Director Knittel made a presentation to the Transportation Advisory Committee on a proposed Retail Delivery Fee modeled after the Colorado fee. Rates of 25, 50, 75 and 100 cents per taxable delivery were considered.
This research brief estimates the impact of the new federal deduction for filers age 65 or older ($6,000 for single, $12,000 for joint). For tax year 2025, the IFO projects the provision will reduce federal income tax by $1.1 billion for PA seniors.
The IFO released a budget brief highlighting General Fund and Rainy Day Fund interest earnings, which peaked at a combined $1 billion in FY 2023-24 and FY 2024-25, but are declining rapidly.
The IFO published an economic impact report for the Ironman 70.3 Pennsylvania Happy Valley Triathlon in Centre County (June 2024). The analysis finds that economic activity related to the event generated over $3.1 million in statewide spending, supported 16 full-time equivalent jobs, and $178,000 in select state and local taxes.
The IFO released a budget brief that discusses two new expensing provisions included in the federal reconciliation bill passed on July 4. The provisions could reduce revenues (and increase the projected deficit) by $500 to $900 million for FY 2025-26.
The IFO released an updated budget brief that examines the budget implications of recent SNAP changes and the number of beneficiaries that will be impacted by new work requirements for able-bodied adults age 55 to 64.