IFO Releases
July 2020 Economic Update
July 23, 2020 | Revenue & Economic Update
The July edition of our Monthly Economic Update includes links to recent articles and reports that provide insight into state or national economic, demographic and fiscal trends.
June 2020 Revenue Update
July 01, 2020 | Revenue & Economic Update
The Commonwealth collected $32.28 billion for FY 2019-20, a decline of $2.58 billion (-7.4 percent) from the prior fiscal year. The IFO projects that business closures and mitigation efforts related to the COVID-19 virus resulted in (1) $1.36 billion in lost revenue from reduced economic activity and (2) $1.91 billion that shifts to FY 2020-21 as a result of extended tax due dates.