After peaking in FY2023-24 at $720 million, Treasury collections are projected to drop by $321 million (-45%) for FY2025-26 due to General Fund deficit spending and declining interest rates.
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 2024-25 to 2029-30 in November 2024.
This research brief uses data from the Pennsylvania Department of Education to examine how school districts used $6.0 billion of temporary COVID-19 funds.
This research brief is the second in a series that uses a new distribution model to examine the progressivity/regressivity of state-local taxes. This release examines state and local gaming taxes and funds retained by the Lottery after prize payouts.
This research brief uses data from the Pennsylvania Gaming Control Board to examine trends for Pennsylvania gaming revenues from fiscal year (FY) 2018-19 through FY 2023-24 and the first two months of FY 2024-25.
This annual research brief uses the latest published data to generate maps and rankings of county demographic and income trends. The release highlights population change, personal income growth, shares of transfer income and per capita amounts for all counties in the Commonwealth.
This research brief uses the recently passed state budget for FY 24-25 to update deficit estimates for the current and subsequent fiscal year.
This research brief examines two recent provisions that reduce corporate net income tax liability: a lower tax rate and a higher net operating loss (NOL) deduction threshold. The provisions significantly reduce corporate tax liability and will be phased-in through tax year 2031.
The IFO performed an analysis that measured the 2023 economic footprint attributable to the Pittsburgh Pirates’ Major League Baseball (MLB) operations at PNC Park. The analysis finds that economic activity related to team operations and fan spending generated $546 million in statewide spending, supported 3,000 full-time equivalent jobs, and $22 million in state taxes.
The IFO performed an analysis that measured the 2023 economic footprint attributable to the Philadelphia Phillies’ Major League Baseball (MLB) operations at Citizens Bank Park. The analysis finds that economic activity related to team operations and fan spending generated $970 million in statewide spending, supported 5,400 full-time equivalent jobs, and $45 million in state taxes.