The Commonwealth collected $2.04 billion in General Fund revenues for February, a decrease of $1.54 billion (-43.0%) compared to February 2018. Fiscal year-to-date revenues are $20.20 billion, a decrease of $0.75 billion (-3.6%) from the prior year.
In response to a legislative request, the IFO has updated projections regarding school district property tax elimination. The document projects the school property tax revenues that would be subject to replacement under potential legislation that would eliminate school property taxes.
The Independent Fiscal Office submitted material to the House and Senate Appropriations Committees in advance of its scheduled budget hearings.
The Commonwealth collected $2.89 billion in General Fund revenues for January, a decrease of $252 million (-8.0%) compared to January 2018. Fiscal year-to-date revenues are $18.2 billion, an increase of $0.79 billion (4.5%) from the prior year.
The Independent Fiscal Office (IFO) has released a mid-year update of its revenue estimate for fiscal year (FY) 2018-19. The revised estimate is $34.272 billion, which is $373 million higher than the IFO’s offical estimate. As part of the mid-year update, the IFO also provides an advance look at revenue projections for the next fiscal year. For FY 2019-20, revenues are projected to be $35.272 billion, an increase of 2.9 percent over the current year. The office will update the estimate in its next round of revenue projections to be released in late May.
This research brief uses recent data published by the Department of Environmental Protection to project CY 2018 Impact Fee collections.
The IFO has posted a revised agenda for the upcoming performance-based budget and tax credit review hearings.
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New Jobs Tax Credits.
Click on the link to access the Film Production Tax Credit Report.
IFO presentation of the Film Production, Historic Preservation and New Jobs Tax Credit Reviews.
Tags: credit, film, historic, jobs, preservation, review, tax
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New Jobs Tax Credits.
Click on the link to access the New Jobs Tax Credit Report.