The May edition of our monthly newsletter – The IFO News Stand. The new release provides links to recent articles and reports that provide insight into state or national economic, demographic, budget and tax revenue trends.
The Commonwealth collected $3.8 billion in General Fund revenues for April, an increase of $325 million (9.5%) compared to April 2017. Fiscal year-to-date revenues were $29.0 billion, an increase of $3.2 billion (12.4%) from the prior year.
The initial revenue estimate for FY 2018-19 and updated estimates for FY 2017-18.
The IFO responds to a legislative request regarding the General Fund revenue impact from conformity with certain federal tax code provisions.
The first edition of our monthly newsletter – The IFO News Stand. The new release provides links to recent articles and reports that provide insight into state or national economic, demographic, budget and tax revenue trends.
This report provides estimates for the revenue proposals contained in the 2018-19 Executive Budget released February 2018. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.”
The IFO responds to a legislative request regarding the state corporate net income tax (CNIT). The report contains an analysis of state CNIT rates, their impact on revenues and a proposal to reduce the Pennsylvania CNIT rate.
The IFO responds to a request regarding the Neighborhood Assistance Program Tax Credit.
The Commonwealth collected $4.3 billion in General Fund revenues for March, a decrease of $97 million (-2.2%) compared to March 2017. Fiscal year-to-date revenues were $25.3 billion, an increase of $2.9 billion (12.9%) from the prior year.
The IFO responds to a request regarding natural gas royalty payments in Pennsylvania.
Based on draft statutory language provided by the Administration regarding the deductibility of the proposed severance tax from royalty payments, footnote 7 was added to the original letter. (March 23, 2018)