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Analysis of Revenue Proposals in the 2022-23 Executive Budget

This report provides estimates for the revenue proposals contained in the 2022-23 Executive Budget released February 2022. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget."

Tags: proposals, revenue

Analysis of Revenue proposals in the 2022-23 Executive Budget

This report provides estimates for the revenue proposals contained in the 2022-23 Executive Budget released February 2022. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget."

04/08/2022

Corporate Net Income Tax proposals

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

03/15/2022

Analysis of Revenue proposals in the 2021-22 Executive Budget

This report provides estimates for the revenue proposals contained in the 2021-22 Executive Budget released February 2021. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget."

04/22/2021

Budget and Economic Update Presentation

Director Matt Knittel gave a presentation to CompetePA on the state budget, federal stimulus and various revenue proposals.

03/11/2021

Budget Hearings Packet for Appropriations Committees

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

03/04/2021

Analysis of Revenue proposals in the 2020-21 Executive Budget

This report provides estimates for the revenue proposals contained in the 2020-21 Executive Budget released February 2020. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.”

04/23/2020

Analysis of Revenue proposals in the 2019-20 Executive Budget

This report provides estimates for the revenue proposals contained in the 2019-20 Executive Budget released February 2019. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget."  

03/22/2019

Analysis of Revenue proposals in the 2018-19 Executive Budget

This report provides estimates for the revenue proposals contained in the 2018-19 Executive Budget released February 2018. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.” 

04/18/2018

Analysis of Revenue proposals in the 2017-18 Executive Budget

This report provides revenue estimates for the tax proposals contained in the 2017-18 Executive Budget released February 2017. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.”  Note: A clarifying sentence was added to page 16 since the original publication. (Revised on April 7, 2017)

04/05/2017

Analysis of Revenue proposals in the 2016-17 Executive Budget

This report provides revenue estimates for the tax proposals contained in the 2016-17 Executive Budget released February 2016. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.” 

04/21/2016

ACN_SB1_A01354_A01558_2017_06_03a.pdf

School Employees’ Retirement System (PSERS) and Korn Ferry Hay Group, actu- ary for the State Employees’ Retirement System (SERS). The proposal amends the retirement codes to (1) require most new employees to select one of three new plan design options and to its unfunded accrued liability. See pages 2 to 7 for a summary of the legislation. The analysis of the proposal is summarized below. Impacts are presented in nominal dollars (cash flow) and present values computed at a discount rate of

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Revenue_Proposal_Analysis_2021_04.pdf

22, 2021 The Honorable Members of the Pennsylvania General Assembly: This report provides an analysis of the tax and revenue proposals included in the 2021-22 Executive Budget released in February 2021. The Independent Fiscal Office (IFO) publishes this report to Code of 1929. The statute requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.” This report uses various data sources to derive estimates of

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Revenue-Proposal-Analysis-2020-04.pdf

The Honorable Members of the Pennsylvania General Assembly: This report provides an analysis of the tax and revenue proposals included in the 2020-21 Executive Budget released in February 2020. The Independent Fiscal Office (IFO) publishes this report to fulfill its 1929. The statute requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.” This report uses various data sources to derive estimates of the revenue

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Revenue-Proposal-Analysis-2019-03.pdf

left blank. - INDEPENDENT FISCAL OFFICE March 22, 2019 This report provides an analysis of the tax and revenue proposals included in the 2019-20 Executive Budget released in February 2019. The Independent Fiscal Office (IFO) publishes this report to fulfill its 1929. The statute requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.” This report uses various data sources to derive estimates of the revenue

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Revenue-Proposal-Analysis-2018-04.pdf

Building 400 Market Street Harrisburg, Pennsylvania 17105 April 17, 2018 This document provides an analysis of the tax proposals included in the 2018-19 Executive Budget released in February 2018. The Independent Fiscal Office (IFO) pub- lishes this report to fulfill The statute requires that the IFO “provide an analy- sis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.” This analysis uses various data sources to derive estimates of the revenue

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Revenue_Proposal_Analysis_2022_04.pdf

8, 2022 The Honorable Members of the Pennsylvania General Assembly: This report provides an analysis of the tax and revenue proposals included in the 2022-23 Executive Budget released in February 2022. The Independent Fiscal Office (IFO) publishes this report to Code of 1929. The statute requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.” This report uses various data sources to derive estimates of

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Economic_and_Revenue_Update_2021.pdf

been requested in prior budget hearings. We trust they will be helpful as you consider the FY 2021-22 budget proposal. Functions of the IFO include the preparation of monthly reports on the state economy and revenue collections, periodic revenue estimates Economic Development Incentives ................................................... 19 Minimum Wage Rates by State .............................................................................. 21 PA Worker Distribution by Hourly Wage Rates ......................................................... 22 PIT Revenue Proposal: Impact on Different Filers .................................................... 23 PIT Revenue Proposal: Impact on Average Effective Tax Rates ................................ 24 PIT Revenue Proposal: Simulation Using

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

of the Property Tax Rent Rebate (PTRR) program for certain homeowners. 1 Your updated request specified certain parameters of the proposal that are relevant to the estimates:  Establish a new base rebate of $175 for all senior homeowners with household  Expand the supplemental rebates given to senior homeowners who meet certain income and property tax burden requirements. Specifically, the proposal would increase the household income limit for a supplemental rebate from $30,000 to $50,000 and decrease the property

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2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

of the Commission staff to assist any member of the administration or General Assembly who seeks to develop a legislative proposal to address these vital issues.Sincerely,Anthony W. SalomoneChairman iii Page Letter of Transmittal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i Executive Summary.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .vii Part I– Assembly could consider, and identify the most likely consequences of those actions. It is not an analysis of any specific proposal, but seeks to provide a reference tool for those with the responsibility to deal with this problem. Without making recommendations

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PBB_2019_Criminal_Justice_Report.pdf

the criminal justice system. Launched in late 2015, a second JRI process (JRI-2) produced a set of proposals that focus on the front end of the criminal justice system to cost-effectively improve public safety, reduce recidivism and decrease state inmate populations. Several bills were introduced in the last legislative session to imple- ment the JRI-2 policy proposals, which include:  Make time served for short sentences to state prison more predictable. For inmates with sentences to state prison of

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PBB_2019_PCCD_Report.pdf

the criminal justice system. Launched in late 2015, a second JRI process (JRI-2) produced a set of proposals that focus on the front end of the criminal justice system to cost-effectively improve public safety, reduce recidivism and decrease state inmate populations. Several bills were introduced in the last legislative session to imple- ment the JRI-2 policy proposals, which include:  Make time served for short sentences to state prison more predictable. For inmates with sentences to state prison of

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2002_dbdc_report.pdf

additional alternative retirement plans are selected and approved by the State System of Higher Education (SSHE) through a request-for-proposal process. PART II ANALYSIS REQUESTED IN HOUSE RESOLUTION NO. 266 -11- Resolution Objective No. 1 – Benefit Comparison “Projections of comparative on February 4, 2002, HR 3669 was introduced in Congress, entitled the “Employee Retirement Savings Bill of Rights.” Under this proposal, certain pension plans would be required to notify each individual in a plan of “generally accepted investment principles, including principles

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Select Committee Oct 1 2012 FINAL.pdf

is good /bad or better/worse than current law.  The report provides a general framework for analysis of the proposal. The IFO defers to the committees of the General Assembly for further analysis of the fiscal and policy implications of  Some general economic analysis. 1.Oct.2012 Analysis of HB 1776 and SB 1400 of 2012 – Slide 2 The Proposal  Eliminates local school property tax.  Property taxes to service debt existing as of Dec. 31, 2011 retained and

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RB-2015-04.pdf

Research Brief 2015‐4 November 2015 Raising the Minimum Wage in Pennsylvania The FY 2015‐16 Executive Budget includes a proposal that (1) increases the state minimum wage from $7.25 to $10.10 and (2) automatically adjusts future minimum wage levels to offset in Ðlation. This research brief presents an analysis of the potential impact of that proposal. The analysis uses data from the Current Population Survey published by the U.S. Bureau of Labor Statistics to estimate

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PICPA_Presentation.pdf

0 billion. Economic Update. Lots of jobs created, does not translate to spending. Weak spending yields minimal profits growth. Budget Proposals and Tax Burden Rankings. Deficit projections remain high (~$2.5 - $3.0 billion). PA state-local tax burden similar to now dated.  General Assembly / Governor have discretion over funding.  Executive Budget uses three methods to address.  Revenue proposals. Loans/enhancements. Efficiency gains.  Unclear what will be enacted.  Severance tax and minimum wage increase.  Gas prices

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IFO_Response_Letter_Jan_20_2023.pdf

of fuel, with all new revenue dedicated to public transportation in those counties. The IFO’s static estimates for these proposals are shown in the first table (attached). The estimates reflect the following assumptions: • The deposit of MVSUT into the MLF analysis assumes that both prices increase by 5 cents per annum. Due to the lower price per gallon from the proposal, the analysis applies a gasoline/diesel fuel price elasticity of -0.3 so that consumption of gasoline and diesel fuel

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2007_divestment_complete_report.pdf

the major policy considerations associated with the imposition of divestment mandates both generally, and as they apply to specific legislative proposals now pending in the General Assembly. The Commission wishes to express its sincere appreciation to the many public pension systems including assets managed by the Public School Employees’ Retirement System and the State Employees’ Retirement System. Most of these divestment proposals have dealt with corporations or other entities that: 1) engaged in business activities in certain countries regarded as hostile to

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Response-Letter-08-16-2019.pdf

income less than $65,000; and  Homeowner age 65 or older with household income less than $70,000. The proposal provides a property tax rebate of up to $5,000 to eligible homeowners based on age and income, not to 2 The significant increase in the utilization rate is due to the higher level of relief offered under the current proposal, which would effectively eliminate the entire school district property tax burden for most eligible homeowners. For all age and income

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Economic_and_Revenue_Update_2020.pdf

been requested in prior budget hearings. We trust they will be helpful as you consider the FY 2020-21 budget proposal. For the upcoming year, new statutory duties related to performance-based budgeting (PBB) and tax credit reviews will engage much pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals included in the Executive Budget, (4) publish performance-based budgeting reports for executive agencies, (5) publish tax credit review reports

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Independent Fiscal Office

a request from Chairman Grove for a static and dynamic analysis of proposed changes to state motor fuel taxes. The proposal would reduce those taxes and replace lost revenues with motor vehicle sales and use taxes. ... (Full Report) JANUARY 2023 MONTHLY articles and reports that provide insight into state or national economic, demographic and fiscal trends. ... (Full Report) Analysis of Revenue Proposals in the 2022-23 Executive Budget Revenue Estimates April 08, 2022 This report provides estimates for the revenue proposals contained

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SUT Exemption for Aircraft - January 2013.pdf

wing aircraft, parts and maintenance, repair and overhaul (MRO) services. Legislation creating an SUT exemption consistent with this proposal has been introduced in prior legislative sessions. The most recent examples include House Bill 1100, Printer’s Number 1676 and Senate Bill were introduced in the 2011- 2012 Legislative Session. For the purpose of this analysis, all references to “the proposal” refer to the exemption described in those bills. The Independent Fiscal Office (IFO) interprets the proposal to newly exempt the following goods

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Response-Letter-09-12-2019.pdf

Scranton in this income range receive the supplemental rebate regardless of tax burden. Your letter specified certain parameters of the proposal that are relevant to the estimates:  Establish a new base rebate of $175 for all senior homeowners with household  Expand the supplemental rebates given to senior homeowners who meet certain income and property tax burden requirements. Specifically, the proposal would increase the household income limit for a supplemental rebate from $30,000 to $50,000 and decrease the property

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PSBA Presentation - Final.pdf

PA and US average state-local tax structures. Next: Consider our last analysis: SB 76 of 2013. Conclude: Consider current proposal and forecasts. 1/19/2017 2 FY14-15 School District Revenues 1/19/2017 3 Source Amount Percent Property Tax Provisions $289 4.2% Total $6,833 100.0% Source: IFO Analysis of SB 76 of 2013, October 2013. Recent Proposal to Eliminate SD Property Tax Recent proposal largely the same. Two major changes.  Increases personal income tax: 3.07%

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Presentation-2019-5-1-PAEL.pdf

hospitals and nursing/residential care facilities. Source: U.S. Bureau of Labor Statistics, State and Area Employment. The Minimum Wage Proposal Increase minimum wage from $7.25 to $12.00/hr (+65.5%).  Note: average wage for workers earning <$12 all primary and secondary jobs, all full- and part-time. Excludes self-employed and independent contractors. Source: "Analysis of Revenue Proposals," IFO (March 2019). Projected Employment Impact (2018) May 1, 2019 9 Lower Upper % Change Avg Wage # Jobs Affected Change # Jobs

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CNIT-Rate-Cut-2018-04.pdf

Fiscal Office (IFO) undertook an analysis of state corporate net income tax (CNIT) rates, their impact on revenues and a proposal to reduce the Pennsylvania CNIT rate. House Bill 130 of 2017 reduces the Pennsylvania CNIT rate of 9.99 percent by 1.0 percentage point each year to a final rate of 4.99 percent. If enacted, the proposal would move Pennsylvania from the second highest state CNIT rate to a rank of 40 out of the 44 states

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PA_Economy_League_Presentation.pdf

2 Broad overview of the potential implications of school property tax reform. Three parts: 1. Types of school property tax proposals that have been considered by the General Assembly. 2. Background on school district property tax and potential replacement revenues. 3 e.g., clothing, certain food, and certain health and professional services).  Distributions to districts increase with inflation. A 2015 proposal was similar. Except:  Increases personal income tax: 3.07% to 4.95%.  Distributions to districts increase by lesser

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IFO_Response_Letter_March_7_2022.pdf

Fiscal Office (IFO) recently purchased the REMI model which gives the office the capability to perform dynamic analyses for certain proposals. If a request is received from an authorized requestor, then the model may be used for proposals that could impact General Fund revenues by $50 million or more in a single year. For the three bills cited

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IFO_Hearing_Packet_Feb2019.pdf

requested in prior budget hearings. We trust they will be helpful as you consider the fiscal year 2019-20 budget proposal. For the upcoming year, new statutory duties related to performance-based budgeting (PBB) and tax credit reviews will engage much pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals included in the Executive Budget, (4) publish performance-based budgeting reports for executive agencies, (5) publish tax credit review reports

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IFO_Hearing_Materials_Feb_22_2022.pdf

been requested in prior budget hearings. We trust they will be helpful as you consider the FY 2022-23 budget proposal. Functions of the IFO include the preparation of monthly reports on the state economy and revenue collections, periodic revenue estimates pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals included in the Executive Budget, (4) publish performance-based budgeting reports for executive agencies, (5) publish tax credit review reports

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HTAE_2019_05_15.pdf

5% Note: Payroll jobs only. Data include full-and part-time jobs. Excludes self-employedand independent contractors. The Minimum Wage Proposal Increase minimum wage from $7.25 to $12.00/hr (+65.5%).  Note: average wage for workers earning <$12 all primary and secondary jobs, all full-and part-time. Excludes self-employed and independent contractors. Source: "Analysis of Revenue Proposals," IFO (March 2019). Projected Employment Impact (2018) May 15, 2019 9 Lower Upper % Change Avg Wage # Jobs Affected Change # Jobs

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Response_Letter_2021_April.pdf

updated estimates for potential revenue sources that could replace school district property taxes if they were eliminated. Language for this proposal was submitted to our office in 2019. Relevant notes for the estimates are as follows: ▪ As with the prior analysis compliance phase-in. In addition, the estimates are not reduced for administrative costs, which would likely be significant under this proposal. ▪ The estimates include the impact of changes in behavior and compliance at full implementation for each of the proposed tax

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Response-Letter-10-7-2019.pdf

the Independent Fiscal Office (IFO) to provide additional data on the minimum wage analysis included in the Analysis of Revenue Proposals published by the office in March 2019. Your letter requests additional detail regarding the net wage gains displayed in Table the analysis assumed 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

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RB-2018-01.pdf

property tax forecasts in response to legislative and public interest. This analysis provides an updated forecast to facilitate discussion of proposals that contemplate changes to school property taxes. The most recent school property tax data published by the Pennsylvania Department of homesteads after applying the local tax relief. The differential of six percentage points represents the impact of the local relief. Proposals to replace property taxes on homesteads may either include or exclude the value of the local relief when determining the

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Presentation_Rotary_Club_of_York_7-15-2015.pdf

independent agency that provides analysis of fiscal, economic and budgetary issues.  The IFO does not take positions on issues, proposals or policies.  Our role today is to provide general data and background. • With the exception of making five-year plans. • House Bill 900 – shortens the amortization periods to pay the unfunded liability. Eliminates the rate collars.  Executive Budget proposal – issue pension obligation bonds and limit investment fees to reduce unfunded liabilities. Debt service on bonds to be paid by

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PBB_2019_DGS_Report.pdf

bid (IFB). The number of solicitations issued where cost is the single criterion for award.  Requests for Proposals (RFPs). The number of solicitations issued where cost, technical exper- tise and small and small diverse business participation are the criteria for Invitation for bid (IFB) 2,110 2,433 2,379 2,181 1,280 n.a. Request for Proposals (RFPs) 90 118 167 132 124 n.a. Recommended: Annual contract spend dollars per activity FTE n.a. n.a. n.a

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IFO_Response_Letter_April_12_2022.pdf

updated estimates for potential revenue sources that could replace school district property taxes if they were eliminated. Language for this proposal is contained within House Bill 13. Relevant notes for the estimates are as follows:  The estimates utilize the latest compliance phase-in. In addition, the estimates are not reduced for administrative costs, which would likely be significant under this proposal.  The estimates include the impact of changes in behavior and compliance at full implementation for each of the proposed

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IFO_Hearing_Packet_Feb2018.pdf

it with this submission. We trust these data will be helpful as you consider the fiscal year 2018-19 budget proposal. For the upcoming year, the fulfillment of new statutory duties related to performance-based budgeting (PBB) and tax credit reviews pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals included in the Executive Budget, (4) publish performance‐based budgeting reports for executive agencies, (5) publish tax credit review reports

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IFO_Hearing_8-30-2017.pdf

bargaining agreements, (2) coordinates and provides actuarial analysis for proposed changes to the pension systems and (3) analyzes any tax proposals included in the Executive Budget. Currently, there are several bills that would further expand the duties of the office to SERS and PSERS pension systems; • provide a cost analysis of approved collective bargaining agreements; • provide an economic analysis of revenue proposals included in the Executive Budget; and • at the request of members of the General Assembly, provide various economic, revenue or

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EPLC_3_4_2022_update.pdf

s Compensation Fund in FY 24-25. Executive Budget: Revenue Shifts, Education Funding March 4, 2022 22 General Fund Revenue Proposals ▪ ($79 million) – CNIT rate reduction phase-in | Broaden base ▪ $75 million – Minimum wage increase ▪ $134 million – Keep table games tax revenue in the General Fund General Fund Education Funding Proposals ▪ $1.55 billion – Basic Education ($1.25 billion) | Level Up ($300 million) ▪ Special Education ($200 million) | Early Childhood Education ($70

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EPLC-2-19-21.pdf

Fund in FY 24-25. Executive Budget: New Revenue, Education Funding February 19, 2021 21 General Fund Revenue and Fee Proposals ▪ $2.96 billion – PIT rate increase to 4.49% | Expand tax forgiveness ▪ $209 million – Combined reporting | CNIT rate reduction phase- in ▪ $116 million – Minimum wage increase ▪ $168 million – New municipal fee to fund state police services General Fund Education Funding Proposals ▪ $1.6 billion – Basic Education ($1.35 billion) | Special Education ($200 million) | Other ($46 million) State and Local Tax Burden

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Budget Hearings Packet.pdf

of committee members. We trust this background data will be helpful as you consider the fiscal year 2017-18 budget proposal. Since the 2016 budget hearings, the IFO has made progress on a duty specified in its original authorizing legislation and pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals included in the Executive Budget and (4) at the request of members of the General Assembly, provide economic, revenue or

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Budget Hearings Packet- Web Version.pdf

of committee members. We trust this background data will be helpful as you consider the fiscal year 2017-18 budget proposal. Since the 2016 budget hearings, the IFO has made progress on a duty specified in its original authorizing legislation and pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals included in the Executive Budget and (4) at the request of members of the General Assembly, provide economic, revenue or

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2006_surviving_spouse_healthcare_study.pdf

REHP). However, the spouses of certain retired State employees are not eligible for both. In anticipation of possible future legislative proposals, the Commission believes that the General Assembly should be aware of those classes of State employees and their dependent spouses Although the Commission does not presume to make definitive rulings on such legal matters, the Commonwealth’s consideration of any proposal to provide Commonwealth-subsidized healthcare to the surviving spouses of retirees should include a careful assessment of the potential legal

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Senate_Appropriations_Committee_Response_Letter_2021.pdf

include the most recent federal stimulus (American Rescue Plan). During the hearing, several members also raised questions regarding the revenue proposals contained in the Executive Budget. The IFO will release a report later this month that contains an analysis of those proposals. Thank you for the opportunity to submit additional information on these topics. If you have further questions, please do not

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SD-Property-Tax-Forecast-2020.pdf

tax forecasts in response to legislative requests and public interest. This report provides an updated forecast to facilitate discussion of proposals that contemplate changes to school property taxes. The most recent school property tax data published by the Pennsylvania Department of homesteads after applying the local tax relief. The differential of six percentage points represents the impact of the local relief. Proposals to replace property taxes on homesteads may either include or exclude the value of the local relief when determining the

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SD-Property-Tax-Forecast-2019.pdf

tax forecasts in response to legislative requests and public interest. This report provides an updated forecast to facilitate discussion of proposals that contemplate changes to school property taxes. The most recent school property tax data published by the Pennsylvania Department of homesteads after applying the local tax relief. The differential of six percentage points represents the impact of the local relief. Proposals to replace property taxes on homesteads may either include or exclude the value of the local relief when determining the

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Response-Letter-9-30-2019.pdf

compliance phase-in. In addition, the estimates are not reduced for administrative costs, which would likely be significant under this proposal.  The estimates include the impact of changes in behavior and compliance at full implementation for each of the proposed income (excluding Social Security), employee contributions already subject to tax under prior law would be deductible. Assuming that under the proposal, contributions to retirement accounts would now be exempt and distributions would be taxable (consistent with federal tax law), Pennsylvania would

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Response-Letter-11-08-2019.pdf

The number of homestead property owners who would have their school district property taxes eliminated under each of the aforementioned proposals. Based on data from the U.S. Census Bureau’s American Community Survey (ACS) and previous research by the IFO for homeowners were disbursed via the Property Tax Rent Rebate (PTRR) program in 2017. Because they are redundant under the proposal, homeowner rebates under the PTRR program could be redirected to other purposes. If you have any further questions regarding this

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Response-Letter-09-19-2019.pdf

40,000 or less. Your letter also requested the following details/parameters:  The number of households impacted by the proposal.  The annual loss of tax revenue associated with (1) school district property taxes and (2) county and municipal property on these data for 2017, the results are as follows:  525,000 senior homeowners would be affected by the proposal.  Total property taxes paid: $1.225 billion. 1 The PTRR program excludes 50 percent of Social Security income. 2

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Presentation_2017_02_10_EPLC.pdf

FY 21-22. $13,332 $13,868 $14,294 $14,782 $15,319 $15,877 $16,455 Property Tax Elimination Proposals SB 76 of 2013 (IFO analysis on website).  Eliminates school district property taxes over time (retention for debt service sales tax rate: 6.0% to 7.0%. Expands tax base.  Distributions to school districts increase with inflation. Recent proposal largely the same. Two major changes.  Increases personal income tax: 3.07% to 4.95%.  Distributions to school

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Presentation-2018-06-PASBO.pdf

251 -$28 Proposed Severance Tax $249 Note: Dollar amounts in millions. * FY 2018-19 Executive Budget. Excludes severance tax revenue proposal. June.05.2018 10 General Fund Balance Sheet Exec. Budget Updated 2017-18 2017-18 Adjusted Beginning Balance -$1,524 is an IFO estimate. June.05.2018 11 Property Tax June.05.2018 12 Revenue update Homestead rebate analysis Recent proposal for elimination Property Tax Discussion June.05.2018 13 PDE released AFR revenue data last month June.05.2018 FY

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NFIB_Presentation.pdf

of January: Mid-Year Revenue Update. ◦ Updated projections for the current year. Preview of next year. Early April: analysis of proposals in Executive Budget. ◦ Any proposal that affects tax revenues. Dec.13.2017 4 Today: A (Very) Quick Overview Highlights from Economic & Budget Outlook. ◦ Demographics: rapid

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NCSL_PA_IFO_11_15_21.pdf

State Finance Council authorizes funds. UT VT GA • Established a set of criteria for how to spend the funds. • Scored proposals based on criteria • Divided funds into buckets • 3 phase recovery plan. • Phase I –Urgent Needs (now-Jan ‘22) • Phase II – Additional Recovery Projects (Jan ‘22) • Phase III –Multi-Year Recovery Projects CO • Governor created 3 bipartisan committees to consider proposals and make recs. • Broadband; Water and Sewer; Economic Impact KS MA NATIONAL CONFERENCE OF STATE LEGISLATURES Avoiding the Fiscal Cliff

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MSC_March_31_2022.pdf

6,783 809 Note: Millions of dollars. Prior year lapses include transfers to the Budget Stabilization Reserve Fund. Minimum Wage Proposal: Increase to $15 by 2028 March 31, 2022 7 Phase in Minimum Wage Increase ▪ Hourly minimum wage increase to $12 make < $12/hr ▪ Smaller potential loss in jobs (mostly not filling vacant positions) ▪ Moderate gains to General Fund revenues CNIT Proposal: Broaden Base and Phase in Reduced Rate March 31, 2022 8 Broaden CNIT Base ▪ Broaden current addback provision (+$500M for

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IFO_Testimony_Min_Wage_Feb_16_2021.pdf

March or early April. That report will also include an analysis of the combined reporting and personal income tax revenue proposals. Thank you. I would be happy to answer any questions that you may have. Independent Fiscal Office 3 February 2021 12 Minimum Wage 119 105 -14 Note: Excludes self-employed. Data will be updated in IFO's Analysis of Revenue Proposals in Spring 2021. Source: Occupational Employment Statistics (OES), 2019. PA Worker Distribution by Hourly Wage Rates Notes for CY 2022

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Congressional_Budget_Office_Nov_15_2022.pdf

for technical assistance as lawmakers draft legislation. Furthermore, CBO tracks appropriation actions. CBO Prepares Estimates of the Effects of Legislative Proposals 4 For additional information, see www.cbo.gov/about/products. CBO’s reports cover every major area of federal policy perform objective analysis, regardless of their own personal views. CBO uses a common set of assumptions when analyzing different legislative proposals to ensure that its estimates are consistent and impartial. The agency’s estimates are inherently uncertain, but its goal is

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ACN_SB1071_A10803_text.pdf

extensive and detailed findings online, including findings about: (i) Assets. (ii) Returns. (iii) Financial managers. (iv) Consultants. (v) Requests for proposals. (vi) Investment performance measured against benchmarks. (5) Report its findings and recommendations to the Governor and the General Assembly within extensive and detailed findings online, including findings about: (i) assets; (ii) returns; (iii) financial managers; (iv) consultants; (v) requests for proposals; and (vi) investment performance measured against benchmarks. (5) Report its findings and recommendations to the Governor and the General Assembly

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2021-SD-Property-Tax-Forecast.pdf

tax forecasts in response to legislative requests and public interest. This report provides an updated forecast to facilitate discussion of proposals that contemplate changes to school property taxes. The most recent school property tax data published by the Pennsylvania Department of homesteads after applying the local tax relief. The differential of six percentage points represents the impact of the local relief. Proposals to replace property taxes on homesteads may either include or exclude the value of the local relief to determine the

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2004_srpvffinal.pdf

Survey Findings (Cont'd) Survey Findings (Cont'd) -17- ASSESSMENT OF NEED AND EFFECTIVENESS The Commonwealth’s consideration of any proposal to establish a statewide retirement plan for volunteer firefighters should include an assessment of the need for such a program eligibility criteria that were developed with input from volunteer firefighter organizations in the 1990's and included in various legislative proposals, including Senate Bill Number 121 in the 1999 Session of the General Assembly. The Commission, as directed in House Resolution

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TC_2022_Mixed_Use_Development.pdf

the Department of Revenue and compliance with all PHFA criteria. 7 See Community Revitalization Fund Program Overview and Request for Proposals for full details. https://www.phfa.org/mhp/developers/loans.aspx. Mixed-Use Development Tax Credit Overview | Page 7 sources

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TC_2021_Resource_Enhancement_and_Protection.pdf

40 See https://www.nfwf.org/programs/chesapeake-bay-stewardship-fund/innovative-nutrient-and-sediment-reduc- tion-grants-2021-request-proposals. Section 3: Background and Government Policies | Page 20 Progress Table 3.5 displays the most recent TMDL reduction data for

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TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf

ensures that consumers will be willing to pay for and adopt the newly available service); (4) ranks project proposals in order of cost effectiveness per location connected (this “reverse auction” approach ensures that funds are spent in the most efficient manner

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TC_2019_Historic_Preservation_Tax_Credit_Report.pdf

30 calendar days of a complete application. If all criteria are met, then the PHMC determines that the proposal is a certified quali- fied rehabilitation plan (QRP) by signing the Part 2 application form and provides a copy to the applicant

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SR2017-06.pdf

the share of the property tax base that is comprised of homestead property. These data will be used to analyze proposals pertaining to property taxes in consideration of the recent passage of the constitutional amendment expanding the homestead exclusion. The purpose

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Single-Use Plastics Report-2020_06.pdf

types of plastic retail bag regulation were analyzed at the statewide level. Although there have been no legislative proposals for a statewide regulation of plastic retail bags, the analysis assumes that any regulation would be implemented statewide because outcomes would vary

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Senate Budget Hearing Request.pdf

B). As indicated during the IFO’s budget hearing, our office plans to release an analysis of the Executive Budget proposals in late March and will be available for further discussion with your committee once that report has been released. Thank

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Senate Appropriations Response Letter 3-6-2020.pdf

program. As indicated during the IFO’s budget hearing, the office plans to release an analysis of the Executive Budget proposals in late March and will be available for further discussion with your committee once that report is released. Thank you

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SD_Property_Tax_Forecast_Nov_2021.pdf

homesteads after applying the local tax relief. The differential of 6 percentage points represents the impact of the local relief. Proposals to replace property taxes on homesteads may either include or exclude the value of the local relief to determine the

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Revenue_Estimate_2021_05.pdf

corporate tax rate increase. In March 2021, the federal administration released details of its American Jobs Plan, which includes a proposal to raise the corporate tax rate from 21% to 28%. Researchers from the Joint Committee on Taxation found evidence of

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Response_Letter_9_23_2019.pdf

contribution plans, IRA withdrawals and annuities should be included. To address your request, it was necessary to consider how the proposal might impact the typical or median senior resident. For senior homeowners, the analysis projects that the median homeowner with income

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Presentation_PICPA_9-24-2013.pdf

to add revenues. o Personal Income Tax to 4.24% (previously 4.01%). Michigan Property Tax Reform. o Known as Proposal A – 1994. o Higher Sales (4.0% to 6.0%) and Other taxes. o Eliminates most local school operating property

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Presentation_Pension_Town_Hall_3-26-2015.pdf

independent agency that provides analysis of fiscal, economic and budgetary issues.  The IFO does not take positions on issues, proposals or policies.  Our role tonight is to provide general data and background. • With the exception of making five‐year

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Presentation_PASBO_Annual_Conference_3-8-2018.pdf

Homestead Survey IFO uses survey results to inform its estimates of homestead property. Recent constitutional amendment may result in legislative proposals. Data collected from county assessment offices with help from the County Commissioners Association. Counties providing data comprised approximately 81% of

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Presentation_Harrisburg_Rotary_4-11-2016.pdf

independent agency that provides analysis of fiscal, economic and budgetary issues.  The IFO does not take positions on issues, proposals or policies.  Our role today is to provide general data and background. • With the exception of making five‐year

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

Two-Year Total -$279 Note: Dollar amounts in millions. * FY 2018-19 Executive Budget, General Fund Financial Statement. Excludes revenue proposals. General Fund Revenue Comparison May.01.2018 26 Revenue risks remain for FY 2017-18.  CNIT: May (final) and

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Presentation-2018-07-NCSL.pdf

 IFO work involving stress testing is connected to its analysis of pension-related legislation.  No analysis without legislative proposal changing pensions.  Based on the statutory mandate for a “risk transfer analysis.”  Implementation fits within the constraints that

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Presentation-2018-06-PICPA.pdf

Severance Tax (excluded from above) $249 Note: Dollar amounts in millions. * FY 2018-19 Executive Budget. Excludes severance tax revenue proposal. June.12.2018 19 General Fund Balance Sheet FY 17-18 Executive IFO Budget Updated Adjusted Beginning Balance -$1,524

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

251 -$28 Proposed Severance Tax $249 Note: Dollar amounts in millions. * FY 2018-19 Executive Budget. Excludes severance tax revenue proposal. June.04.2018 12 General Fund Balance Sheet Exec. Budget Updated 2017-18 2017-18 Adjusted Beginning Balance -$1,524

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PBB_2023_EO_REPORT.pdf

Governor’s Budget Office (GBO) oversees budget development and capital market operations for the Commonwealth. GBO prepares the executive budget proposal and implements the enacted budget. Over the course of the fiscal year, GBO approves agency spending plans and allocations (rebudgets

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MSC_March_31_2021.pdf

is 29%; 5% of firms pay entire increase Note: Figures in dollar millions. Source: Independent Fiscal Office, Analysis of Revenue Proposals (April 2020). Natural Gas Trends 2015 2016 2017 2018 2019 2020 PA Production (bcf) 4,601 5,096 5,364

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June_Revenue_Estimate_2021.pdf

tax rate in- crease. In March 2021, the federal administration released details of its American Jobs Plan, which includes a proposal to raise the corporate tax rate from 21% to 28%. Researchers from the Joint Committee on Taxation found evidence of

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Initial_Estimate_May_2017_Presentation.pdf

estimate issued in July 2016. 1 FY 2017-18 Executive Budget, General Fund Financial Statement, p. C1.5. Excludes revenue proposals. General Fund Revenue Comparison 19 02.May.2017 Lottery Sales Turn Negative 12-13 13-14 14-15 15-16

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Initial_Estimate_Announcement_May_2021.pdf

18 17:56:44 ModDate: 2021-05-18 17:56:43 Keywords: DAEbdi2sAF4,BACEQ8zYs40 Author: Lesley Title: Analysis of Revenue Proposals

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Impact_Fee_Update_Outlook_2022.pdf

best used to quantify the prospective tax burden on new wells across states. (See the IFO’s Analysis of Revenue Proposals in the FY 2018-19 Executive Budget, for a discussion of the lifetime and annual ETRs.) 2. Prices are from

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Impact_Fee_Update_Outlook_2021.pdf

to quantify the prospective tax burden on new wells across states. (See the IFO’s previous publication, Analysis of Revenue Proposals in the FY 2018-19 Executive Budget, for a discussion of the lifetime and annual ETRs.) 3. Prices are from

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Impact-Fee-Update-Outlook-2020.pdf

to quantify the prospective tax burden on new wells across states. (See the IFO’s previous publication, Analysis of Revenue Proposals in the FY 2018-19 Executive Budget, for a discussion of the lifetime and annual ETRs.) 3. Prices are from

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

to quantify the prospective tax burden on new wells across states. (See the IFO’s previous publication, Analysis of Revenue Proposals in the 2018-19 Executive Budget, for a discussion of the lifetime and annual ETRs.) 4. Prices are from Bentek

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

to quantify the prospective tax burden on new wells across states. (See the IFO’s previous publication, Analysis of Revenue Proposals in the 2018-19 Executive Budget, for a discussion of the lifetime and annual ETRs.) 3. Prices are from Bentek

Hits: 1

Impact-Fee-Estimate-2019.pdf

to quantify the prospective tax burden on new wells across states. (See the IFO’s previous publication, Analysis of Revenue Proposals in the 2018-19 Executive Budget, for a discussion of the lifetime and annual ETRs.) 5. The price used for

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IFO_Response_Letter_May_16_2022.pdf

the tax increase. In addition, the estimates are not reduced for administrative costs, which would likely be significant under this proposal. May 16, 2022 Page 2 School District Cash Balances According to annual financial reports filed with the Pennsylvania Department of

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House Budget Hearing Request.pdf

available). As indicated during the IFO’s budget hearing, the office plans to release an analysis of the Executive Budget proposals in late March and will be available for further discussion with your committee once that report has been released. Thank

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House Appropriation Response Letter 2-28-2020.pdf

spring. As indicated during the IFO’s budget hearing, the office plans to release an analysis of the Executive Budget proposals in late March and will be available for further discussion with your committee once that report is released. Thank you

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GPNP July 10, 2012 final.pdf

Office will be posting regular reports and analysis.  Monthly Economic Update (later this month).  Legislative Requests: Property Tax Proposals (late September).  Interstate comparison of tax structures and tax burdens (later this month). 10.Jul.2012 10 2012 GPNP

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Five_Year_Outlook_2021.pdf

flat through 2025, as firms replenish depleted inventories and consumer demand cools in the absence of continued federal stimulus. A proposal to levy a new 15% minimum federal corporate income tax could impact CNIT liabilities in the near-term. Strong estimated

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Econ Summit Presentation Feb 28 2017.pdf

6.5% 294 TOTAL $1,006 Note: millions of dollars. The combined reporting and lower corporate tax rate (6.49%) proposals are effective or phased-in beginning 1/1/19. Source: FY 2017-18 Executive Budget. PA Economics and Demographics February

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CompetePA_March_11_2021.pdf

is 29%; 5% of firms pay entire increase Note: Figures in dollar millions. Source: Independent Fiscal Office, Analysis of Revenue Proposals (April 2020). CreationDate: 2021-03-11 17:38:30 Creator: Microsoft® PowerPoint® 2016 ModDate: 2021-03-11 17:52:00

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Budget_Hearing_Background_Feb2016.pdf

Impact Fee Update (February 2015)  State and Local Taxes: A Comparison Across States (March 2015)  Analysis of Revenue Proposals in the Executive Budget (April 2015)  Preliminary Revenue Estimate (May 2015)  Official Revenue Estimate (June 2015)  Impact

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Budget_Hearing_Background-Feb2014.pdf

A Fiscal and Economic Analysis • School Property Taxes Paid by Homesteads • An Analysis of Michigan Property Tax Reform • Analysis of Proposal to Replace School Property Taxes: House Bill 76 and Senate Bill 76 • Analysis of School Property Taxes Paid by Homeowners

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2001_hr266.pdf

the success of individually directed investments of employee 8 retirement contributions, and as a consequence state 9 legislatures are considering proposals that would create a DC 10 option; and 11 WHEREAS, Under DB plans, benefits are not fully portable, 12 vesting

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Releases

a request from Chairman Grove for a static and dynamic analysis of proposed changes to state motor fuel taxes. The proposal would reduce those taxes and replace lost revenues with motor vehicle sales and use taxes. Full Report JANUARY 2023 MONTHLY

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