The August 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 for the second quarter of 2020 uses data collected by the PA Department of Environmental Protection to develop statewide and county-level tabulations of production volume and well counts.
Tags: gas, production
Director Matthew Knittel provided a brief economic and revenue update to members of the Senate Appropriations Committee (Democrat).
The Commonwealth collected $4.10 billion in General Fund revenues for July, an increase of $1.77 billion compared to July 2019. The IFO estimates that roughly $1.62 billion of the increase was associated with extended tax due dates related to the COVID-19 pandemic.
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.
In response to a legislative request, the Independent Fiscal Office examined how the COVID-19 pandemic and mandated business closures could impact local earned income taxes (EIT), property taxes and gaming revenues received by municipalities, counties and school districts for the current year.
Revenue Analyst Jesse Bushman made a presentation to the Center for Energy Policy and Management at Washington & Jefferson College regarding regional natural gas trends and how they are affecting the state's Impact Fee.
Tags: gas, presentation
This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Pennsylvania State Education Association (PSEA), Non-Tenured Teachers Unit.
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.
As required by Act 20 of 2019, this report examines the economic impact from the regulation of single-use plastics. The report considers three types of regulation that have been enacted by other states and local jurisdictions: a ban, a fee and a ban-plus-fee. The report examines potential outcomes if these regulations were implemented statewide for plastic retail bags. The analysis is also extended to a ban on expanded polystyrene foam foodservice products.