories (e.g., pensions, debt service, human services Hits: 2
Presentation-2018-07-NCSL.pdf liability mismatch, longevity and demographic, interest rate, and contribution risks. Implemented using a sensitivity analysis.  Examined the impact of one percentage point and two percentage point reductions in the assumed rate of return.  Quantified the projected change in employer analysis. This information is revealing and provides the type of insight that could motivate use of additional scenarios.  A one percentage point reduction in the assumed rate of return could increase total employer contributions by $49 billion through FYE 2050 Hits: 2
PICPA_Presentation.pdf Base growth rate controls for (1) changes in tax law, (2) an extra withholding day last fiscal year and (3) one-time transfers. FY 16-17 IFO Revenue Shortfall = -$900m June 7, 2017 5 -$40 -$200 -$300 -$300 -$60 PIT Non- 0% 4.0% 5.0% Note: Sales tax growth rate controls for tax law changes and transfers. Data are lagged one month to coincide with withholding. Withholding growth rate controls for any extra deposit days in quarter. 3.0% 2.4% Hits: 2
PBB_2023_EO_REPORT.pdf Stabilization Fund. Budget and Capital Market Operations | Page 23 Notes on Measures ▪ Transfers to the Budget Stabilization Fund lag by one year. Amount listed reflects transfer level determined at the end of the prior fiscal year and transferred at the beginning Fund. Debt service costs are paid by the Pennsylvania Treasury and not the Executive Offices. ▪ True Interest Cost (TIC) is one of several metrics used to display the cost to borrow through municipal bond issuances. It captures the present value of Hits: 2
PA_Turnpike_Toll_Projections_May_31_2013.pdf Ticket System. The Gateway Barrier Plaza is the final exit for traffic leaving Pennsylvania and entering Ohio. It is a one-way barrier interchange that levies a toll for eastbound traffic only. 8 In CY 2002, the New Castle, Beaver Valley of plausible values for the regression coefficient does not include zero. (Stated differently, the results are statistically significant at the one percent level.) The R-square statistic measures how much of the variation in historical transactions can be explained by the Hits: 2
Official-Revenue-Estimate-2019-06.pdf of all net jobs created, and the two subsectors devoted to care of the elderly-disabled comprised roughly one-quarter of all net jobs created. Other sectors that recorded notable gains include food service (limited- and full-service restaurants and drinking IFO had assumed a growth rate of 6.3 percent. The much stronger profits growth accounts for roughly one-half of the underprediction for FY 2018-19. For FY 2019-20, the forecast projects CNIT revenue growth of 2.7 percent Hits: 2
NGPR-2016Q3.pdf level tabulations for the calendar year-to-date. Susquehanna County was the highest-producing county in the state, representing nearly one quarter of all horizontal well production (23.7 percent). The largest increases in production among top-ten counties occurred in 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 442 370 511 511 401 372 Hits: 2
NGPR-2016Q1.pdf which 1,006 (74.4 percent) produced gas in the first quarter of 2016. These wells comprised slightly less than one-third (31.1 percent) of total production. The term “spud” denotes the beginning of the drilling process, and there is level tabulations for the calendar year-to-date. Susquehanna County was the top producing county in the state, representing nearly one quarter of all horizontal well production. Seven of the top ten producing counties registered production gains, while three counties (Bradford Hits: 2
NGPR-2015-1H.pdf producing wells in each half year does not directly correspond to the full year, because some wells are reported in one time period but not the other. The full year represents the total number of unique wells that were present in but only 652 (48.3 percent) produced gas between January and June 2015. These 652 wells comprised somewhat more than one-fifth (21.6 percent) of total pro- duction. For 2015, there were 420 wells spud through June, of which only Hits: 2
NGPR-2015-09.pdf producing wells in each half year does not directly correspond to the full year, because some wells are reported in one time period but not the other. The full year represents the total number of unique wells that were present in but only 652 (48.3 percent) produced gas between January and June 2015. These 652 wells comprised somewhat more than one-fifth (21.6 percent) of total pro- duction. For 2015, there were 420 wells spud through June, of which only Hits: 2
Municipal_Analysts_Presentation.pdf annual growth rate Slots Table Games Instant Tickets Saturation Line Note: Saturation line growth rate equal to population growth plus one-half wage growth (assumes elasticity of gaming relative to income = 0.5). Table games growth rate uses the tax base Table Games +7.6% Instant Tickets +7.8% Saturation Line Note: Saturation line growth rate equal to population growth plus one-half wage growth (assumes elasticity of gaming relative to income = 0.5). Table games growth rate uses the tax base Hits: 2
MTR-2019-01.pdf greater than anticipated licenses and fees and treasury collections. From July to January, the Commonwealth has received $148 million in one-time fees related to gaming expansion, $64 million more than expected. G – š‰” F –Œ S–‰˜› —œ General Fund Tax on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2018-12.pdf greater than anticipated licenses and fees and treasury collections. From July to December, the Commonwealth has received $137 million in one-time fees related to online gaming and sports wagering. G – š‰” F –Œ S–‰˜› —œ General Fund Tax Revenue Non- on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2018-02.pdf of 2017 authorized the securitization of Tobacco Settlement Fund payments to be deposited in the General Fund. In February, these one-time revenues were received as expected ($1.5 billion). General Fund Snapshot General Fund Tax Revenue Non-Tax Revenue Feb- on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2017-08.pdf crisis may be connected to declining prime-age labor force participation, especially for men. 3 Other research finds that nearly one-half of workers not in the labor force due to reasons other than school, retirement or disability, had taken an on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2017-05.pdf year-over-year basis. 2 A final factor could be weak business spending. Analysts estimate that business purchases may comprise one-third of the PA sales tax base. Unfortunately, state- level business profit or purchases data are not available. Hence, it on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2017-04.pdf could also be attributable to graduates moving back home after college. The U.S. Census Bureau reported last week that one-third of people aged 18-34 live at home. Pennsylvania ranks 2nd highest in the nation for student debt. For on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2016-10.pdf workers are an integral part of the state and national economies. For Pennsylvania, wage income ($308.2 billion) comprised nearly one half (48.4%) of total personal income in 2015. 1 Wage earners typically spend most of their earnings, and changes on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2016-09.pdf years, the volume of U.S. whole milk powder exports has declined by nearly two-thirds to China and roughly one-third to Mexico. 4 Moreover, a Russian ban on agricultural imports from western countries likely had spillover effects, and many on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2016-08.pdf factor affecting demand in 2016. The residential sector was especially affected by this phenomenon, as EIA data reveal that roughly one-fifth of PA households use electricity as their primary source of heat. 2 Decreased demand has likely applied downward pressure on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2016-06.pdf Despite these trends, Pennsylvania’s economy remains relatively healthy; however, the release of state economic data typically lags national sources. One timely indicator of the state economy is employment growth, which remains solid. Based on data from the first five months on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2016-04.pdf also provides a real-time measure of the state of the housing market, though there is typically a lag of one or two months’ time between buyer engagement, the actual closing of a sale, and the collection and remittance of tax on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 2
MTR-2016-02.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S 1.9 million from Inheritance; $8.5 million from SUT; and $4.5 million from PIT.  February is typically one of the three lowest months for revenue collections, along with August and November. Sales and Use Tax — Motor Note: Three Hits: 2
MTR-2015-10.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S received in other months in 2015.  Inheritance tax revenue collections declined from the previous fiscal year due to a one-time payment of $100 million in 2014.  Transfers from the General Fund to the Enhanced Revenue Collection Account increased Hits: 2
MTR-2015-10-Highlights.pdf 9%) compared to the same month in the prior year. However, the comparison with the prior year is affected by one-time payments and timing issues. October 2014 inheritance tax revenues included a $100 million payment that did not recur this 4.6%), and monthly non-tax revenues declined by $9 million (-27.8%). After adjusting the 2015 collections for the one-time inheritance tax payment and withholding due dates, monthly tax revenues increased by approximately $124 million (5.6%). Other revenue Hits: 2
MSC_March_31_2022.pdf Dollars in millions. Revenues through March 2022. PIT is personal income tax. Adjusted growth rate controls for due date shifts, one-time transfers and extra deposit day for withholding. Initial Revenue Estimate for FY 2022-23 March 31, 2022 4 Revised 0.9% Note: Dollars in millions. PIT is personal income tax. Adjusted growth rate controls for a $2.19 billion one-time transfer. Federal and State Pandemic Relief Programs March 31, 2022 5 CY 2020 CY 2021 CY 2022 Total Payments Hits: 2
MQRE_FY22_23_August.pdf 2 million. Cigarette Tax Transfer to the Tobacco Settlement Fund (Act 54) Consistent with prior years, the act requires a one-time transfer from cigarette tax to the Tobacco Settle- ment Fund (TSF) for the repayment of the Tobacco Revenue Bond to (1) 30% of the expenses incurred and claimed for purposes of the federal credit or (2) $3,000 for one qualifying individual or $6,000 for two or more qualifying indi- viduals, whichever is less, multiplied by the applicable percentage Hits: 2
MQRE-FY23-24_Revised_Jan.pdf been omitted. Cigarette Tax Transfer to the Tobacco Settlement Fund (Act 34) Consistent with prior years, the act requires a one-time transfer from cigarette tax to the Tobacco Settle- ment Fund (TSF) for the repayment of the Tobacco Revenue Bond 100% (formerly 30%) of the expenses incurred and claimed for purposes of the federal credit or (2) $3,000 for one qualifying individual or $6,000 for two or more qualifying individuals, whichever is less, multiplied by the applicable percentage. The Hits: 2
Monthly_Economic_Update_September_2020.pdf the dollar amount of SALT deductions claimed fell by 80% from the prior year, while charitable contribution deductions declined by one-third. Child tax credits (refundable and non-refundable) increased by $2.5 billion. Combined with lower rates and other changes over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2020-09-22 19:35:48 Creator: Microsoft® Publisher Hits: 2
Monthly_Economic_Update_October_2022.pdf 4% compared to July but remains above pre-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 over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2022-10-24 19:01:11 Creator: PScript5.dll Hits: 2
Monthly_Economic_Update_November_2022.pdf compared to August and remains well above pre-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 over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 2
Monthly_Economic_Update_March_2023.pdf compared to November and remains well above pre-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 over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline in the Central Atlantic region. Source: U.S. Energy Information Administration. CreationDate: 2023-03-21 18 Hits: 2
Monthly_Economic_Update_March_2022.pdf component typically lags other components due to survey timing and the timing of annual lease expirations and renewals. The remaining one- third of the total growth in the All Items CPI was due to the food and beverage (12.9% of over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. Author: Lauren Mondschein CreationDate: 2022-03-18 12:55:35 Hits: 2
Monthly_Economic_Update_July_2021_Final.pdf increased by 6.7% from the prior year, as the Shelter component increased by only 1.2%. That component comprises one-third of the CPI-U and includes imputed rent to homeowners (0.8% increase, based on survey data) and rental over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 2
Monthly_Economic_Update_July_2020.pdf estimated 20.7% of households reported using the stimulus payments to meet spending needs within seven days of being interviewed. One-fifth of households surveyed plan to use some or all of their stimulus payment to pay down debt and 11 over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2020-07-23 13:57:01 Creator: Microsoft® Publisher Hits: 2
Monthly_Economic_Update_January_2023.pdf compared to October and remains well above pre-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 over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline in the Central Atlantic region. Source: U.S. Energy Information Administration. 12. Year-over-year growth Hits: 2
Monthly_Economic_Update_January_2022.pdf remain elevated in the near term. Since the spring, the rapid acceleration of consumer inflation has been notable. Less than one year ago, the February 2021 YOY growth rate for the Philadelphia All Items CPI-U was +1.0%. Since then over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. Author: Lauren Mondschein CreationDate: 2022-01-18 12:57:33 Hits: 2
Monthly_Economic_Update_December_2022.pdf compared to September and remains well above pre-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 over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2022-12-20 15:30:01 Creator: Microsoft® Publisher Hits: 2
Monthly_Economic_Update_August_2021.pdf prices are “sticky” because the same renters are not surveyed every month and most renters enter leases for at least one full year. Landlords may also be hesitant to raise prices to the market rate for tenants who renew leases if over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. Author: Lauren Mondschein CreationDate: 2021-08-12 19:44:17 Hits: 2
Monthly_Economic_Update_August_2020.pdf the U.S. Bureau of Labor Statistics released the July state employment report. The data reveal that by July, nearly one-half (529,100, not seasonally adjusted) of the year-over-year (YOY) job losses since April (-1.1 million) have over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 11. Year-over-year growth rate of S&P 500 Hits: 2
Monthly_Economic_Update_April_4_2023.pdf 5% compared to December and remains above pre-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 over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline in the Central Atlantic region. Source: U.S. Energy Information Administration. 13. Year-over-year growth Hits: 2
Mid_Year_FY16-17_Presentation.pdf 17 25.Jan.2017 14 Non-Motor SUT Growth Note: Adjusted SUT controls for expanded tax base and transfers. Uses one month lag to coincide with withholding and economic activity. Withholding growth rates are adjusted for extra deposit days during the rate. Underlying growth rate is 3.1% after adjusting for:  Full-year collections from prior tax law changes.  One-time proceeds in FY 2016-17 from tax amnesty, fund transfers, loans from other funds, liquor modernization fees and litigation Hits: 2
MER-2015-06.pdf An index greater than 50 indicates that the sector is expanding. 6 Monthly Average Gas Price National average price for one gallon of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly DE). A negative number indicates increasing pessimism. 5 Monthly Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of regu- lar gasoline. 6 Commercial Traffic on PA Turnpike Year-over-year growth rate of the volume of Hits: 2
MER-2015-04.pdf An index greater than 50 indicates that the sector is expanding. 6 Monthly Average Gas Price National average price for one gallon of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly DE). A negative number indicates increasing pessimism. 5 Monthly Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of regu‐ lar gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 2
MER-2015-02.pdf An index greater than 50 indicates that the sector is expanding. 6 Monthly Average Gas Price National average price for one gallon of regular gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly DE). A negative number indicates increasing pessimism. 5 Monthly Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of regu‐ lar gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 2
MER-2014-11.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 5 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of un‐ leaded gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 2
MER-2014-10.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 5 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of un‐ leaded gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 2
MER-2014-08.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 5 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of un‐ leaded gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 2
MER-2014-06.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 5 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of un‐ leaded gasoline. 6 Commercial Traf Ðic on PA Turnpike Year‐over‐year growth rate of the volume Hits: 2
MER-2014-03.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly DE). A negative number indicates increasing pes‐ simism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of unleaded gasoline. 5 Consumer Price Index (PA‐NJ‐DE‐MD) Year‐over‐year change in average price level Hits: 2
MER-2014-02.pdf sector. An index greater than 50 indicates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly DE). A negative number indicates increasing pes‐ simism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of unleaded gasoline. 5 Consumer Price Index (PA‐NJ‐DE‐MD) Year‐over‐year change in average price level Hits: 2
MER-2013-11.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) Year-over-year change in average price Hits: 2
ITEP-Presentation-11-14-2019.pdf Clawbacks.  Three-factor apportionment factor  Economic nexus  Minimum tax Combined Reporting: The Basics  Combined reporting is one way of tackling a basic problem: what is the “company” to which we apply apportionment rules?  Example: General Electric 50 U.S.-based subsidiaries.  Separate accounting says you apply apportionment rules separately to each of GE’s subsidiaries, one at a time.  Combined reporting says you throw GE and all its subsidiaries in the same big pot, and Hits: 2
Ironman_Triathlon_Impact_Analysis_2024_04.pdf Stadium and the Penn State campus, and event hospitality. • $25,000 for the Ironman Annual Host City Fee which covered one half of the $50,000 Host City Fee charged by the Ironman Group. 1 See: Ironman 70.3 Pennsylvania Happy area, and (4) a number of these athletes rented vehicles in-state. The analysis assumes that, on average, athletes brought one companion with them. Local athletes, their companions, visitors, event staff and volunteers were assumed to spend $75 per day. A Hits: 2
Initial_Revenue_Update_May_2023_Final.pdf 40.6 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 5 4,014 486 14.4 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 for FY 21-22) and Hits: 2
Initial_Revenue_Estimate_Presentation_May_2023_Final.pdf 40.6 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 5 4,014 486 14.4 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 for FY 21-22) and Hits: 2
Initial_Estimate_May_2017_Presentation.pdf controls for (1) changes in tax law that impact revenues, (2) an extra withholding day last fiscal year and (3) one-time transfers. 10 02.May.2017 FY 2016-17 (through April) Actual Estimate Difference General Fund $25,823 $26,514 Year-Over-Year Growth Rates Note: Sales tax growth rate controls for tax law changes and transfers. Data are lagged one month to coincide with withholding. Withholding growth rate controls for any extra deposit days in quarter. 0.7% 16 02 Hits: 2
Impact_Fee_Update_Outlook_2023.pdf will be $2.85 and the impact fee schedule will decrease significantly. At that level, horizontal wells in operating year one would pay a fee of $51,800 per well, a reduction of $17,300 (-25%) from CY 2022. For wells in Table 3 to approximate the prices received by producers. The Henry Hub spot price is the price for a one-time open market transaction for near-term delivery of a specific quantity of gas from that hub. Staff Acknowledgements This Hits: 2
Impact_Fee_Update_Outlook_2022.pdf 71 and the fee schedule will increase to the highest possible level. At that level, horizontal wells in operating year one would pay a fee of $64,900 per well. Horizontal wells in operating years two and three would pay $59 in Table 3 to approximate the prices received by producers. The Henry Hub spot price is the price for a one-time open market transaction for near-term delivery of a specific quantity of gas from that hub. Staff Acknowledgements This Hits: 2
Impact-Fee-Update-2017-Outlook-2017-07.pdf exempt from the impact fee, if it does not produce more than 90 Mcf of gas per day in any one month during the calendar year. The Public Utility Commission contends that a well is subject to the fee unless its in Table 3 to approximate the prices received by producers. The Henry Hub spot price is the price for a one‐time open market transaction for near‐term delivery of a specific quantity of gas from that hub. 6. Pursuant to Hits: 2
IFO_Testimony_Feb2018.pdf in revenue projections because these effects take time to fully manifest themselves. Most researchers believe that dynamic effects will offset one-eighth to one-quarter of the projected reduction in tax revenues. That concludes my opening remarks and I would be happy to address Hits: 2
IFO_Hearing_Materials_March_2023.pdf Year to Date Revenues (Growth Rate Adjusted) Note: Millions of dollars. Growth rates adjusted for the impact of new and one-time transfers. Independent Fiscal Office 12 March 2023 Revenues – General Fund Projections Revenues – General Fund Projections 22-23 23-24 Fund 215 -376 -- -- General Fund Revenue Projections Note: Revenue proposals exclude higher refunds paid. Growth rates adjusted for new and one-time transfers. The IFO 23-24 estimate assumes a transfer of $115.3 million from cigarette tax to the tobacco Hits: 2
IFO_Hearing_Materials_Feb_22_2022.pdf dollars. Growth rates adjusted to reverse the shift of revenues to FY 2020-21, as well as the impact of one- time transfers. Independent Fiscal Office 11 February 2022 Revenues – General Fund Projections Revenues – General Fund Projections 21-22 22-23 program. - Compared to other states, PA has the highest allowance (20%) for administrative and other costs. - Across states, PA has one of the largest tax credits, but collects the least amount of outcome data. - Student performance and demographic data should be Hits: 2
IFO_Hearing_Materials_02_2024.pdf Date Revenues (YOY Adjusted) Note: Millions of dollars. Dollar difference and growth rates control for processing delays last year and one-time transfers. Independent Fiscal Office 6 February 2024 Adjustments to Official Estimate Executive Budget Adds $656m to Estimate, Now Closer over-year (YOY). FY 20-21 growth rates adjusted for revenues shifted into the fiscal year due to extensions and one-time transfers. Motor Vehicle SUT growth rate controls for new transfer starting in FY 22-23. FY 23-24 is Hits: 2
IFO_Analyst_Opening.pdf finance, mathematics, business or a related field that requires quantitative analysis. Relevant work experience may substitute for a degree in one of the specified fields. Academic achievement will receive significant consideration for applicants who do not have relevant work experience. • Ability g., Word and PowerPoint) and statistical software (e.g., SAS) is a plus. The IFO is located in Harrisburg, approximately one block from the Capitol Complex. Compensation is based on education, skills and experience. A comprehensive benefits package is included. Interested Hits: 2
Five_Year_Outlook_Presentation_2021.pdf Growth rates adjusted to reverse for the shift of revenues to FY 2020-21, as well as the impact of one- time transfers or extra due dates (i.e., Wednesdays for employer withholding). General Fund Tax Revenues: A Permanent COVID Gain Compensation Fund in FY 24-25. AAGR is average annual growth rate from FY 22-23 to FY 26-27. One Time Factors November 15, 2021 19 FY 21-22 Amount Notes ARPA federal funds transfer $3,840 replace revenue loss Hits: 2
Five_Year_Outlook_2023.pdf tax (SUT) transfer to the Public Transportation Trust Fund (-$508 million). After adjusting for these tax law changes and a one-time transfer of $3.84 billion of federal funds to the General Fund in FY 2021-22, revenue increased at 19 A long-term structural imbalance is an imbalance that remains after unusual economic conditions or other factors (e.g., one-time revenue transfers) are no longer relevant or available. Fiscal Year 22-23 23-24 24-25 25-26 26- Hits: 2
Five_Year_Outlook_2016_IFO_PPT.pdf share of Medicaid expansion phases down from 100% to 90%. Lottery Fund cannot sustain current support for DHS. Replacement of one-time receipts in FY 2016-17. Does not include potential supplemental expenditures. 11/15/2016 29 0% 2% 4% 6% 1,500 16-17 17-18 18-19 19-20 20-21 21-22 New Tax Revenue New/Expanded Transfers One-Time Impacts Other 643 1,017 655 602 705 555 Note: figures in dollar millions. Long-Term Structural Imbalance 15- Hits: 2
Five_Year_Outlook_2014_Press_Release.pdf for the current fiscal year and $1,679 million related to next year.” Knittel said. “The non-recurring revenues and one-time costs savings employed in the FY 2014-15 budget contribute significantly to this deficit.” The report evaluates the demographic long-term fiscal imbalance. Additional findings include: • FY 2014-15 includes $572 million in non-recurring revenues, $619 million in one-time savings and $332 million in funding shifts. These measures exacerbate the structural imbalance in FY 2015-16, as the Hits: 2
Economic_and_Revenue_Update_2021.pdf dollars. Growth rates adjusted to reverse the shift of revenues to FY 2020-21, as well as the impact of one-time transfers. Independent Fiscal Office 12 March 2021 General Fund Revenue Projections Dollar Amount (millions) Growth Rate 20-21 21- 3 100,000 3.07 4.49 1,420 46.3 3.07 4.49 1,420 46.3 Single - One Dependent Married - Two Dependents Taxable Average Tax Rate Dollar Percent Average Tax Rate Dollar Percent Income Current Proposed Change Change Hits: 2
2013-10 Monthly Economic Summary.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) Year-over-year change in average price Hits: 2
2013-09 Monthly Economic Summary-FINAL.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) Year-over-year change in average price Hits: 2
2013-07 Monthly Economic Summary.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in Hits: 2
2013-06 Monthly Economic Summary - FINAL.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in Hits: 2
2013-04 Monthly Economic Report.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in Hits: 2
2013-03b Monthly Economic Summary.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in Hits: 2
2013-02 Monthly Economic Report.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 4 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 5 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in Hits: 2
2012-12 Monthly Economic Summary FINAL.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 6 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 7 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in Hits: 2
2012-11 Monthly Economic Summary- DRAFT 6.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 6 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 7 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in Hits: 2
2012-10 Monthly Economic Summary FINAL.pdf An index greater than 50 indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gas- oline. 7 S&P 500 Index An index based on the stock prices of 500 top NJ, DE). A negative number indicates increasing pessimism. 6 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gal- lon of unleaded gasoline. 7 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in Hits: 2
2012-09 Monthly Economic Summary 7.pdf index greater than 50 generally indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 6 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of unleaded gasoline. 7 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in prices Hits: 2
2012-08 Monthly Economic Summary_Final.pdf index greater than 50 generally indi- cates that the sector is expanding. 6 Average Gas Price National average price for one gallon of unleaded gasoline. 7 S&P 500 Index An index based on the stock prices of 500 top publicly NJ, DE). A negative number indicates increasing pessimism. 6 Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of unleaded gasoline. 7 Consumer Price Index (PA-NJ-DE-MD) A measure of the average change in prices Hits: 2
2012-07 Monthly Economic Summary10.pdf the sector is ex- panding. Data are from the Institute of Supply Management. Average Gas Price National average price for one gallon of unleaded gasoline. Data are from the Energy Information Administration. S&P 500 Index An index based on the Data are from the Federal Reserve Bank of Philadelphia. Average Gas Price Central Atlantic (PA, NY, NJ) average price for one gallon of unleaded gasoline. Data are from the Energy Information Administration. Consumer Price Index (PA-NJ-DE-MD) A measure Hits: 2
Wage_Contracts_PDA.pdf paid without the agreement. The baseline scenario assumes no change in wages or benefits paid to current employees, but incorporates one historical trend due to workforce turnover: • A -1.5 percent per annum total wage attrition factor. This factor represents the Hits: 1
Wage Contract SEIU-FINAL.pdf paid without the agreement. The baseline scenario assumes no change in wages or benefits paid to current employees, but incorporates one historical trend due to workforce turnover:  A -1.5 percent per annum total wage attrition factor. This factor represents Hits: 1
UGSOA_Wage_Contract_Analysis_2021.pdf for each dollar increase in wages. • Two general pay increases effective October 2021 (2.50%) and October 2022 (2.50%). • One step increase effective January 2023 (2.25%). • Two increases in the biweekly employer healthcare contribution, from $502 to $519 (September Hits: 1
The Payroll Tax Cut Extension FINAL.pdf business owners. However, data are not available regarding the average profit margin per dollar of sales for Pennsylvania businesses. If one assumes an average profit margin of five percent, then the additional purchases could generate $125 million of business income. That Hits: 1
TCJA-Update-August-2018.pdf 3 billion) and the same number reported a local property tax deduction ($8.2 billion). Nearly all filers that claim one of those deductions will claim both. The majority of both deductions was claimed by filers that reported more than $100 Hits: 1
Tax_Credit_and_PBB_Overview_2019-01-24.pdf it could be lower.  JCTC: studies find very low share: ~5%.  HPTC: incentivizes small projects but not larger ones. Credits need not incentivize all recipients.  If less than 100% incentivized, can still have positive effects.  FPTC: a Hits: 1
TaxCredit and PBB Overview- 2019-01-24.pptx ome note it could be lower. ▪ JCTC: studies find very low share: ~5%. ▪ HPTC: incentivizes small projects but not larger ones. Credits need not incentivize all recipients. ▪ If less than 100% incentivized, can still have positive effects. ▪ FPTC : a 4:1 Hits: 1
TaxCredit and PBB Overview- 2019-01-24.pdf it could be lower.  JCTC: studies find very low share: ~5%.  HPTC: incentivizes small projects but not larger ones. Credits need not incentivize all recipients.  If less than 100% incentivized, can still have positive effects.  FPTC: a Hits: 1
State_Tax_Comparison_2022_01.pdf 13 th highest cigarette tax rate in the U.S. ($2.60 per pack), and the City of Philadelphia levies one of the highest rates in the U.S. at $4.60 per pack (includes state tax). State Rank Amount Ratio Hits: 1
SR2017-03.pdf annual data on state and local tax revenue. However, the local tax data generally lag the state tax data by one fiscal year. For this analysis, state tax data are from 2015 State Government Tax Collections and 2015 State Government Finances Hits: 1
SR2014-03-presentation.pdf and others less under consolidation. Median homeowner analysis: • Higher real estate tax rates for six districts at 1.0% EIT. One district still higher at a 2.0% EIT rate. • Higher net impact for real estate and earned income taxes in Hits: 1
Smetters_Presentation_Full.pdf 2027 (billions of $) Revenue Effect 2018-2040 (billions of $) Tax Provision JCT PWBM PWBM Territorial System -224 -173 -509 Special one-time repatriation rate 339 254 232 Other international reforms 210 210 772 Subtotal 324 291 495 Penn Wharton Budget Model Hits: 1
SD_Property_Tax_Forecast_Nov_2021.pdf An amendment to the Pennsylvania Constitution revised the homestead exclusion by removing the limitation that the exclusion shall not exceed one-half of the median assessed value of all homestead property in a local taxing jurisdiction. The revised language permits the Hits: 1
SD-Property-Tax-Forecast-2020.pdf recent amendment to the Pennsylvania Constitution revised the homestead exclusion by removing the limitation that the exclusion shall not exceed one-half of the median assessed value of all homestead property in a local taxing jurisdiction. The revised language permits the Hits: 1
SD-Property-Tax-Forecast-2019.pdf recent amendment to the Pennsylvania Constitution revised the homestead exclusion by removing the limitation that the exclusion shall not exceed one-half of the median assessed value of all homestead property in a local taxing jurisdiction. The revised language permits the Hits: 1
RTR-2015-04.pdf revenues of $25.7 billion were $1.8 billion (7.5%) higher than the prior fiscal year-to-date. Excluding one-time transfers and a $100 million inheritance tax payment in October 2014, fiscal year-to-date growth is 6.1% Hits: 1
RTR-2015-03.pdf date revenues of $21.7 billion were $1.2 billion (5.9%) higher than the prior year. However, adjusting for one-time transfers and an unexpected inheritance tax payment, the year-to-date growth was $875 million (4.3%). • Corporate net Hits: 1
RTR-2015-02.pdf revenues of $17.4 billion were $1,145 million (7.0%) higher than the prior year. However, after adjusting for one-time transfers, an unexpected inheritance tax payment and the timing of receipts, the year-to-date growth was $739 million Hits: 1
RTR-2015-01.pdf date revenues of $15.7 billion were $1,051 million (7.2%) higher than the prior year. However, adjusting for one-time transfers, an unexpected inheritance tax payment and the timing of receipts, the year-to-date growth was $645 million Hits: 1
RTR-2014-12.pdf 3 billion are $1 billion (8.3%) over the prior fiscal year-to-date. Excluding July’s $227 million in one- time transfers from special funds and a reported $100 million inheritance tax payment in October, fiscal year-to-date growth Hits: 1
RTR-2014-11.pdf 6 billion are $695 million (7.0%) over the prior fiscal year-to-date. Excluding July’s $227 million in one- time transfers from special funds and a reported $100 million inheritance tax payment in October, fiscal year-to-date growth Hits: 1
RTR-2014-09.pdf of $6.6 billion were $505 million (8.3%) above the previous fiscal year. Excluding July’s $227 million in one-time transfers from special funds, the fiscal year-to-date growth rate was 4.6%. • Tax revenues increased by $159 Hits: 1
RTR-2014-08.pdf 2013. For the fiscal year-to-date, the 9.7% growth rate is magnified by July's $227 million in one-time transfers from special funds. Excluding those transfers, the fiscal year-to-date General Fund growth rate was 3.5% Hits: 1
Roundtable_Jan_24_2023.pdf of dollars. AAGR is average annual growth rate from FY 23-24 to FY 27-28. Growth rates adjusted for one-time transfers and due date shifts. CNIT rate falls to 6.49% in 2028 Treasury revenues inflated due to high Hits: 1
Revenue_Estimate_2016-06-15_Snapshot.pdf are projected to grow by 2.9 percent, based on restrained wage growth and a technical factor that results in one fewer withholding due date compared to the prior fiscal year. Non- withholding revenues are projected to outpace wage growth. Non- Hits: 1
Revenue_Estimate_2015-06-15_Release.pdf various non-recurring events,” Knittel said. “Projections for FY 2015-16 anticipate continued economic growth, but the absence of the one-time revenues received in the prior year reduces the overall rate of growth for the General Fund.” A copy of Hits: 1
Revenue_Estimate_2015-05-04_Release.pdf expanding in FY 2015-16,” Knittel said. “However, some of the revenue growth from improved economic activity simply will offset one- time, or non-recurring, revenues received in the current year.” Relative to the Executive Budget presented in March, these projections Hits: 1
Revenue-Estimate-2020-05-Presentation.pdf ends in mid- to late-July | windfall for some workers  PPP loans/grants buys limited time for businesses  One-time purchases to enable telecommuting  Lack of seasonal sales still to be absorbed going forward Permanent hit to the Hits: 1
Revenue Trends Report - October 2012.pdf 5.7% 5.4% 3.3% Revenue highlights for October:  Tax revenue increased by 12.4% in October. Nearly one-half of the increase was attributable to growth in personal income tax employer withholding (see below). Another 29% of the Hits: 1
Revenue Trends Report - April 2013.pdf increased by $53 million (17.1%). For the fiscal year, the revenue gain of $401 million (26.5%) represents nearly one-half of the overall tax revenue increase for the General Fund.  Capital stock and franchise tax deposits declined by Hits: 1
Response-Letter-11-08-2019.pdf 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 estimates also assume that existing homeowner property Hits: 1
Response-Letter-10-7-2019.pdf a two to four percent reduction in hours worked for most part-time employees affected by the proposal, and a one to two percent reduction for October 7, 2019 Page 2 full-time employees. The income gains for workers who retain Hits: 1
Response-Letter-09-12-2019.pdf are three subgroups in this income range: (1) filers that received a supplemental rebate but will now receive a larger one, (2) filers that received a base rebate but were ineligible for a supplemental rebate due to the income or tax Hits: 1
Response-Letter-09-12-2019-Part-2.pdf are three subgroups in this income range: (1) filers that received a supplemental rebate but will now receive a larger one, (2) filers that received a base rebate but were ineligible for a supplemental rebate due to the income or tax Hits: 1
RB_2024_09_Gaming.pdf wagering, while revenues from in-person gaming stagnated. Slot machine tax revenues from in-person play accounts for more than one-half (51%) of total gaming tax revenue. In FY 2023-24, slot machine tax revenues reached $1.23 billion, a Hits: 1
RB_2024_06_Sources_PA_Income.pdf refundable tax credits (earned income and child), housing vouchers, veterans’ benefits, and others. State income distribution models have typically used one of two data sources: U.S. tax return and administrative data (used by Cash Income) or the U.S. Census Hits: 1
RB_2024_05_Treasury.pdf balance) for fiscal year (FY) 2016-17 through FY 2024-25 (projected). (Note: Collections for FY 2023-24 include a one-time deposit of $59 million that was unrelated to the General Fund balance and is excluded from the computation of Hits: 1
RB_2024_03_Child_Care.pdf Credit from 30% of the federal tax credit to 100%. Eligible filers can claim a maximum credit of $1,050 (one dependent) or $2,100 (two or more dependents) against personal income tax. For FY 2024-25, the Pennsylvania Department of Hits: 1
RB_2023_07_CNIT_Data.pdf  There were 52,887 returns (57.1% of total returns) that reported no tax liability.  Somewhat more than one quarter of returns (26.5%) reported tax liability, but under $5,000.  There were 969 returns (1.0%) that Hits: 1
RB_2022_12_UC_By_AGI.pdf prior to the temporary $10,200 UC exclusion for filers with modified adjusted gross income (AGI) below $150,000.) Nearly one quarter (23.6%) of Pennsylvania federal tax returns declared UC income for 2020. For 2019, 82% of UC income was Hits: 1
RB_2022_09_SNAP_Changes.pdf households under the federal PHE and higher income thresholds. A household loses all benefits if income exceeds the threshold by one dollar. Due to this design, emergency allotments give the largest benefit increase to households with highest incomes just below the Hits: 1
RB_2022_06_PA_Gasoline_Tax.pdf in cpg is calculated annually by the Pennsylvania Department of Revenue (DOR) and is equal to the statutory millage rate (one mill equals 0.1%) imposed on a gallon of gasoline multiplied by the average wholesale price (AWP) of motor vehicle Hits: 1
RB_2021_11_Economic_Development_Incentives.pdf 21. Small Business First Loans ($5.7 million) decreased $62.4 million from the prior year, primarily due to the one-time issuance of the COVID-19 Working Capital Access Program in FY 2019-20. The program lent $61.0 million Hits: 1
RB_2021_02 County Income Patterns.pdf Technical Note An adjustment was made to Philadelphia County’s total personal income for 2016 due to an unusually high, one-time value for proprietors’ income in that year. For 2016, the reported value was replaced with an interpolation using the Hits: 1
RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdf the TCJA on PA Taxpayers Independent Fiscal Office | Research Brief | October 2020 Independent Fiscal Office Page 2 estimates that roughly one-half is not reported on tax returns. 2 Hence, tax data merely reflect what are reported on tax returns and Hits: 1
RB-2016-02.pdf not the main purpose of those programs, they are excluded from this report. 2. Intended to in Ðluence business decisions. One objective of economic development incentives is to encourage businesses to engage in activity that they may not otherwise have done Hits: 1
RB-2015-02-annual_vs_lifetime_ETR.pdf that authorizes or levies the tax. For severance taxes imposed on natural gas, the statutory tax rate is applied to one (or both) of the following tax bases:  Value. The rate is expressed as a percentage of the market value Hits: 1
QRR_2015Q3_preliminary.pdf expected remittances for unclaimed property. Quarterly receipts were lower than the prior year due to the absence of the large, one-time transfers that occurred in July 2014. General Fund Collections and Growth Rates - July to September 2015 Revenue Collections ($ millions Hits: 1
QRR_2015Q3.pdf remittances for unclaimed property. Quarterly receipts were lower than the prior year due to the absence of the one- time transfers that occurred in July 2014. Table 2 General Fund Year-Over-Year Growth Rates Quarterly Fiscal YTD Fiscal Yr. Revenue Hits: 1
PSBA-Property-Tax-Update-March-2020.pdf this excludes renters (but no good data on renter burden)  Tax retirement income: Social Security, IRAs, pensions  PA one of only 3 states that does not tax retirement income Sales tax: raise rate (6.0%) and/or expand base Hits: 1
PSBA Presentation - Final.pdf gross receipts tax). US totals exclude severance taxes. Gaming includes Lottery and Liquor Store profits. PA excludes $400 million of one-time escheats gains and a $227 million transfer. Sources: US Census Bureau (tax revenues), US Bureau of Economic Analysis (personal Hits: 1
Property-Tax-Update-August-2018.pdf total funding (average across the 125 districts in that group). For the bottom quartile, the average share was less than one-fifth. Table 3 displays estimates of school property taxes paid by homeowners age 60 or older, 65 or older, and Hits: 1
Press_Release_2018_Economic_and_Budget_Outlook.pdf driving the unusually large growth in expenditures in the budget year are associated with more than $1.0 billion in one-time funding sources used to balance the FY 2018-19 budget, as well as FY 2019-20 increases in state Hits: 1
Press_Release_2017_Economic_and_Budget_Outlook.pdf current year. However, the budgetary impact largely is temporary as most of the proceeds are derived from borrowing (securitization) and one-time fund transfers.  Enacted appropriations for FY 2017-18 were flat compared to prior-year spending. While there will Hits: 1
press release - economic and budget outlook.pdf uncertainties of federal tax policy.  The number of working-aged residents between ages 20 and 64 will decline by one percent between 2010 and 2020. The number of residents age 65 and over will increase by nearly 27 percent over Hits: 1
Presentation_Rotary_Club_of_York_7-15-2015.pdf pension systems are based on the 7.5% earnings assumption. Unfunded liabilities increase when the earnings assumption is reduced. A one percentage point reduction in the long-term rate of return (7.5% to 6.5%) increases liabilities: • SERS: ~$4.2 Hits: 1
Presentation_PA_Bus_Council_6-22-15.pdf 8% 3,981 -1.3% Non-Tax Revenue 1,107 117.4% 543 -50.9% Dollar amounts are in millions. One-time revenues ~+$630m 2015-16 2016-17 2017-18 2018-19 2019-20 Sales and Use – Base 1 $1,172 Hits: 1
Presentation_PASBO_Annual_Conference_3-8-2018.pdf February IFO revenue estimate holding up well to date. Revenues ~$600+ million ahead of IFO estimate.  Early receipt of one-time transfers ($250 million; timing).  Early receipt of states store fund transfer ($85 million; timing).  Accelerated personal income Hits: 1
Presentation_Harrisburg_Rotary_4-11-2016.pdf pension systems are based on the 7.5% earnings assumption. Unfunded liabilities increase when the earnings assumption is reduced. A one percentage point reduction in the long‐term rate of return (7.5% to 6.5%) increases liabilities: • SERS: ~$4 billion Hits: 1
Presentation_2017_02_10_EPLC.pdf Depreciation 10.Feb.2017 17 Non-Motor SUT Growth Note: Adjusted SUT controls for expanded tax base and transfers. Uses one month lag to coincide with withholding and economic activity. Withholding growth rates are adjusted for extra deposit days during the Hits: 1
Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdf 2016 7 Short‐Term Revenue Outlook • Modest, But Steady Revenue Growth • Capital Stock & Franchise Tax Phased‐Out • Recent Reliance on One‐Time Revenues May 13, 2016 8 IFO Revenue Estimates 2015‐16 2016‐17 Amount Growth Amount Growth General Fund $31 Hits: 1
Presentation-Initial-Revenue-Estimate-2018-05.pdf Year-Over-Year Growth Rates Note: Sales tax growth rate controls for tax law changes and transfers. Data are lagged one month to coincide with withholding. Withholding growth rate controls for any extra deposit days in quarter. Wages (withholding) Non-motor Hits: 1
Presentation-2018-10-Performance-Based-Budget-Board.pdf activities in FY 2019-20.  Does not indicate an optimum funding amount for each activity.  Performance information is one of many factors that play a role in state budget decisions (e.g., revenue availability, court decisions, federal funding impacts Hits: 1
PICA_Presentation_2020_11.pdf 2% All Other Tax -7.7% 2.0% Note: Growth rates control for revenue shifts for tax relief and miscellaneous one-time transfers. Excludes non-tax revenues. Non-Motor Sales Tax Growth: State and Philadelphia November 18, 2020 8 -30% -25% Hits: 1
PEW_Presentation(Video).pptx Pew Charitable Trusts 11/16/2017 1 pewtrusts.org/ taxincentives pewtrusts.org/ taxincentives Why evaluate tax incentives • Tax incentives are one of states’ primary economic development tools • Tax incentives collectively cost states billions of dollars per year • Evaluation is a proven Hits: 1
PEW_Presentation(Video).ppsx Pew Charitable Trusts 11/16/2017 1 pewtrusts.org/ taxincentives pewtrusts.org/ taxincentives Why evaluate tax incentives • Tax incentives are one of states’ primary economic development tools • Tax incentives collectively cost states billions of dollars per year • Evaluation is a proven Hits: 1
PBB_Board_Hearing_Sept_28_2021.pdf September 28, 2021 4 Keystone Special Development Zones (KSDZ) Summary of findings based on input from participants ▪ Tax credit is one of many factors that affected the location decision ▪ Other factors: geographic location, workforce, infrastructure ▪ To be fully self-financed, roughly Hits: 1
PBB_Board_Hearing_Jan_26_2022.pdf AGR Metric Highlights Department-wide data collection could be improved by PAIRS ▪ Pennsylvania Inspection Reporting System | currently being implemented in one bureau ▪ System could create efficiencies related to electronic processing in multiple bureaus Inspector efficiency was impacted by COVID-19 ▪ Retail Hits: 1
PBB_Board_Amend_03_09_22.pdf the IFO in (a) to describe what the observed trends do and do not mean, discuss the limitations of a one-year analysis of this relationship, and provide an overview of the findings on this topic in academic literature. Additionally, conduct Hits: 1
PBB_2020_DOS_REPORT.pdf of voter-eligible citizens registered to vote and those actually voting are at or below the national average. One of the main goals of the department is to increase voter participation in elections. Act 77 of 2019 includes several provisions that Hits: 1
PBB_2019_JCJC_Report.pdf redundancies and a focus on customer needs. 1 See the Appendix for the PPB review schedule. 2 Thirty-one states have a statutory requirement that requires the computation and publication of performance metrics by executive agencies. See “Budgeting Processes Spotlight: How Hits: 1
PBB-Overview-2019-01-22.pdf 2016, even though the crime rate decreased. Significant reductions in inmate population in each of the last five years.  One of the highest community supervision rates in the nation.  No cap on probation terms.  Use of pretrial risk Hits: 1
PA_Assoc_of_Community_Bankers_Presentation_2020_12.pdf 1% All Other Tax -7.7% 0.8% Note: Growth rates control for revenue shifts for tax relief and miscellaneous one-time transfers. Excludes non-tax revenues. Non-Motor Sales Tax Growth December 9, 2020 8 -20% -15% -10% -5% 0% Hits: 1
Official-Revenue-Estimate-2020-06-Presentation.pdf ends in mid- to late-July | windfall for some workers  PPP loans/grants buys limited time for businesses  One-time purchases to enable telecommuting  Lack of seasonal sales still to be absorbed going forward Permanent hit to the Hits: 1
novak ppt.pdf local level have been rising Some Final Thoughts • Economist and forecasting agencies often differ in their outlook, use more than one. • Unlikely to find a method that works indefinitely. • Buy local. Survey of Professional Forecasters (SPF) Real GDP (%) Unemployment Rate (%) Payrolls Hits: 1
NGQU_2023_Q4.pdf in order of production, the table shows (1) the top-five producing counties, (2) the next five counties combined into one group and (3) remaining counties as a third group. The five counties shown accounted for 72.8% of production volume Hits: 1
NGPR-2019Q2.pdf of the production growth for the quarter was from wells spud in 2017 and 2018. These wells comprised more than one-third of all production for the quarter (40.3 percent). Wells spud in 2014 showed the largest decline in production Hits: 1
NGPR-2019Q1.pdf of the production growth for the quarter was from wells spud in 2017 and 2018. These wells comprised more than one-third of all production for the quarter (37.2 percent). Wells spud in 2014 showed the largest decline in production Hits: 1
NGPR-2018Q4.pdf production growth for the quarter was from wells spud in 2017. Wells spud in 2016 or 2017 comprised more than one-third of all production for the quarter (39.5 percent). Wells spud in 2015 showed the largest decline in production Hits: 1
NGPR-2018Q3.pdf the third quarter was from wells spud in 2016 and 2017. Wells spud in 2016 or 2017 comprised more than one-third of all production in the quarter (39.5 percent). Wells spud in 2015 showed the largest decline in production Hits: 1
NGPR-2018Q2.pdf the second quarter was from wells spud in 2016 and 2017. Wells spud in 2016 or 2017 comprised more than one-third of all production in the quarter (35.4 percent). Wells spud in 2015 showed the largest decline in production Hits: 1
NGPR-2017Q4.pdf fourth quarter and calendar year were from wells spud in 2016. Wells spud in 2015 and 2016 comprised more than one quarter of total production during both periods. For wells spud in 2014 and earlier, production declined in the fourth quarter Hits: 1
NGPR-2017Q3.pdf calendar year-to-date were from wells spud in 2015 and 2016. Wells spud in those years comprised more than one quarter of total production during both periods. For wells spud in 2014 and earlier, production declined in the third quarter Hits: 1
NGPR-2017Q2.pdf calendar year-to-date were from wells spud in 2015 and 2016. Wells spud in those years comprised more than one quarter of total production during both periods. For wells spud in 2014 and earlier, production declined in the second quarter Hits: 1
NGPR-2017Q1.pdf gains in the first quarter were from wells spud in 2015 and 2016. Wells spud in those years comprised nearly one quarter of total production. For wells spud in 2014 and earlier, production declined in the first quarter (-16.1 percent Hits: 1
NGPR-2016Q4.pdf shows county-level tabulations for the calendar year. Susquehanna County was the highest- producing county in the state, representing nearly one quarter of all horizontal well production (23.8%). The largest increases in production among top-ten counties occurred in the Hits: 1
NGPR-2016Q2.pdf level tabulations for the calendar year-to-date. Susquehanna County was the highest-producing county in the state, representing nearly one quarter of all horizontal well production (24.0 percent). The largest increases in production among top-ten counties occurred in Hits: 1
NGIFE-2015.pdf Lower fee schedule. The 2015 impact fee schedule will decrease by $5,000 per well for wells in operating years one, two, four and five. This is the result of the annual average price of natural gas on the New York Hits: 1
NFIB_Presentation.pdf 3% -35 -6 Note: figures in dollar millions. Estimate is from the IFO Official Estimate released in June 2017. Excludes one time slots license fee ($50 million), a state stores fund transfer ($100 million) and a transfer from a delinquent holding Hits: 1
Newsstand_March_2020.pdf in New York State. The current general business conditions index fell 34 points to -21.5. This was the largest one-month drop in the survey’s history and the index’s lowest level since 2009. Manufacturing firms' expectations for business Hits: 1
Newsstand_January_2020.pdf of Philadelphia released its State Leading Indexes, a six-month forecast of its State Coincident Indexes for November 2019. Forty-one state coincident indexes are projected to grow over the next six months, but nine (including Pennsylvania) are projected to decline Hits: 1
Newsstand_February_2020.pdf Billion The Center on Budget and Policy Priorities released a report that discusses tax breaks targeted to seniors. Pennsylvania is one of three states (Illinois and Mississippi) that exempt all private and public retirement ac- counts from income tax. The report Hits: 1
NewsStand_2019_September.pdf on gross domestic product (GDP) by industry and government. A diverse economy helps insulate states from large economic swings when one industry has an economic downturn. Pennsylvania ranked first in the index, with Texas and Colorado ranked second and third, respectively Hits: 1
Newsstand_2018_April.pdf GDP to reflect recent changes in federal tax policy. (Full Report) Rising Home Prices Push Borrowers Deeper Into Debt Roughly one out of five new mortgages this winter were given to Americans who use 45 percent of their monthly income for Hits: 1
NCSL_PA_IFO_11_15_21.pdf make recs. • Broadband; Water and Sewer; Economic Impact KS MA NATIONAL CONFERENCE OF STATE LEGISLATURES Avoiding the Fiscal Cliff ○ Managing one-time expenditures • Distinguishing budgets and projects • Non-recurring vs. recurring • Coordinating with municipalities and schools to manage funds ○ Long-term Hits: 1
MTR-2019-06.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2019-05.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2019-04.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2019-03.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2019-02.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2018-11.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2018-10.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2018-1.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2018-09.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2018-08.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2018-07.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2018-06.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2018-05.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2018-04.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2018-03.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2017-12.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2017-11.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2017-10.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2017-09.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2017-07.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2017-06.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2017-03.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2017-02.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2017-01.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2016-12.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2016-11.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2016-03.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2016-01.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MTR-2015-11.pdf on latest three months of data. Source: U.S. Bureau of Labor Statistics—Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 4. Annual change in average price level for U.S Hits: 1
MSC_March_31_2021.pdf dollars. Growth rates adjusted to reverse the shift of revenues to FY 2020-21, as well as the impact of one-time transfers and an extra PIT withholding due date in FY 2020-21. New Round of Federal Stimulus March 31 Hits: 1
MRU_2024_1.pdf 1%) above estimate. ▪ Treasury collections of $114.0 million (+$81.5 million, +250.8%) included $59.0 million in unusual one-time earnings. Monthly Revenue Update January 2024 FY 2023-24 Revenue Performance Through January January Collections FY Collections Actual Estimate Hits: 1
MRU_2022_02.pdf to withholding (+$308.3 million, 4.1%) and estimated (+$180.4 million, 13.3%) payments. Adjusting for due dates and one-time transfers, FYTD withholding revenues grew 10.1%. February SUT collections of $935.6 million surpassed estimate by $85.6 Hits: 1
MRU_2020_11.pdf rate of 3.4 percent through November over the same period of the prior year after adjusting for a large, one-time transfer that occurred in July 2019. CNIT collections for November were $138.3 million, which was $72.4 million Hits: 1
MRU-2022-01.pdf to withholding (+$235.9 million, 3.6%) and estimated (+$164.4 million, 12.4%) payments. Adjusting for due dates and one-time transfers, FYTD withholding revenues grew 10.0%. January corporate net income tax (CNIT) revenues were $53.9 million (49 Hits: 1
MRU-2021-12.pdf million, 3.2%), quarterly (+$100.0 million, 13.7%) and annual (+$37.8 million, 15.3%) payments. After adjusting for one-time transfers, withholding revenues grew 6.7% fiscal year-to-date. Other tax revenues for December were $423.2 million Hits: 1
MRU-2021-06.pdf mainly to other miscellaneous (-$51.5 million, -48.5%) revenues. The shortage was the result of the elimination of certain one-time special funds transfers ($59.5 million) in the enactment of the FY 2021-22 budget. Non-tax revenues for Hits: 1
MRU-2020-10.pdf collections have declined by 2.4 percent as compared to the same period in the prior year (after adjusting for one-time transfers). Monthly CNIT collections were $31.7 million (35.5 percent) higher than expected. The October excess was caused Hits: 1
MRU-2020-07.pdf in July. SUT collections grew at a rate of 5.2 percent after adjusting for the prepayment change and a one-time large transfer that occurred last July. The strong growth was primarily the result of motor vehicle SUT collections, which Hits: 1
MQRE_FY24-25_08_2024.pdf 6 million. Cigarette Tax Transfer to the Tobacco Settlement Fund (Act 54) Consistent with prior years, the act requires a one-time transfer from cigarette tax to the Tobacco Settle- ment Fund (TSF) for the repayment of Tobacco Revenue Bond debt Hits: 1
MQRE_FY21_22_August.pdf offset by lower refunds. Cigarette Tax Transfer to the Tobacco Settlement Fund (Act 24) The act requires a one-time transfer from cigarette tax to the Tobacco Settlement Fund for the repayment of the Tobacco Revenue Bond debt service. This transfer Hits: 1
MQRE-FY20-21-Aug.pdf withholding revenues by $13.782 million. Cigarette Tax Transfer to the Tobacco Settlement Fund The act requires a one-time transfer from cigarette tax to the Tobacco Settlement Fund for the repayment of the Tobacco Revenue Bond debt service. This transfer Hits: 1
Monthly_Economic_Update_Table_December_2020.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 11. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_September_2021_Indicators.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_September_2021.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_Oct_2023.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline in the Central Atlantic region. Source: U.S. Energy Information Administration. 14. Year-over-year growth Hits: 1
Monthly_Economic_Update_October_2021_Indicators.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2021-10-07 17:34:42 Creator: Microsoft® Publisher Hits: 1
Monthly_Economic_Update_October_2021.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2021-10-07 18:27:40 Creator: Microsoft® Publisher Hits: 1
Monthly_Economic_Update_October_2020.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 11. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_Nov_2023.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline in the Central Atlantic region. Source: U.S. Energy Information Administration. CreationDate: 2023-11-29 18 Hits: 1
Monthly_Economic_Update_November_2021.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2021-11-10 14:51:54 Creator: Microsoft® Publisher Hits: 1
Monthly_Economic_Update_November_2020_Final.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 11. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_May_2023.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline in the Central Atlantic region. Source: U.S. Energy Information Administration. CreationDate: 2023-06-23 13 Hits: 1
Monthly_Economic_Update_May_2022.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. Author: Robyn Toth CreationDate: 2022-05-19 17:37:16 Hits: 1
Monthly_Economic_Update_May_2021.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. Author: lrompalo CreationDate: 2021-05-18 18:21:33 Creator Hits: 1
Monthly_Economic_Update_March_2021.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_June_2023.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline in the Central Atlantic region. Source: U.S. Energy Information Administration. 13. Year-over-year growth Hits: 1
Monthly_Economic_Update_June_2022.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2022-06-16 17:26:03 Creator: PScript5.dll Hits: 1
Monthly_Economic_Update_June_2021_Indicators.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2021-06-17 18:21:41 Creator: Microsoft® Publisher Hits: 1
Monthly_Economic_Update_June_2021.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2021-06-17 18:51:37 Creator: Microsoft® Publisher Hits: 1
Monthly_Economic_Update_June_2020.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2020-06-17 17:34:06 Creator: Microsoft® Publisher Hits: 1
Monthly_Economic_Update_July_2023.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline in the Central Atlantic region. Source: U.S. Energy Information Administration. 14. Year-over-year growth Hits: 1
Monthly_Economic_Update_July_2021_Indicators.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_January_2021_Indicators.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_January_2021.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2021-02-16 13:13:35 Creator: Microsoft® Publisher Hits: 1
Monthly_Economic_Update_Indicators_February_2022.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2022-02-09 03:01:02 Creator: Microsoft® Publisher Hits: 1
Monthly_Economic_Update_February_2022.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2022-02-09 14:38:29 Creator: Microsoft® Publisher Hits: 1
Monthly_Economic_Update_February_2021_Indicators.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_February_2021.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_December_2021.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. CreationDate: 2021-12-07 03:11:32 Creator: Microsoft® Publisher Hits: 1
Monthly_Economic_Update_December_2020.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 11. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_August_2023.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline in the Central Atlantic region. Source: U.S. Energy Information Administration. 14. Year-over-year growth Hits: 1
Monthly_Economic_Update_April_25_2023.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline in the Central Atlantic region. Source: U.S. Energy Information Administration. 13. Year-over-year growth Hits: 1
Monthly_Economic_Update_April_2022.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_April_2021_Indicators.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_April_2021.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 12. Year-over-year growth rate of S&P 500 Hits: 1
Monthly_Economic_Update_April_2020.pdf over-year increase in payroll employment. Source: U.S. Bureau of Labor Statistics- Survey of Establishments. 3. Average price for one gallon of regular gasoline. Source: U.S. Energy Information Administration. 11. Year-over-year growth rate of S&P 500 Hits: 1
mid-year-FY16-17-press-release.pdf projected to follow a low-growth pattern. Revenue increases from modest economic growth largely are offset by the absence of one- time measures used to boost collections in FY 2016-17.” The IFO’s most recent estimate for FY 2016-17 Hits: 1
mid-year-FY14-15-press-release.pdf 230 Strong final payments for 2013. Sales and Use 160 Lower gasoline prices and stronger consumer confidence. Inheritance 100 Large one-time inheritance tax payment. Other 30 Mainly related to the NIZ and CRIZ programs. ------ Subtotal – Increases 520 Decreases Non-Tax Hits: 1
Letter_to_JSGC.pdf not note that the economic impact figure is in millions of dollars. The table also uses an incorrect name for one of the multipliers that does not appear anywhere else in the original document. Various pages Miscellaneous grammatical, typographical and formatting Hits: 1
Impact_Fee_Update_Outlook_2024.pdf in Table 3 to approximate the prices received by producers. The Henry Hub spot price is the price for a one-time open market transaction for near-term delivery of a specific quantity of gas from that hub. Staff Contact Questions Hits: 1
Impact_Fee_Update_Outlook_2021.pdf in Table 3 to approximate the prices received by producers. The Henry Hub spot price is the price for a one-time open market transaction for near-term delivery of a specific quantity of gas from that hub. Data Sources • Statewide Hits: 1
Impact-Fee-Update-Outlook-2020.pdf in Table 3 to approximate the prices received by producers. The Henry Hub spot price is the price for a one-time open market transaction for near-term delivery of a specific quantity of gas from that hub. Data Sources  Hits: 1
IFO_Response_Letter_Feb_21_2023.pdf C corporations may offset through net operating loss (NOL) deductions in accordance with the two scenarios detailed below: 1. A one-time adjustment of the cap on NOL deductions from 40% to 44% of taxable income, applicable to tax year (TY Hits: 1
IFO_Pension_Analysis_Policies_(January_1_2024).pdf passed since a request was made to the IFO to analyze an amendment to the legislation. Response letters could include one or more elements of a note, but would not include all. For example, the IFO could contact the systems if Hits: 1
IFO_Job_Opportunity_Revenue_Analyst.pdf finance, mathematics, statistics or related field that requires extensive quantitative analysis. Relevant work experience may substitute for a degree in one of the specified fields. Applicants should have an overall GPA of 3.2 or better on a 4.0 scale Hits: 1
IFO_Job_Opportunity_Fiscal_Analyst.pdf finance, mathematics, statistics or related field that requires extensive quantitative analysis. Relevant work experience may substitute for a degree in one of the specified fields. Applicants should have an overall GPA of 3.2 or better on a 4.0 scale Hits: 1
IFO_Hearing_Packet_Feb2018.pdf 25 $7.25 Note: Source: Economic Policy Institute. Minimum Wage Tracker. http://www.epi.org/minimum-wage-tracker/. 1 Has one or more local areas in the state with a different minimum wage than the state minimum wage. All inflation adjustments Hits: 1
IFO_Hearing_8-30-2017.pdf that are “economically significant,” and cost-benefit analyses using the Results First model maintained by the Pew Charitable Trusts. Twenty-one states have used that model to assist in the allocation of state funds to their most productive use. Thank you Hits: 1
IFO-Press-Release-11-14-2019.pdf the implied structural imbalance over the previous five fiscal years. Although annual state budgets were brought into balance using temporary one-time measures, the underlying structural imbalance remains and is carried forward into future years,” Knittel said. Updated revenue and expenditure Hits: 1
IFO testimony CR Hearing Jan 29 2020.pdf firms that would be affected by the enactment of combined reporting in Pennsylvania already use this method in at least one other state and are generally familiar with it. Regarding administrative complexity, the IFO defers to the Department of Revenue for Hits: 1
HAC testimony Feb 2019.pdf 3.0% compared to consumer 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 Hits: 1
Five_Year_Outlook_Presentation_2022.pdf of dollars. AAGR is average annual growth rate from FY 23-24 to FY 27-28. Growth rates adjusted for one-time transfers and due date shifts. CNIT rate falls to 6.49% in 2028 Treasury revenues inflated due to high Hits: 1
Five_Year_Outlook_2016_Press_Release.pdf 1.1 billion in the current year, but the net impact declines to $41 million by FY 2021-22 as one-time revenues expire and loan repayments and funding shifts take effect.  The growth rate for pension contributions moderates after Hits: 1
EPLC_April_2024.pdf counted once • Payroll jobs are based on administrative data and exclude self- employed but count two part-time jobs by one person as two jobs • By 2023.4, both measures are close to where they were in 2019.4 PA Jobs Hits: 1
Electricity_Update_Sep_2021.pdf by 37.0%. All states except Connecticut, New Jersey, Massachusetts and West Virginia recorded a per-unit emissions reduction of one-third or more. For 2019, the data show that carbon emissions per unit was lowest in northern states such as Hits: 1
Electricity_Update_2024.pdf customers since 2018 Q2. The data show three general phases: (1) 2018 and 2019 when the Pennsylvania price was generally one cent per kilowatt hour (8%) higher than the U.S. average, (2) the period most impacted by COVID-19 (2020- Hits: 1
Economic_and_Revenue_Update_2020.pdf large states enacted combined reporting: Massachusetts, Wisconsin and New York Background • The data below are average annual growth rates over one decade: 2005/07 - 2015/17 • The data compare the average growth rate of corporate net income tax (CNIT) revenues to Hits: 1
Demographics_Outlook_2021.pdf Total net migration for 2020 by individual age is calculated using the 2020 population minus the 2019 population (aged by one year) plus 2020 projected births minus the projected 2020 deaths. The total model net migration is distributed proportionally between domestic Hits: 1
County_Property_Tax_Burden_Aug_2021.pdf 9% of total income. 2  Monroe County had the highest property tax burden in the state of 5.7%, one percentage point higher than the second highest, Pike County.  Jefferson County residents paid 1.8% of their income on Hits: 1
County-Prop-Tax-RB.pdf exceeded $250,000 reported roughly three- quarters of total capital gains for tax year 2017, and that income comprised approximately one-sixth of their total adjusted gross income. 2 The analysis excludes property taxes paid by renters. Economists generally assume that Hits: 1
Analysis of Recent Collective Bargaining Agreements.pdf paid without the agreement. The baseline scenario assumes no change in wages or benefits paid to current employees, but incorporates one historical trend due to workforce turnover: • A -1.5 percent per annum total wage attrition factor. This factor represents the Hits: 1
Act_1_Index_Update_Nov_2023.pdf Pennsylvania Department of Education to raise the millage rate by a rate that exceeds its index for increased expenditures in one of three categories: special education, certain debt, and retirement contributions. 2 The SAWW is computed and published by the Pennsylvania Hits: 1
2023_Impact_Fee_Estimate.pdf Well Count and Estimated Collections for 2023 Sources: Well counts from Pennsylvania Department of Environmental Protection. Wells in operating year one are estimated by the IFO based on actual wells spud through 12/13/2023. Fee amounts from the Public Utility Hits: 1
2021-SD-Property-Tax-Forecast.pdf recent amendment to the Pennsylvania Constitution revised the homestead exclusion by removing the limitation that the exclusion shall not exceed one-half of the median assessed value of all homestead property in a local taxing jurisdiction. The revised language permits the Hits: 1
index.cfm a decrease of $3.22 billion (-6.7%) compared to the prior fiscal year. The decline is due to a one-time transfer of $3.84 billion in FY 2021-22 and a new SUT transfer. ... (Full Report) Presentation on Combined Hits: 1