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Property Tax/Rent Rebate Expansion

This research brief uses data from the Pennsylvania Department of Revenue, the American Community Survey and Social Security Administration to estimate the impact of the recently enacted expansion of the PTRR program. It provides detail on impact by income level, claimant type and county.

Tags: property, rebate, rent, tax

Emergency Rental Assistance Ends

The IFO posted a third research brief that examines the end or phase-out of various programs tied to the federal public health emergency that will impact the state economy. The brief examines trends in eviction filings since the onset of the pandemic and the use of $1.6 billion in funds received for the Emergency Rental Assistance Program throughout the state.

Tags: assistance, brief, rental, research

State and Local Tax Revenues: A 50 State Comparison

This report uses data from the U.S. Census Bureau, the U.S. Bureau of Economic Analysis, CCH AnswerConnect and the Tax Foundation to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) the level of per capita state and local taxes across states (unadjusted and adjusted for price differentials) and (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property).

02/14/2024

November 2023 Monthly Economic Update

The Monthly Economic Update provides data and insight on current trends that impact the state economy. 

11/29/2023

Economic and Budget Outlook

The IFO will release its long-term budget outlook for FY 2023-24 to FY 2028-29 on November 15 at 1:30 pm. Long-term issues that impact the outlook include the expiration of federal relief programs, a rapidly expanding 75+ age cohort and the depletion of surplus balances that currently generate significant interest income. See the announcement for a link to register for the presentation.

11/08/2023

October 2023 Monthly Economic Update

The Monthly Economic Update provides data and insight on current trends that impact the state economy. 

10/23/2023

2023 Demographic Outlook

Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation of this statute. The IFO will release the Economic and Budget Outlook for Fiscal Years 2023-24 to 2028-29 in November 2023.

10/19/2023

September 2023 Monthly Economic Update

The Monthly Economic Update provides data and insight on current trends that impact the state economy. 

09/14/2023

August 2023 Monthly Economic Update

The Monthly Economic Update provides data and insight on current trends that impact the state economy. 

08/23/2023

Property Tax/rent Rebate Expansion

This research brief uses data from the Pennsylvania Department of Revenue, the American Community Survey and Social Security Administration to estimate the impact of the recently enacted expansion of the PTRR program. It provides detail on impact by income level, claimant type and county.

08/09/2023

July 2023 Monthly Economic Update

The Monthly Economic Update provides data and insight on current trends that impact the state economy. 

07/12/2023

June 2023 Monthly Economic Update

The Monthly Economic Update provides data and insight on current trends that impact the state economy. 

06/26/2023

May 2023 Monthly Economic Update

The Monthly Economic Update provides data and insight on current trends that impact the state economy.

05/23/2023

APRIL 2023 MONTHLY ECONOMIC UPDATE

The Monthly Economic Update provides data and insight on current trends that impact the state economy.

04/25/2023

APRIL 2023 MONTHLY ECONOMIC UPDATE

The Monthly Economic Update provides data and insight on current trends that impact the state economy.

04/04/2023

Emergency rental Assistance Ends

The IFO posted a third research brief that examines the end or phase-out of various programs tied to the federal public health emergency that will impact the state economy. The brief examines trends in eviction filings since the onset of the pandemic and the use of $1.6 billion in funds received for the Emergency rental Assistance Program throughout the state.

03/06/2023

2022 Demographic Outlook

Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation for the IFO’s release of the Economic and Budget Outlook for Fiscal Years 2022-23 to 2027-28.

10/05/2022

2021 Demographic Outlook

Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation for the IFO’s release of the Economic and Budget Outlook for Fiscal Year 2021-22 to 2026-27.

11/15/2021

School District Property Tax Forecast

This report contains the IFO's updated forecast of school district property tax collections from FY 2020-21 to FY 2025-26. This report updates the forecast that the IFO published in February 2021 and includes (1) actual FY 2019-20 current-year property tax collections, (2) the impact from FY 2021-22 millage rates and (3) new wage projections that increase the statewide average weekly wage (SAWW) portion of the Act 1 Index projection.

11/08/2021

Demographic Outlook

Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation in advance of the IFO’s release of the Economic and Budget Outlook for Fiscal Year 2020-21 to 2025-26. In prior years, the information contained in this report was presented as an individual section within the IFO’s Five-Year Economic and Budget Outlook.

09/08/2020

COVID-19 Impact on Local Revenues

In response to a legislative request, the Independent Fiscal Office examined how the COVID-19 pandemic and mandated business closures could impact local earned income taxes (EIT), property taxes and gaming revenues received by municipalities, counties and school districts for the current year.

07/16/2020

Mid-Year Update FY 2019-20

The Independent Fiscal Office (IFO) has released a mid-year update of its revenue estimate for fiscal year (FY) 2019-20. The revised estimate is $35.738 billion, which is $220 million higher than the IFO’s official estimate. As part of the mid-year update, the IFO also provides an advance look at revenue projections for the next fiscal year. For FY 2020-21, revenues are projected to be $37.117 billion, an increase of 3.9 percent over the current year. The IFO will update the estimate in its next round of revenue projections to be released in late May.

01/28/2020

Management and Non-Represented Wage Contract Analysis

In response to a legislative request, the Independent Fiscal Office (IFO) has issued a cost analysis that assumes management and non-represented employees will receive salary increases consistent with the new collective bargaining agreements.

09/25/2019

Property Tax rent Rebate Program

In response to a legislative request, the IFO transmitted a letter that supplements a previous request to analyze a proposed expansion of the Property Tax rent Rebate Program.

09/17/2019

ISSU Wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Independent State Stores Union (ISSU).

09/13/2019

Property Tax rent Rebate Program

In response to a legislative request, the IFO transmitted a letter that analyzes a proposed expansion of the Property Tax rent Rebate Program. Note: This analysis was originally posted on May 15, 2019. The analysis was reposted on September 12, 2019 to reflect technical adjustments made by the IFO based on research cited in the footnotes of the updated analysis.  

09/12/2019

Mid-Year Update FY 2018-19

The Independent Fiscal Office (IFO) has released a mid-year update of its revenue estimate for fiscal year (FY) 2018-19. The revised estimate is $34.272 billion, which is $373 million higher than the IFO’s offical estimate. As part of the mid-year update, the IFO also provides an advance look at revenue projections for the next fiscal year. For FY 2019-20, revenues are projected to be $35.272 billion, an increase of 2.9 percent over the current year. The office will update the estimate in its next round of revenue projections to be released in late May.

01/29/2019

Fiscal Impact of School Property Tax Rebates

In response to a legislative request, the IFO estimated the fiscal impact of a school property tax rebate for all homesteads. The rebate would be equal to the statewide average school property tax paid by homesteads. The response includes both baseline estimates for currently eligible homesteads and estimates for a behavioral effect based on the filing of additional homestead applications in response to the availability of rebates.

03/13/2018

UGSOA Wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

03/08/2018

ALES Wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

02/16/2018

Mid-Year Update FY 2017-18

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

01/29/2018

Pennsylvania Fiscal Outlook Presentation

Director Matthew Knittel addressed the Society of Municipal Analysts to provide an update on Pennsylvania’s fiscal outlook, demographics and current budget status. 

10/19/2017

Pennsylvania's Fiscal and Demographic Outlook

Deputy Director Mark Ryan gave a presentation to the Lancaster Chamber of Commerce and Industry addressing Pennsylvania’s long-term fiscal outlook, demographics and the current revenue forecast. 

07/14/2017

Philadelphia Cigarette & Beverage Tax Impact

The IFO responds to a request regarding the impact of Philadelphia’s local cigarette and beverage taxes on state revenue collections. The letter has been revised to include current footnotes 3 and 6, which provide additional context for the assumptions used by the analysis.  (Revised on March 20, 2017)

03/13/2017

Pennsylvania Gaming Trends

This research brief contains current and historical trends for casino gaming, pari-mutuel gaming and the lottery. The brief also presents casino gaming revenues, tax rates and effective tax rates for adjacent states, which likely influence trends for Pennsylvania. The final section displays how revenues from the three types of gaming were used in the state budget for the most recent year of actual data, FY 2015-16.

02/13/2017

PFBC Wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

02/02/2017

Mid-Year Update FY2016-17

The Independent Fiscal Office (IFO) has released a mid-year update of its revenue estimate for fiscal year (FY) 2016-17. The revised estimate is $32.060 billion, which is $250 million lower than the IFO’s November 2016 estimate and $450 million lower than the estimate published by the IFO at the beginning of the fiscal year. As part of the mid-year update, the IFO also provides an advance look at revenue projections for the next fiscal year. For FY 2017-18, revenues are projected to be $32.637 billion, an increase of 1.8 percent over the current year. The office will update the estimate in its next round of revenue projections to be released in early May. ​Press Release

01/25/2017

School District Property Tax Elimination

Director Matt Knittel and Deputy Director Mark Ryan made a presentation to the Pennsylvania School Boards Association (PSBA) regarding the current proposal and forecasts for school district property taxes in Pennsylvania. *Updated February 13, 2017

01/19/2017

AFSCME Wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

09/27/2016

SEIU Wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

09/27/2016

Analysis of House Bill 1693 (2013)

Letter providing data on the share of residential and nonresidential property assessments by county (December 2013). The letter was in response to a request regarding HB 1693, which was a proposed constitutional amendment permitting different millage rates for residential and nonresidential property.  

12/17/2013

PBB_2023_DOR_REPORT.pdf

Overview ..................................................................................................... 3 Activity 1: Tax Administration ............................................................................................................ 9 Activity 2: Enforcement .................................................................................................................. 13 Activity 3: Lottery .......................................................................................................................... 17 Activity 4: Property Tax and Rent Rebate (PTRR) .............................................................................. 23 Activity 5: Administration ................................................................................................................ 27 Appendix ....................................................................................................................................... 29 Performance-Based Budgeting and Tax Credit Review Schedule ..................................................... 29 Agency Response laws and promote voluntary compliance 3 Lottery.................................................. Administer state Lottery to support programs for older adults 4 Property Tax and Rent Rebate...... Provide property tax/rent relief to older and disabled adults 5 Administration................................... Provide organizational leadership and support Department of

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RB_2023_08_PTRR_Expansion.pdf

The Property Tax/Rent Rebate (PTRR) program provides property tax relief to Pennsylvania’s elderly, widows, widowers and permanently disabled citizens in the form to eligible homeowners who earned $35,000 or less of qualified income and rebates of $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

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RB_2023_03_Rental_Assistance.pdf

will impact the state economy. With the onset of the COVID-19 pandemic, the Commonwealth and federal government enacted a renter eviction moratorium to provide temporary relief to renters who may have lost employment. The moratorium prohibited landlords from evicting tenants due to specific factors, including unpaid rent. The

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ACN_SB1071_A10803_text.pdf

a school employee during his school service which is not based on the standard salary schedule under which he is rendering service, payments for unused sick leave or vacation leave, bonuses or other compensation for attending school seminars and conventions, payments portion of a year determined by the ratio of the number of full-day sessions or hours of service actually rendered to 180 full-day sessions or 1,100 hours, as the case may be. A part-time salaried employee shall

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PA_Economy_League_Presentation.pdf

General Assembly. 2. Background on school district property tax and potential replacement revenues. 3. Implications for various groups: schools, homeowners, renters, individuals and businesses. 19.May.2017 Today’s Presentation 3 SB 76 of 2013 (IFO analysis on website).  Eliminates be different. The property tax figure deducts redirected slots tax relief monies. 19 19.May.2017 Impacts Will Vary Owner Renter Working Retired Working Retired Lower millage -6% -31% 14% 8% Moderate millage -16% -41% 14% 8% Higher millage -23% -47%

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Monthly_Economic_Update_September_2021.pdf

Care inflation from 2.8% in June to 0.0% in August. Also notable is the modest growth in monthly rents (2.6%) despite data from other sources that suggest strong growth (see article below) and no acceleration for homeowner imputed rent (Owner Equivalent Rent), which comprises 26.3% of the CPI-U basket. Transportation inflation (used and new cars, gasoline) decelerated

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Monthly_Economic_Update_October_2021.pdf

markets suggest that prices will remain elevated for the remainder of the year due to global supply and demand pressures. Renter Eviction Filings Remain Subdued as Average Rents Surge On September 27, Apartment List released rent estimates for September 2021 that reveal an overall monthly rental price in

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Five_Year_Outlook_2022.pdf

Q2 at 8.6% and de- celerated in 2022 Q3 to 8.1%. If the Shelter component is excluded (largely rent imputed to home- owners), the rates are 9.7% and 8.8%. ▪ The Unemployment Rate recorded an all-time low The series that excludes Shelter is a better measure of actual consumer spending because it omits the large, imputed homeowner rent component (27.1% of the CPI), which reflects rent foregone by homeowners, as opposed to actual spending. For October 2022

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MER-2015-03.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐year growth rate

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Select Committee Oct 1 2012 FINAL.pdf

a “current law” property tax baseline for schools? 3. Potential economic impacts. 1. Business and non-business. 2. Homeowners and renters. 3. Home prices and rent payments. 4. Business competitiveness. 1.Oct.2012 Analysis of HB 1776 and SB 1400 of 2012 – Slide 4 What Analysis

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Revenue_Estimate_2022_06.pdf

to pre-pandemic levels. ▪ The Philadelphia CPI-U grew at the fastest rate since 1981. Excluding the shelter component (mainly rents imputed to homeowners), the index grew 9.6% in April 2022 from the prior year. 1 The term “soft landing includes all income received by state residents that can be spent or saved. It includes: wages, interest, dividends, capital gains, rents, royalties, pensions, Social Security, IRA disburse- ments, business and self-employment income and government transfers (e.g., unemployment and stimulus

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Revenue_Estimate_2022_05.pdf

to pre-pandemic levels. ▪ The Philadelphia CPI-U grew at the fastest rate since 1981. Excluding the shelter component (mainly rents imputed to homeowners), the index grew 9.6% in April 2022 from the prior year. ▪ Data for 2022 Q2 (April includes all income received by state residents that can be spent or saved. It includes: wages, interest, dividends, capital gains, rents, royalties, pensions, Social Security, IRA disburse- ments, business and self-employment income and government transfers (e.g., unemployment and stimulus

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Response_Letter_9_23_2019.pdf

the Departments of Revenue, Transportation and Military and Veterans Affairs. The Department of Revenue, which administers the Property Tax and Rent Rebate (PTRR) program, provided $164 million of rebates to seniors in FY 2017-18 and nearly the same amount is taxes remitted by senior homeowners, and those amounts are itemized separately in Table 2. Senior September 23, 2019 Page 3 renters would also effectively remit property tax, but it is not clear how much of the property tax is passed through

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Monthly_Economic_Update_December_2020.pdf

impact leisure travel through increased fares and fewer flights, as business travel represents a large revenue source for airlines. PA Renters Will Owe an Estimated $224 Million in Rent by December 31 The federal eviction moratorium for renters expires on December 31, 2020. The Philadelphia Federal Reserve estimates that

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2006_surviving_spouse_healthcare_study.pdf

and Administrative Considerations Article III, § 26 of the Pennsylvania Constitution forbids the granting of “extra compensation . . . after services have been rendered,” except for increases in “retirement allowances or pensions of members of a retirement or pension system.” Official Opinion of the shall be passed giving any extra compensation to any public officer, servant, employee, agent or contractor after services shall be rendered or contract made, nor providing for the payment of any claim against the Commonwealth without previous authority of law. Provided

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Response_Letter_2021_April.pdf

that total $5.0 million and $5.8 million, respectively. In the Lottery Fund, the transfer for the Property Tax Rent Rebate (PTRR) program that would have occurred in 1 See http://www.ifo.state.pa.us/download.cfm?file=Resources displays estimated school district property taxes remitted by senior homeowners, and those amounts are itemized separately in Table 3. Senior renters would also effectively remit property tax, but it is not clear how much of the property tax is passed through

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Five_Year_Outlook_2020.pdf

state residents that can be spent or saved such as wages, business income, capital income (capital gains, interest, dividends and rent), retirement income (e.g., Social Security, pensions received, IRA disbursements) and income assistance (SSI, veterans benefits, unemployment compensation, SNAP, refundable 4 Unlike state Personal Income published by the U.S. Bureau of Economic Analysis, it does not include imputed dividend, rent and interest income, but does include capital gains. Preliminary data for CY 2020 suggest that federal programs more than backfilled

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Monthly_Economic_Update_November_2020_Final.pdf

only to the refinance boom of 2003 Q3). COVID-19 Drives Home Sales to 14-Year High, Single-Family Home Rents Increase According to a recent WSJ article, the pandemic caused many Americans to reevaluate their present living situation. Current homeowners home price was $313,500, up 12% over last year. The pandemic is also driving an increase in the residential rent market for single-family homes. Many renters, who maintained employment and now work from home, are leaving the city for

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Monthly_Economic_Update_August_2023.pdf

1%) Excludes the small, but volatile, energy component. Published bi-monthly. Rent of Primary Residence (5.5%) The cost to rent a primary residence. Rent rose 8.0% in July compared to last year and 0.9% over the prior month. Owner’s Equivalent Rent

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Five_Year_Outlook_2021.pdf

is considerably stronger. The CPI-U excluding Shelter is a better metric for actual con- sumer purchases because it excludes rent imputed to homeowners. ▪ The Unemployment Rate continues to decline, largely due to departures from the labor force. ▪ Compared to 2019 state residents that can be spent or saved such as wages, business income, capital income (capital gains, interest, dividends and rent), retire- ment income (Social Security, pensions received, IRA disbursements) and income assistance (SSI, veter- ans benefits, unemployment compensation, SNAP, refundable

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2004_srpvffinal.pdf

like organization affiliated with a fire company, who participates in the fire service but receives no remuneration for the service rendered. Although no public or private agency currently maintains complete data on the number of volunteer firefighters in Pennsylvania, estimates place their corporate limits. In these cases, service is normally provided through formal or informal cooperative agreements. Service may also be rendered on a fee basis, which is usually defined in a written agreement. In some rural areas, service is provided without

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SR2017-05.pdf

County All Households Homeowners Only Renters Only PIT Impact All 1 PIT Impact Owner 1 PIT Impact Renter 1 Adams $60,356 $68,444 $32,711 $1,135 $1,287 $615 Allegheny 53,040 69,900 29,929

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Revenue_Estimate_2021_05.pdf

state residents that can be spent or saved. It includes the following types of income: wages, interest, dividends, capital gains, rents, royalties, pensions, Social Security, IRA disbursements, business and self-employment and other miscellaneous income (e.g., government trans- fers). 3 shelter-related components and comprises 67% of the total CPI-U index. The main part of the shelter component is rent that is imputed to homeowners (owner’s equivalent rent), which is based on survey data. For recent months, that portion

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Revenue_and_Economic_Update_Presentation_2020_10.pdf

Small business income and capital gains outperform (hard to quantify) October 29, 2020 12 Impact of Other Factors Unclear National renter eviction ban ends December 31, 2020  How much delinquent rent? | What estimates do we believe?  U.S. Census: 18.8% of PA renter households missed last rental payment (Oct

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PBB_2022_DLI_REPORT.pdf

determine whether an individual is disabled under the Social Security Act. The bureau develops medical evidence, determines vocational ability and renders the initial decision of eligibility regarding an individual’s disability claim under the law. The bureau also processes disability claims petitions received (000s) 11 11 10 10 9 9 Claim petitions per judge 127 119 121 117 105 112 Decisions rendered (000s) 46 44 43 41 39 38 Total hearings conducted (000s) -- -- 105 125 122 115 In-person hearings (000s) -- -- 103

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Official_Revenue_Estimate_Methodology_2021.pdf

9 10.7 12.0 12.5 11.8 13.0 14.0 14.9 15.7 16.6 Interest-Rent-Royalty 17.5 18.2 18.3 18.0 19.3 19.8 20.1 20.4 22.5 23 1) compensation for labor services (e.g., wages, salaries, options, bonuses), (2) net business profits, (3) net capital gains, (4) rent and royalty income, (5) dividends, (6) interest, (7) gambling and lottery proceeds and (8) gains or income distributed from estates

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Monthly_Economic_Update_July_2023.pdf

from 5.4% (April) to 4.9% (June). Published bi-monthly. Rent of Primary Residence (5.5%) The cost to rent a primary residence. Owner’s Equivalent Rent (OER) (30.6%) For homeowners, the rental income foregone if the home had been rented. By far, the single largest

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June_Revenue_Estimate_2021.pdf

state residents that can be spent or saved. It includes the following types of income: wages, interest, dividends, capital gains, rents, royalties, pensions, Social Security, IRA disbursements, business and self-employment and other miscellaneous income (e.g., government trans- fers). 3 shelter-related components and comprises 67% of the total CPI-U index. The main part of the shelter component is rent that is imputed to homeowners (owner’s equivalent rent), which is based on survey data. For recent months, that portion

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TC_2021_Entertainment_Economic_Enhancement_Program.pdf

2019 increased the annual program cap from $4.0 million to $8.0 million. Eligible applicants must (1) purchase or rent at least $3.0 million in concert tour equipment from companies in Pennsylvania and have the equipment delivered to a a single tour ranges from $0.8 to $2.0 million, depending on the amount of qualified concert tour equipment rented or purchased. 5 Tax credits may be utilized against Pennsylvania personal income (excludes withholding) or corporate net income tax for

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Response-Letter-09-19-2019.pdf

and (2) county and municipal property taxes.  The definition of household income corresponds with that of the Property Tax Rent Rebate (PTRR) program. 1 The analysis uses data from the American Community Survey (ACS), the Pennsylvania Department of Education (PDE 2 The estimates apply to senior homeowners only, and exclude any property tax that may be effectively remitted by senior renters. Based on these data for 2017, the results are as follows:  525,000 senior homeowners would be affected by

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RB_2021_02 County Income Patterns.pdf

1.5% per annum), which implies real income gains. Personal income includes all wages and salaries, interest, dividends, business income, rents, royalties, transfer receipts (e.g., SNAP and veteran’s benefits) and retirement income (e.g., Social Security and pension contributions g., Potter, Bradford and Susquehanna) due to strong gains recorded for net earnings (earnings from labor) and dividends, interest and rent. Moreover, some of those counties (Armstrong, Bradford, Potter and Susquehanna) recorded strong income growth despite a reduction in overall employment

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Official_Revenue_Estimate_Methodology_2023_06.pdf

6 11.9 12.2 12.2 17.7 18.6 19.4 20.1 20.9 21.7 Interest-Rent-Royalty 17.1 19.7 19.6 19.6 20.0 24.9 23.9 25.2 26.2 27 1) compensation for labor services (e.g., wages, salaries, options, bonuses), (2) net business profits, (3) net capital gains, (4) rent and royalty income, (5) dividends, (6) interest, (7) gambling and lottery proceeds and (8) gains or income distributed from estates

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Official_Revenue_Estimate_Methodology_2022.pdf

9 10.7 12.0 12.3 13.0 18.8 18.8 18.8 18.9 20.1 Interest-Rent-Royalty 19.8 16.6 16.6 19.2 18.9 17.9 19.2 21.8 22.4 23 1) compensation for labor services (e.g., wages, salaries, options, bonuses), (2) net business profits, (3) net capital gains, (4) rent and royalty income, (5) dividends, (6) interest, (7) gambling and lottery proceeds and (8) gains or income distributed from estates

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

for labor services (e.g., wages, salaries, options, bonuses), (2) net business profits, (3) net capital gains, (4) rent and royalty income, (5) dividends, (6) interest, (7) gambling and lottery proceeds and (8) gains or income distributed from estates or trusts Methodologies | Page 17 wage and salary income is largely remitted through employer withholding. Tax on business net income, rents, estate income and other types of non-wage income are remitted through quarterly estimated pay- ments (roughly 55 percent of non-withheld

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

2 8.7 10.4 10.1 10.1 11.1 12.0 12.7 13.4 Interest-Rent-Royalty 21.2 20.0 20.5 21.5 21.7 21.5 24.0 24.5 25.5 25.6 27 for labor services (e.g., wages, salaries, options, bonuses), (2) net business profits, (3) net capital gains, (4) rent and royalty income, (5) dividends, (6) interest, (7) gambling and lottery proceeds and (8) gains or income distributed from estates or trusts

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Official-Revenue-Estimate-2020-06.pdf

lished by the Small Business Administration. The loans will be forgiven if used for eligible expenses such as rent, mortgage, utilities and certain employee compensation. It is likely that a significant share of loan amounts will be forgiven. 8  State of business failures that will result due to the immediate suspension of all sales. The potential impact on renters and homeowners can also not be reliably quantified at this early stage. Due to job losses, it is likely that more renters

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Five_Year_Outlook_2023.pdf

through FY 2028-29. Over 70% of appropriations are used for the payment of prize monies and Property Tax and Rent Assistance. The Property Tax and Rent Assistance forecast increases over the forecast period due to a recent increase to the income cap and rebate amounts for

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Five_Year_Outlook_2019.pdf

The forecast includes strong growth (5.5 percent) in FY 2020-21 withholding payments due to the occur- rence of 53 weekly due dates (Wednesdays) in that fiscal year. This strength is reversed in FY 2021-22 (2.8 percent), as the basic and special education subsidies, as well as funds for non-personnel expenses such as office supplies, rent, utilities, furniture, computers and travel. 9 Table 5.3 provides details on the cost-to-carry concept and a comparison to the

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SUT Exemption for Aircraft - January 2013.pdf

2  Sale for Resale - Aircraft and aircraft parts are exempt from SUT when they will be resold, rented or leased in the ordinary course of the purchaser’s business.  Use by a Nonresident - Aircraft and aircraft parts are exempt related to aircraft. Tax collections under these programs can vary greatly from year to year. Space that is rented or leased for the purpose of storing aircraft is not subject to tax unless the rental or lease qualifies as a self-

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Revenue-Estimate-2020-05.pdf

lished by the Small Business Administration. The loans will be forgiven if used for eligible expenses such as rent, mortgage, utilities and certain employee compensation. It is likely that a significant share of loan amounts will be forgiven. 8 5 The of business failures that will result due to the immediate suspension of all sales. The potential impact on renters and homeowners can also not be reliably quantified at this early stage. Due to job losses, it is likely that more renters

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Public Employee Retirement Laws of PA Local Governments (2009).pdf

Payments or partial payments are prohibited while an appeal is pending. In cases where a verdict of not guilty is rendered or the indictment or criminal information is finally dismissed, the public official or public employee is reinstated as a member include in the retirement benefit a service increment of $100 of the retirement pay for each year of - 52 - service rendered before age 65 that is in excess of the super- annuation service requirement. Additionally, a city may pay a service

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Monthly_Economic_Update_August_2021.pdf

prices fell just 3.3% from July 2019 to July 2020). Recently, analysts’ attention has turned to two housing categories: Rent of Primary Residence (+1.9%) and Owner’s Equivalent Rent of Primary Residence (+2.4%). These two categories comprise 31% of the U.S. CPI-U and are discordant with

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2002_dbdc_report.pdf

enable the members to make sound investment decisions, nevertheless the Systems must at the same time be careful not to render investment advice. The Systems can be held liable as a fiduciary for rendering investment advice that later proves to be incorrect or incomplete. See, e.g., Mary Rowland, “Educate or Litigate: Educating Pension

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Single-Use Plastics Report-2020_06.pdf

and the in-store experience. Bag Prices Retail bags are an input cost for retailers, similar to labor, rent or electricity. These input costs are a function of consumer demand for retail plastic bags and wholesale or supplier prices. Section 3 include sortation labor, downtime, parts retooling, parts replace- ment and material disposal costs where the film plastic is rendered unrecoverable. Assuming that $10.50 per ton can be used as average expenditure for all single-stream and commingled recycled materials statewide

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Revenue_Estimate_Presentation_2022_05.pdf

3.1 4.7 5.3 -- PA Home Price Index 16.5 14.8 13.4 14.5 -- 35.3 Rent – Philadelphia 4.0 7.8 10.8 11.9 11.6 17.0 Rent – Pittsburgh 3.9 7.0 8.3 8.5 8.1 14.6 PA Auto Loan Debt 12.7 9

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Revenue-Update-2020-04.pdf

the $349 billion is administered as a loan, the loans will be forgiven if used for eligible expenses such as rent, mortgage, utilities and certain employee compensation. Currently, the U.S. Treasury Department has requested that Congress increase the program by recipients, the UC payments will facilitate the purchase of necessities such as groceries or payment of regular bills such as rent, mortgage, utilities and student and car loans. The income will be received with a short delay and acts to “backfill

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Response-Letter-08-16-2019.pdf

income such as Social Security, pensions and IRA withdrawals. 1 Millions of dollars. Excludes impact from elimination of Property Tax Rent Rebate Program. August 16, 2019 Page 2 The figures shown in the table assume that 95 percent of eligible homeowners typically apply for relief. For example, in 2017, roughly two-thirds of eligible homeowners claimed rebates under the Property Tax Rent Rebate (PTRR) Program, which provides rebates to certain homeowners based on income, age and other homeowner characteristics. 2 The significant

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RB-2020-03 County Income Patterns.pdf

to 2018, all Pennsylvania counties recorded personal income gains. Personal income includes all wages and salaries, interest, dividends, business income, rents, royalties, transfer receipts (e.g., SNAP and veteran’s benefits) and retirement income (e.g., Social Security and pension contributions Personal income can be decomposed into three categories: (1) resident earnings (wages, salaries and proprietor income), (2) dividends, interest and rent and (3) transfer receipts (e.g., Social Security, Medicare, Medicaid, various income maintenance benefits). For the state, per capita average

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RB 2019 County Income Patterns.pdf

2017, nearly all Pennsylvania counties recorded personal income gains. Personal income includes all wages and salaries, interest, dividends, business income, rents, royalties, transfer receipts (e.g., SNAP and veteran’s benefits) and retirement income (e.g., Social Security and pension contributions Personal income can be decomposed into three categories: (1) resident earnings (wages, salaries and business income), (2) dividends, interest and rent and (3) transfer receipts and retirement income. For the state, per capita average annual growth rates for these income sources

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PBB_Board_Hearing_Jan_10_2023.pdf

7 Total 1,210.0 100 1,628 100 Note: Includes all expenditures in $ millions. PTRR is property tax and rent rebate. FTEs Expenditures DOR General Fund Appropriations (FY 22-23) January 10, 2023 3 Appropriations Tax Admin. Enforce- ment Lottery in a single tax system ▪ Objectives: Increased system functionality and efficiencies; reduced error rates ▪ Ability to file Property Tax and Rent Rebate (PTRR) claims electronically began for claim year 2020 (estimated 17% electronic filing in claim year 2021) Customer Experience Center

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PBB_2019_PCCD_Report.pdf

agencies are allowed to (but do not always) request prorated portions of their expenses related to their overhead (rent, utilities, clearances, audits, etc.). When com- paring the PA data to the Washington State data, this is an important factor to keep deemed appropriate by the Constables’ Education and Training Board. Training activities are funded by surcharges assessed for services rendered by sheriffs and constables on behalf of Magisterial District Judge offices, county courts and prothonotaries. Goals and Outcomes The goal of this

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Monthly_Economic_Update_January_2022.pdf

and two other CPI series for the metro region. The CPI Less Shelter series excludes three components related to housing: rent of a primary residence (5.5% of CPI, up +3.6%), imputed rent for homeowners (26.3%, up +4.1%) and lodging away from home (1.3%, up roughly +12.0%). The CPI

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MER-2014-11.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Completed Home Sales The year‐over‐year growth rate

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MER-2014-08.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the

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MER-2014-07.pdf

is 4.0%. Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Value for 2014.2 is 4.0%. Corporate Pro Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the

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MER-2014-03.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures

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EPLC Feb 2020 FINAL.pdf

growth rate. Net Business Income includes sole proprietors, partnerships and S corporations. Capital income includes capital gains, interest and dividends, rent and royalties. Retirement income includes Social Security, IRA withdrawals and DB-DC pensions. Income Maintenance includes UI, SNAP and other rate (3.07%) and/or expand base  Replace homeowner school property tax: ~+2.0 ppts  Note: this excludes renters (but no good data on renter burden)  Tax retirement income: Social Security, IRAs, pensions  PA one of only

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Economic_and_Revenue_Update_Presentation_August_2020.pdf

expected  Despite large job losses, only a moderate decline in total wages paid  Housing market fares decently | but renters struggle Steady employment gains since April low | can it continue?  45% of job losses in retail-wholesale and food 9% 0.7% 0.5% -13.9% Net Jobs Change (000s, annualized) 55.1 41.4 27.8 -847.4 % Renters Deferring/Not Paying -- -- 11.4% 19.1% Zillow Home Value Index 4.1% 4.1% 4.0% 4.2% Per

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County_Property_Tax_Burden_Aug_2021.pdf

total county income. 1 The burden measure represents a county-wide average and reflects all property taxes paid by homeowners, renters, landlords and business owners. Property taxes include current-year and delinquent school district, county and municipal taxes. 2 This amount does not account for property tax relief distributed by the Property Tax Rent Rebate program to income- eligible seniors and people with disabilities. In CY 2019, the program provided $131.3 million in

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County-Prop-Tax-RB.pdf

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 most property taxes are borne by renters and not landlords. 3 The analysis excludes the impact of the Property Tax Rent Rebate (PTRR) Program. For 2017, homeowners

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ACN_SB1_A01354_A01558_2017_06_03a.pdf

projections for new employees over the 32-year projection period (FY 2018-19 to 2049-50). The differential between cur- rent and proposed law represents the potential saving to employer contributions under the two lower return scenarios. The results of that This result oc- curs because the new benefit design is less sensitive to changes in investment returns than the cur- rent benefit design. Similar to the all-employee simulation, this method does not directly address employee shared-risk contributions, which are

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2013-03b Monthly Economic Summary.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate 2.3% 5.6% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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TC_2023_PA_Resource_Manufacturing.pdf

using the IMPLAN economic model, are in 2023 dollars and exclude non-wage income (propri- etorship income, dividends, interest and rent). 16 IMPLAN is an input-output model that is widely used by public and private entities to assess the economic that the ethane supply “could support multiple world-scale ethane crackers [90,000+ barrels per day] without disruption to cur- rent ethane exports from the region. The market could also support multiple polypropylene, am- monia, and methanol production facilities. Each of

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TC_2019_Historic_Preservation_Tax_Credit_Report.pdf

developers who invest in low-income or distressed neighborhoods. Tax credits make projects viable in areas where market rents are lower than rents that would be required if only private financing were used. This outcome allows development to occur in areas that would not be

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SD_Property_Tax_Forecast_Nov_2021.pdf

tax relief provided to homeowners should be considered when calculating the funds necessary for elimination. In 2019, the Property Tax Rent Rebate (PTRR) Program provided $131.3 million to homeowners. That figure includes all types of property taxes (school, county and the net funds necessary to eliminate school property taxes. Finally, it should be noted that property tax implicitly paid by renters is not included in the computations in Table 5. Staff Acknowledgements This report was produced by Jesse Bushman and Rachel

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SD-Property-Tax-Forecast-2020.pdf

tax relief provided to homeowners should be considered when calculating the funds necessary for elimination. In 2017, the Property Tax Rent Rebate (PTRR) Program provided $150.7 million to homeowners. That figure includes all types of property taxes (school, county and from the net funds necessary to eliminate school property taxes. Finally, it should be noted that property tax paid by renters is not included in the computations in Table 5. Independent Fiscal Office February 2020 6 Endnotes 1. Current-year collections

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Revenue-Proposal-Analysis-2018-04.pdf

14.6 percent (1.4 percent). The under- lying detail shows that the price of certain items like rent and medical care have in- creased at a faster pace than general inflation, while others have been more subdued or actually declined 2% 14.6% 1.4% Housing 19.9% 1.8% 22.5% 2.0% 13.0% 1.2% Rent 31.3% 2.8% 24.9% 2.3% 19.4% 1.8% Food at Home 18.6% 1.7% 26.4% 2

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Response-Letter-05-13-2019.pdf

315 Homesteads Only 9 7,855 8,034 8,254 8,478 8,745 9,034 9,350 Homesteads and Renters 10 10,255 10,488 10,776 11,069 11,417 11,795 12,207 FY 2018-19 Tax Freeze and excluding Social Security. Moving forward, assumes that all retirement income will be taxed upon distribution. 6 Projected property tax rent rebate (PTRR) payments could be utilized to offset school district property tax and driven out similar to the Act 1

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RB_2023_08_Property_Tax_Burden_by_County.pdf

total county income. 1 The burden measure represents a county-wide average and reflects all property taxes paid by homeowners, renters, landlords and business owners. Property taxes include current-year and delinquent school district, county and municipal taxes. 2 This amount does not account for property tax relief distributed by the Property Tax Rent Rebate program to income- eligible seniors and people with disabilities. In CY 2021, the program provided $208.1 million in

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RB_2020_12_PPP_Loans_to_PA_Businesses.pdf

payroll costs (at least 60 percent of the loan must be used for wages and benefits), mortgage interest, other interest, rent and utilities. 3 Approved loans could not exceed $10 million and were disbursed by private lenders from April through August income under current law. To qualify for loan forgiveness, the funds must have been used for approved expenses (payroll, interest, rent, utilities) and firms must make a good faith attempt to maintain employment and pay levels at pre- pandemic levels. The

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

commercial rental properties and small businesses. 7 Data from the U.S. Census Bureau show that one-quarter of Pennsylvania renters missed their most recent rent payment, while 4.7 percent of homeowners missed a mortgage payment. 8  A financial distress adjustment was also applied

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

rate (3.07%) and/or expand base  Replace homeowner school property tax: ~+2.0 ppts  Note: 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

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Prop_Tax_Burden_by_County_2022.pdf

total county income. 1 The burden measure represents a county-wide average and reflects all property taxes paid by homeowners, renters, landlords and business owners. Property taxes include current-year and delinquent school district, county and municipal taxes. 2 This amount does not account for property tax relief distributed by the Property Tax Rent Rebate program to income- eligible seniors and people with disabilities. In CY 2020, the program provided $129.4 million in

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Presentation_PA_Bus_Council_6-22-15.pdf

Tax Relief $0 -$2,732 -$2,732 -$2,732 -$2,732 Philadelphia Tax Relief 1 0 -452 -452 -452 -452 Renter Relief 2 0 -369 -383 -396 -388 CNIT – Tax Rate Reduction 3 -280 -965 -1,144 -1,261 -1,324 Dollar amounts are in millions. 1 Includes cigarette, sales, wage and property tax relief. 2 Provides up to a $500 rent rebate for qualified households with income below $50,000. 3 CNIT denotes corporate net income tax. Reduces the tax rate

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platt ppt.pdf

Less: Contributions for social insurance  Plus: Adjustment for residence  Equals: Net Earnings (Place of Residence) ▪ Dividends, interest and rent (property income) ▪ Government and business transfers  Including Social Security, UI, Medicare/Medicaid, workers’ compensation benefits 6 www.bea.gov 5.0% 10.0% 15.0% 20.0% 25.0% Total Personal Income Net Earnings Wages/Salaries Dividend, Interest, and Rent Transfer Receipts Pre-recession Peak to Current Percent Changes (Pre-recession Peak-2008Q2, Current-2011Q3) United States Pennsylvania www.bea

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PBB_2021_DHS_REPORT_ADDENDUM.pdf

post-permanency service -- -- -- -- 11.8% -- # SWAN Helpline calls 13,170 14,934 17,475 18,272 18,056 -- # LSI services rendered 3 69,343 145,077 161,484 120,709 151,447 -- Efficiency Avg. cost per child served Outcome 4 # Finalized Norristown and Tor- rance are the only facilities that provide forensic care. For facilities that only provide civil care, War- ren state hospital had the lowest staff ratio, while Danville had the highest. The overall median length of stay has steadily

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PBB_2019_DOBS_Report.pdf

a comprehensive numerical rating that assesses the safety and soundness of Pennsylvania’s state-chartered financial institutions. Cur- rently, CAMELS ratings are statutorily defined as confidential supervisory information that the Department is not permitted to share or report. The statute arose a comprehensive numerical rating that assesses the safety and soundness of Pennsylvania’s state-chartered financial institutions. Cur- rently, CAMELS ratings are statutorily defined as confidential supervisory information that the Department is not permitted to share or report. 4 The statute

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PASBO_Presentation_March_16_2023.pdf

4.4 3.8 -- -- -- SNAP and P-EBT 1.3 3.4 2.7 $0.4 $0.1 $0.2 Rent and Childcare Assist 0.1 1.6 1.2 0.3 0.2 0.2 Total 64.8 58.3 U.S. Philadelphia All Items 6.0% 6.9% Groceries 10.2% 13.3% Dining Out 8.4% 7.2% Rent of Residence 8.8% 8.3% Owner Occupied Housing 8.0% 7.6% All Energy (gasoline, utilities) 5.2% 6

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NewsStand_2019_October.pdf

Nearly 10 million of those households are considered “cost-burdened” paying more than 30% of their income for housing. Older renters and older homeowners still making mortgage payments reported paying between $830 and $1,300 on monthly housing costs. This is their mortgage; only paying $458 in hous- ing costs. The report also highlighted the noticeable wealth gap between homeowners and renters within the age 65+ group. This trend is expected to continue as the share of U.S. households age 65

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MTR-2017-07.pdf

income and its components, which can be decomposed into net earnings (64% of total), transfer receipts (17%), dividends, interest and rent (19%). Net earnings include wages and salaries (less social insurance tax contributions) and business profits. Transfer receipts include government assistance an average annual rate of 2.9%, as net earnings (3.0%) offset the lower growth of dividends, interest and rent income (2.5%). Relative to the country, Pennsylvania’s average annual personal income growth has kept pace with the U

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Monthly_Economic_Update_March_2022.pdf

gasoline (+31.6%) and new motor vehicles (+22.2%). The shelter component (35.4% of total CPI) grew due to rent of primary residences (+4.2%) and owner’s-equivalent rent (+4.6%). The shelter component typically lags other components due to survey timing and the timing of annual lease expirations

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Monthly_Economic_Update_December_2021.pdf

table below.) The CPI-U excluding Shelter is a better real-time measure of consumer inflation because it excludes foregone rent imputed to current homeowners. Rent imputed to homeowners is 26% of the Philadelphia CPI-U. Row 3 displays Federal Reserve holdings of U.S. Treasuries

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MER-2015-06.pdf

Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Industrial Electricity Sales The year-over-year growth rate in

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MER-2015-04.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐year growth rate

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MER-2015-02.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐year growth rate

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MER-2015-01.pdf

Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Industrial Electricity Sales The year-over-year growth rate in

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MER-2014-12.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐year growth rate

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MER-2014-10.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the

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MER-2014-09.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the

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MER-2014-06.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the

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MER-2014-05.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the

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MER-2014-04.pdf

is 0.1%). Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the

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MER-2014-02.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures

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MER-2014-01.pdf

in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures

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MER-2013-12.pdf

Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi- ness and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi- ness and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the

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MER-2013-11.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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IFO_Retirement_Task_Force_Jan2018_Presentation.pdf

Share of Income for Age 65+ Income Source 2006 2015 AAGR Wages-Salaries 14.5% 18.0% 8.4% Business-Rent-Royalty 10.2% 11.3% 7.0% Interest and Dividends 16.3% 9.2% -0.6% IRA Withdrawals 5.3% 12 Share of Spending for Age 65+ 2005-06 2015-16 Change Housing 37.3% 41.8% +4.4% Mortgage-Rent-Prop. Tax 21.4% 25.6% +4.2% Transportation 15.8% 14.1% -1.8% Healthcare 12.8% 13.2%

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IFO_Hearing_Materials_March_2023.pdf

13.3% Dining Out 4.7% 3.7% 3.4% 3.3% 5.5% 5.4% 7.8% 7.2% Rent of Residence 5.5% 1.3% 2.3% 2.3% 4.2% 5.1% 7.1% 8.3% Owner Equivalent Rent 30.6% 1.2% 0.8% 1.2% 4.6% 5.7% 7.2% 7.6% All Durable Goods 9

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IFO - Economic and Budget Outlook - January 2012.pdf

and salaries), business net profits (income from proprietorships, partnerships or other unincorporated business entities), and other taxable income (interest, dividends, rents, capital gains, trusts and estates, and gambling). For most tax years, wage compensation comprises 75 to 80 percent of the income such as net business profits, interest, dividends and capital gains) use the US proprietor’s income, interest, dividends and rent forecasts. For the purpose of revenue projections, growth rates for such income are weighted to reflect the relative share of

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EPLC-2-19-21.pdf

tax: raise rate (3.07%) and/or expand base ▪ Replace homeowner school property tax: ~+2.1 ppts ▪ Note: 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

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Econ_Budget_Outlook_Hearing_Response_Letter_02_2023.pdf

2023. Representative Kutz requested information regarding consumer debt by income level as it overlaps with first-time homebuyers and/or renters. This response focuses on average credit card balances, because (1) that has been the largest source of debt increases over following table displays average credit card debt by age group to reflect debt held by likely first-time homebuyers or renters. These data show that the average credit card balance for borrowers in the 18-29 age group recorded the largest

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Economic_Forecast_Business_Leadership_Summit_Feb_2024.pdf

2020.4 2021.1 2021.2 2021.3 2021.4 2022.1 Stimulus to PA Residents and Business ($ billions) SNAP, Rent Assist, Expand CTC, Student Loan Freeze Federal UC Econ Imp Payments PPP $44 $33 2019 5.1% 2020 0.5% Durable Goods + Energy were main drivers • Recent disinflation in both largely played out • Shelter (38% of total) lags, based on rent prices • Medical Care to increase, has been subdued Slide 13 Feb 2024 Economic Summit -2.0% 0.0% 2.0%

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BEFC_Survey_Results_FINAL.pdf

We do increase taxes, at least, to the index each year. Many families are on fixed incomes or are renting, which makes it difficult to continue to complete our maintenance of effort with our tax increases. Districts of similar size and was performed as done as part of our Bond renewal in April 2022. Lincoln Park Performing Arts CS We rent our buildings from another entity, the Lincoln Park Performing Arts Center. Mastery CS-Mann Campus The baseline funding that Charter schools

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2023_Mid_Year_Update.pdf

Impact Payments 11.2 21.7 0.8 Paycheck Protection Program 20.7 10.0 0.0 Extra SNAP/CTC/Rent Assistance 1.3 7.3 4.9 Employee Retention Credit (ERC) 0.0 1.0 2.2 Direct State Govt 3 $0.2 Direct Local Govt Support $2.6 $8.3 $0.1 Note: Billions of dollars. Extra SNAP/CTC/Rent Assist includes P-EBT, Sick and Family Leave ($0.4 billion, self-employed) and expanded Child and Dependent Care ($0

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2022_Mid_Year_Update.pdf

S&P 500 down 7% in January ▪ Fed tightening and raising interest rates ▪ Expiration of remaining relief: student loans, SNAP, rent assistance January 31, 2022 1 Economic Forecast: Stronger Wages and Inflation January 31, 2022 2 Annual Growth Rates or Change 25% spent | ~75% saved or pays down debt ▪ Spending recirculating faster? (money velocity and economic multipliers) ▪ Student loan moratorium | no renter eviction tsunami | SNAP extension January 31, 2022 16 Active COVID Relief Programs (PA data) January 31, 2022 17 Student Loan

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2021-SD-Property-Tax-Forecast.pdf

tax relief provided to homeowners should be considered when calculating the funds necessary for elimination. In 2018, the Property Tax Rent Rebate (PTRR) Program provided $142.7 million to homeowners. That figure includes all types of property taxes (school, county and the net funds necessary to eliminate school property taxes. Finally, it should be noted that property tax implicitly paid by renters is not included in the computations in Table 5. Staff Acknowledgements This report was produced by Jesse Bushman. Questions regarding

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2013-10 Monthly Economic Summary.pdf

intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2013-09 Monthly Economic Summary-FINAL.pdf

intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2013-08 Monthly Economic Summary.pdf

intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2013-07 Monthly Economic Summary.pdf

intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2013-06 Monthly Economic Summary - FINAL.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2013-05_Monthly_Economic_Summary.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2013-04 Monthly Economic Report.pdf

2.5%) Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 (2013.1 value is 2.5%) Corporate Profits Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2013-02 Monthly Economic Report.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate 2.3% 5.6% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2013-01 Monthly Economic Report.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate n.a. n.a. Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2012-12 Monthly Economic Summary FINAL.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate 2.8% 5.2% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2012-11 Monthly Economic Summary- DRAFT 6.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate 2.8% 5.2% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2012-10 Monthly Economic Summary FINAL.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any in- flationary gains. 1 Corporate Profits The year-over-year growth rate 2.8% 5.2% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2012-09 Monthly Economic Summary 7.pdf

Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic 8% 5.2% Personal Income The year-over-year growth rate of PA personal income. In- cludes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2012-08 Monthly Economic Summary_Final.pdf

Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic 8% 5.2% Personal Income The year-over-year growth rate of PA personal income. In- cludes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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2012-07 Monthly Economic Summary10.pdf

Bureau of Economic Analysis. Personal Income The year-over-year growth rate of US personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. In- cludes any inflationary gains. Data are from the US Bureau of Economic Analysis. Corporate 1.3% 5.5% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. In- cludes any inflationary gains. Data are from the US Bureau of Economic Analysis. FHFA

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2007_divestment_complete_report.pdf

Darfur region of western Sudan. This conflict has gained worldwide attention due to the large number of people killed or rendered homeless by Sudanese government forces, militias and renegade elements supported by the government. The international community, including the U.S are inconsistent in the United States’ highly developed capital markets. Any housing investment that offers a competitive return at an appropriate level of risk, such as a GNMA, does not need special consideration by public pension plans nor would such consideration

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2000_cost_of_living_adjustments.pdf

post-retirement as variable amounts equal to the annual COLA payments, resulting in the increased contributions commencing and ending concur- rently with the benefit payments, which may extend to 50 or more years. This method was used in 5% of the be passed giving any extra compensation to any public officer, servant, employee, agent or contractor, after services shall have been rendered or contract made, nor providing for the payment of any claim against the Commonwealth without previous authority of the law

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Pensions

Municipalities Financial Recovery Act (Act 47 of 1987) to ensure a collective bargaining contract or a collective bargaining arbitration award rendered after the adoption of a plan shall not in any manner violate, expand or diminish the recovery plan's provisions, except under specific conditions for arbitration settlements rendered under Act 111 of 1968. A collective bargaining agreement, contract or settlement in existence in a municipality or an arbitration

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TC_2022_Mixed_Use_Development.pdf

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

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TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf

awards from business competitions or incubator programs that appear on an applicant’s tax return. Gross revenues exclude rents, sales of tax credits, loans and funds from investors. Revenues for multi-location or out-of-state firms are apportioned to the

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State_Tax_Comparison_2023_02.pdf

personal income. State personal income is the summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g., Social Security, various medical and

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State_Tax_Comparison_2022_01.pdf

personal income. State personal income is the summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g., Social Security, various medical and

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State_Tax_Comparison_2020_11.pdf

State personal income is the summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g., Social Security, various medical and income maintenance

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State-Tax-Comparison-2020-01.pdf

State personal income is the summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g., Social Security, various medical and income maintenance

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State and Local Tax Burden Study.pdf

common benchmark. Personal income represents the total income of state residents. It includes wages, business income, interest, dividends, rents, royalties, contributions to pension and health plans, unemployment compensation, veterans’ benefits and transfer income (e.g., social security and various medical and

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SR2017-03.pdf

personal income. State personal income is the summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g., Social Security, various medical and

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Senate_Appropriations_Committee_Response_Letter_2022.pdf

estimates that senior homeowners paid $2.73 billion in school property taxes in FY 2019-20. These estimates exclude senior renters, as those data are not available. Sincerely, Matthew J. Knittel Director, Independent Fiscal Office Fiscal Year 20-21 21-22

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Roundtable_Jan_24_2023.pdf

Impact Payments 11.0 21.0 0.2 Paycheck Protection Program 20.7 10.0 0.0 Extra SNAP/CTC/Rent Assistance 1.3 9.3 2.4 Employee Retention Credit (ERC) 0.0 1.0 2.2 Direct State Govt

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Roundtable_Jan_2024_Final.pdf

19.6% -19.0% -16.6% PA Income Data Wages and Salaries 6.4% 5.2% 4.3% -- Dividends, Interest, Rent 8.6% 7.0% 5.9% -- Proprietor’s Income 4.2% 2.9% 3.1% -- Social Security 8.4% 11

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Revenue_Proposal_Analysis_2021_04.pdf

salaries, options, bonuses), (2) net business profits (sole proprietors, partnerships, S corporation shareholders, self-employed), (3) net capital gains, (4) rent and royalty income, (5) dividends, (6) interest, (7) gambling and lottery proceeds and (8) gains or income distributed from estates

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Revenue_Estimate_Performance_Dec_2017.pdf

quarterly and annual payments, which are generally motivated by business profits, capital Independent Fiscal Office | Page 3 gains, rents, interest and dividends. The SUT overprediction (-$236 million) was attributable to non-motor vehicle sales tax collections, and may have been impacted

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Revenue_Estimate_Performance_2023_08.pdf

PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show actual declines in all of those income sources, which is highly unusual

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Revenue_Estimate_2023_06.pdf

assets such as stock holdings and homes.  Personal income tax - Other includes non-corporate business profits, capital gains, dividends, rent and taxable interest. Revenues from those income sources (40%) outperformed the overall state economy.  Sales and use tax collections

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Revenue-Estimate-Performance_2022_10.pdf

PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show actual declines in all of those income sources, which is highly unusual

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Revenue-Estimate-Performance-2021-09.pdf

PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show actual declines in all of those income sources, which is highly unusual

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Revenue-Estimate-Performance-2020-09.pdf

391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show actual declines in all of those income sources, which is highly unusual for a

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Revenue-Estimate-Performance-2019-07.pdf

391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show actual declines in all of those income sources, which is highly unusual for a

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Revenue-Estimate-Performance-2018-07.pdf

391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents, interest and dividends. Preliminary data for tax year 2016 show actual declines in all of those income sources, which is highly unusual

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Revenue-Estimate-2023-05.pdf

such as stock holdings and homes.  Personal income tax (PIT) - Other includes non-corporate business profits, capital gains, dividends, rent and taxable interest. Revenues from those income sources (37.5%) outperformed the overall state economy.  Sales and use tax

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Revenue-Estimate-2020-05-Presentation.pdf

services, cars, etc. Can consumers maintain pace of spending?  $600 weekly FPUC payments end in July  Mortgage and rent payments in arrears | how bad is it? May 26, 2020 16 Initial Revenue Estimate FY 2020-21 May 26, 2020

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Response-Letter-11-08-2019.pdf

for FY 2019-20 and $150.7 million in property tax rebates 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

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Response-Letter-09-12-2019.pdf

that the Independent Fiscal Office (IFO) provide estimates of the funds necessary for a proposed expansion of the Property Tax Rent Rebate (PTRR) program for certain homeowners. Currently, the PTRR program provides base rebates of $250 to $650 to certain homeowners

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

previous letter transmitted by the office regarding estimates of the funds necessary for a proposed expansion 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

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Response-Letter-09-06-2019.pdf

2017 and grow to $1.09 billion by 2019. As before, senior homeowner rebates used for the current Property Tax Rent Rebate Program could be deducted from that gross amount to derive a net cost (roughly $970 million). Based on the

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RB_2023_06_Jackpot_Lottery.pdf

adults ($353 million),  Programs within PennDOT to provide transportation for older adults ($171 million) and  Property Tax and Rent Rebate (PTRR) program (includes administration, $244 million). 5 Staff Acknowledgments This research brief was produced by Karen Maynard. Questions regarding

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RB_2023_02_ChildCare.pdf

an estimated $607.2 million (74%) was allocated to personnel, while the remainder was designated for operational expenses (e.g., rent, utilities). Based on those data, the annual funds allocated for personnel averaged $7,200 per child care worker statewide (assumes

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RB_2022_08 County Income Patterns.pdf

1.4% per annum), which implies real income gains. Personal income includes all wages and salaries, interest, dividends, business income, rents, royalties, transfer receipts (e.g., SNAP) and retirement income. Income patterns were dramatically impacted by COVID-19 pandemic relief programs

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RB_08_2023_County_Income_Patterns.pdf

2.3% per annum), which implies real income gains. Personal income includes all wages and salaries, interest, dividends, business income, rents, royalties, transfer receipts (e.g., Social Security and SNAP) and retirement savings. 1 As noted, BEA excludes capital gains income

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RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdf

Total Income Taxpayers report various types of income on the federal income tax return including wages and salaries, interest, dividends, rent, royalties, pensions, IRAs, taxable Social Security, professional business income (independent contractors, self-employed and sole proprietors) and income from partnerships

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RB-2017-5.pdf

expands or contracts.  Personal Income The sum of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health insurance plans, unemployment compensation and transfer income (e.g., Social Security and various

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RB 2019 Natural Gas Royalties.pdf

return. 1 Research finds that the average royalty rate in Pennsylvania is 13.5 percent. See Brown et al. “Capturing Rents from Natural Resource Abundance: Private Royalties from U.S. Onshore Oil and Gas Production,” Federal Reserve Bank of Kansas City

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QRR_2014Q2.pdf

include a transfer from the Property Tax Relief Fund. This annual transfer in support of the Property Tax Rent Rebate Program typically occurs in July. The transfer is required by Special Session Act 1 of 2006. Table 3 Lottery Fund - Comparison

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QRR_2013Q4.pdf

include a transfer from the Property Tax Relief Fund. This annual transfer in support of the Property Tax Rent Rebate Program typically occurs in July. The transfer is required by Special Session Act 1 of 2006. Table 3 Lottery Fund - Comparison

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QRR_2013Q3.pdf

include a transfer from the Property Tax Relief Fund. This annual transfer in support of the Property Tax Rent Rebate Program typically occurs in July. The transfer is required by Special Session Act 1 of 2006. Table 3 Lottery Fund - Comparison

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PSBA_January_19_2022.pdf

District Property Tax Burden by County January 19, 2022 7 Property Tax Burden = All Property Tax / Total Income Includes homeowners, renters, landlords, firms See Property Tax Burden by County (Aug 2021) How Does PA Compare to Other States? January 19, 2022

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Property-Tax-Update-August-2018.pdf

the "reference person" (person 1) or that person's spouse, whoever is older. Does not include impact of Property Tax/Rent Rebate Program on homeowners. In 2016, homeowners received $155.8 million in rebates. Source: Pennsylvania Department of Education. Computations by

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

to Housing Share of Spending Age 65+ 2005-06 2015-16 Change Housing 37.3% 41.8% 4.4% Mortgage-Rent-Prop Tax 21.4% 25.6% 4.2% Transportation 15.8% 14.1% -1.8% Healthcare 12.8% 13.2%

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PMTA_Presentation_April_2023.pdf

and ERC -- 4.4 2.9 -- -- SNAP and P-EBT 1.3 3.4 2.2 $0.4 $0.2 Rent and Childcare Assist 0.1 0.6 1.1 0.3 0.2 Total 64.8 57.3 7.1

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PICPA_Presentation.pdf

40% 2010 2011 2012 2013 2014 2015 2016 2017 Annual Growth Rates, Income Reported on PA Tax Return Capital Gains, Rent-Royalties, Dividends Business Profits Wages- Salaries Anticipated Tax Cut Fiscal Cliff 5-Year Average Annual Revenue Growth June 7, 2017

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PICA_Presentation_2020_11.pdf

000 in Sept 2020 from prior year Other relief programs expire at end of year | impact unclear  Expiration of rent, mortgage and student loan forbearance  Expiration of extra/special federal UC support: PUA and extended benefits November 18, 2020

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Pennsylvania_Aging_Presentation.pdf

Shift Share of Spending for Age 65+ 2005-06 2014-15 Change Housing 37.3% 40.6% +3.3% Mortgage-Rent-Tax 21.4% 24.5% +3.1% Utilities-Other 15.9% 16.1% +0.2% Transportation 15.8% 14.9%

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PBB_Board_Hearing_Mar_09_2022.pdf

Intervention -- -- -- -- $337 -- 337 Ready to Learn Block Grant 288 -- -- -- -- -- 288 Community Colleges -- -- 245 -- -- -- 245 Pre-K Counts -- -- -- -- 242 -- 242 Auth. Rent. and Sinking Fund -- -- -- 201 -- -- 201 Other 149 180 664 200 70 274 1,537 Total 10,046 1,417 1

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PBB_Board_Hearing_Jan_26_2022.pdf

Intervention -- -- -- -- $337 -- 337 Ready to Learn Block Grant 288 -- -- -- -- -- 288 Community Colleges -- -- 245 -- -- -- 245 Pre-K Counts -- -- -- -- 242 -- 242 Auth. Rent. and Sinking Fund -- -- -- 201 -- -- 201 Other 149 180 664 200 70 274 1,537 Total 10,046 1,417 1

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PBB_Board_Hearing_Jan_25_2022.pdf

million in FY 21-22 ▪ Federal measures required include unique client households, program acceptance rates and total amounts paid for rent and/or utility bills January 25, 2022 10 CreationDate: 2022-01-25 12:58:42 Creator: Microsoft® PowerPoint® for Microsoft

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PBB_2023_DCNR_REPORT.pdf

hoc telework positions. ▪ Department-wide utilities includes heating fuel and electricity costs for the entire department. Leased facilities costs includes rent, maintenance, parking, utilities and contract costs for all leased facilities. ▪ Harrisburg/Central office facility space excludes the Rachel Carson State

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PBB_2022_DHS_REPORT_ADDENDUM.pdf

order to receive these funds, including information on unique client households, program acceptance rates and the total amounts paid for rent and/or utility bills. See page 59 for more details. Department of Human Services Overview | Page 10 - This page intentionally

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PBB_2021_PSP_REPORT_ADDENDUM.pdf

Page 37 ▪ The department expects to realize savings as a result of decommissioning the OpenSky system due to reduced tower rent, electricity costs and telecom costs. Savings are estimated at $6 million annually once P25 is fully implemented and OpenSky is

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PBB_2021_PennDOT_REPORT_ADDENDUM.pdf

FY 2019- 20, the state airport sys- tem’s share of runways in fair or better condition steadily improved. Concur- rently, the state invested nearly $145 million in federal and state funds into airport development and capital assistance. While not all

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PBB_2020_DOH_REPORT_Final_Update.pdf

of facilities and agencies certified through CMS per certification schedule. 4 External companies are assigned to review and render a decision within 60 days. 3 A finding of substandard quality of care indicates that the nursing home was found to have

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PBB_2020_DCED_REPORT.pdf

137 309 274 300 # Housing units rehabilitated 639 751 486 783 1,163 1,200 # Homeless persons provided rent assist. 4,071 5,483 4,118 3,931 2,251 3,000 Outcome Home energy savings (MBTUs) -- -- -- 37,006 42,309

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PA_Assoc_of_Community_Bankers_Presentation_2020_12.pdf

000 in October 2020 from prior year Other relief programs expire at end of year | impact unclear  Expiration of rent, mortgage and student loan forbearance  Expiration of extra/special federal UC support: PUA and extended benefits December 9, 2020

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PACBI_Presentation_March_13_2023.pdf

4.4 3.8 -- -- -- SNAP and P-EBT 1.3 3.4 2.7 $0.4 $0.1 $0.2 Rent and Childcare Assist 0.1 1.6 1.2 0.3 0.2 0.2 Total 64.8 58.3

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

services, cars, etc. Can consumers maintain pace of spending?  $600 weekly FPUC payments end in July  Mortgage and rent payments in arrears | how bad is it? June 22, 2020 15 Initial Revenue Estimate FY 2020-21 June 22, 2020

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Official-Revenue-Estimate-2018-06.pdf

income received by Pennsylvania residents. It has five components: (1) wages and salaries, (2) capital income (interest, dividends, rent-royalties and capital gains), (3) net business profits (partnerships, S corporations and sole proprietors), (4) retirement income (pensions and IRAs) and (5

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Newsstand_2018_May.pdf

broad declines across all non-wage income including capital gains (-11.7%), divi- dends (-4.7%), taxable interest (-2.6%), rent/royalties (-3.4%), sole proprietors/self-employed (-2.0%) and partner- ships/S corporations (-1.1%). The broad decline was

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MTR-2017-04.pdf

is $34,798. 2 The outflow of individuals leaving Pennsylvania includes those moving home after graduation to save money. Without rent or mortgage payments, more income can be used to pay down student loans. Despite an outflow to other states, there

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MTR-2016-03.pdf

Income is a broad measure that includes all types of income such as wages, business profits, Social Security, pensions, dividends, rent, interest and various disability and income security benefits. 2 For 2015, Pennsylvania Personal Income increased by 3.3%, versus 4

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MSC_March_31_2022.pdf

6% Energy +25.1% New Cars +22.2% Relatively Low (Feb 22) Medical Care -0.2% Education-Comm +1.3% Rent Primary Res +4.2% -5% 0% 5% 10% 15% 20% 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998

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MQRE_FY22_23_August.pdf

and Use Tax Person-to-Person Car Sharing (Act 53) The act provides consistency between traditional vehicle rentals and those rented via a peer-to-peer agree- ments by specifying that peer-to-peer car sharing is also subject to sales

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MQRE-FY20-21-Aug.pdf

4 FY 2020-21 Lottery Fund Quarterly Estimates 1 In response to the COVID-19 pandemic, Property Tax/Rent Rebate payments (and the Gaming Fund transfers that support those payments) that would have been disbursed in FY 2020-21 were accelerated

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MQRE-FY19-20-Aug.pdf

Farmers (Act 65) The act provides a new tax credit for owners of agricultural assets who sell or rent those assets to beginning farmers. The credit is equal to (1) five percent of the lesser of the sale price or the

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Monthly_Economic_Update_November_2021.pdf

All Items less Shelter index. That series excludes the Shelter component of the CPI because most of that component is rent imputed to homeowners, and does not reflect actual consumer purchases. Hence, the All Items less Shelter CPI is more highly

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Monthly_Economic_Update_May_2022.pdf

the U.S. average: ▪ By far, the largest component of the CPI (35.4% for Philadelphia) is Shelter, which reflects rent imputed to homeowners and monthly rental payments. In February, the Philadelphia Shelter component increased by 0.3 ppts more than

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Monthly_Economic_Update_May_2021.pdf

have noted a disconnect between the Shelter (i.e., housing) index used in the CPI-U computation (most is imputed rent to current homeowners) and actual conditions in the housing market. For example, the latest data from the Federal Housing Finance

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Monthly_Economic_Update_June_2022.pdf

the Philadelphia metro Consumer Price Index (CPI), gasoline purchases comprise 3.0% of total purchases in the CPI basket (includes rent imputations to homeowners). That share is based on data from 2019 to 2020, prior to the dramatic increase in price

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Monthly_Economic_Update_July_2021_Final.pdf

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 expenses of primary residences (2.3%). The CPI-U

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Initial_Estimate_May_2017_Presentation.pdf

on PA Returns -20% -10% 0% 10% 20% 30% 40% 2010 2011 2012 2013 2014 2015 2016 2017 Capital Gains, Rent-Royalties, Dividends Business Profits Wages- Salaries Fiscal Cliff Anticipated Tax Cut Annual Growth Rates, Personal Income Tax 8 02.May

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Initial-Revenue-Estimate-2018-05.pdf

income received by Pennsylvania residents. It has five components: (1) wages and salaries, (2) capital income (interest, dividends, rent-royalties and capital gains), (3) net business profits (partnerships, S corporations and sole proprietors), (4) retirement income (pensions and IRAs) and (5

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IFO_Response_Letter_April_5_2023.pdf

generally less than 100%. For example, in 2021, roughly two-thirds of eligible homeowners claimed rebates under the Property Tax Rent Rebate (PTRR) Program, which provides rebates to certain homeowners based on income, age and other homeowner characteristics. The significant increase

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IFO_Hearing_Packet_Feb2018.pdf

3.2% 58.5% 56.5% Business Income 4.9% 2.4% 3.2% 10.5% 10.8% Interest, Dividends, Rent 2.1% 2.8% 1.6% 7.7% 6.4% Capital Gains 2.0% -3.1% 7.3% 6.7%

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House_Maj_Policy_Com_Testimony_June_8_2022.pdf

All Items CPI-U or overall rate was 8.4%, the highest rate since December 1981. • Excluding shelter (largely imputed rent to homeowners) the rate is 9.6% (not shown). • Energy prices (gasoline and utility bills) are a clear driver of

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House_Maj_Policy_Comm_Aug_30_2021.pdf

Tax Burden Varies Widely by County August 30, 2021 3 Property Tax Burden = All Property Tax / Total Income Includes homeowners, renters, landlords, firms See Property Tax Burden by County (Aug 2021) School District Property Tax Burden by County August 30, 2021

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Five_Year_Outlook_Presentation_2022.pdf

Impact Payments 11.0 21.0 0.2 Paycheck Protection Program 20.7 10.0 0.0 Extra SNAP/CTC/Rent Assistance 1.3 7.4 2.9 Employee Retention Credit (ERC) 1.0 2.2 0.0 Direct State Govt

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Five_Year_Outlook_Presentation_2021.pdf

0% 0.5% 3.9% 8.0% Note: The CPI less Shelter excludes the Shelter component, most of which is rent imputed to homeowners. Source: U.S. Bureau of Labor Statistics. Any Stimulus Left? Yes, but…. November 15, 2021 12 U

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Five_Year_Outlook_2020_Presentation_Final.pdf

not seen this dichotomy before  Most middle and upper income homeowners faring well  Very different for low income renters | outlook also unclear  Permanent jobs loss and long-term unemployment are significant concerns COVID-19 imposes abrupt and painful

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Economic_and_Revenue_Update_2020.pdf

Tax Forecast (March 2019) Property Tax Replacement Estimates (May 2019) Property Tax Rebate for Older Homeowners (August 2019) Property Tax Rent Rebate Program (September 2019) Property Tax Elimination for Senior Homeowners (September 2019) Property Tax Replacement Estimates (October 2019) School District

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CNIT-Rate-Cut-2018-04.pdf

capital (e.g., shareholders) effectively pay the tax through higher prices, reduced wages or lower capital gains, dividends, interest or rent. Those same groups will benefit from any reduction in the tax rate. In the near‐term, most research finds that

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2024_Mid_Year_Update_Final.pdf

19.6% -19.0% -16.6% PA Income Data Wages and Salaries 6.4% 5.2% 4.3% -- Dividends, Interest, Rent 8.6% 7.0% 5.9% -- Proprietor’s Income 4.2% 2.9% 3.1% -- Social Security 8.4% 11

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2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

of Service and thereby altogether eliminated in the fu- ture. Such a reading would render the express contract...wholly illusory.” (Summary Judgment Ruling). Pending Developments: Hearing before the Florida Supreme Court ocurred Septem- ber 7, 2012. Decision expected December 2012. The

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index.cfm

2023 This report examines the performance of IFO revenue estimates for the past eleven budget cycles. ... (Full Report) Property Tax/Rent Rebate Expansion Property Tax August 09, 2023 This research brief uses data from the Pennsylvania Department of Revenue, the American

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