The IFO released a report that outlines options for sales-use tax (SUT) base expansion. The report includes (1) an overview of the tax and recent collection trends, (2) a comparison to other states, (3) estimates for expansion of the SUT base to 15 additional goods and services, (4) a discussion of tax incidence across six income groups and (5) the impact of the current tax on the 67 counties. The report fulfills the office’s statutory obligation under Section 604-B (a)(5) of the Administrative Code of 1929.
This economic brief tracks the latest claims for unemployment compensation (UC) for all covered workers and federal workers only. The IFO is tracking these claims in preparation for its November five-year outlook report.
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.