This report uses recent data published by the Department of Environmental Protection to project CY 2022 Impact Fee collections (remitted April 2023). Collections are estimated to be $274.8 million, an increase of $40.4 million from the prior year.
Michaela Miller gave a brief presentation at the FTA Revenue Estimation and Tax Research Conference on evaluating the effectiveness of tax incentives without ROI. The REAP tax credit was used as a case study.
Tags: incentives, roi, tax
This research brief updates a prior release in August 2022 to show data for more recent months and new demographic projections from the IFO’s Demographic Outlook report.
The IFO published a research brief that examines the factors that caused the PA labor force to contract by 120,000 workers since the start of the pandemic. The updated research brief focuses on the interaction between recent and projected demographic trends and the contraction of the state labor force.
Tags: brief, demographics, labor, research
The October 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.
This report examines the performance of IFO revenue estimates for the past ten budget cycles.
Tags: estimates, performance, revenues
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.
Tags: demographic, demographics, outlook
The Commonwealth collected $4.22 billion in General Fund revenues for September, an increase of $214.8 million (5.4%) compared to September 2021.