The Commonwealth collected $2.58 billion in General Fund revenues for May, an increase of $637 million (32.8%) compared to May 2016. Fiscal year-to-date revenues were $28.41 billion, an increase of $564 million (2.0%) from the prior year.
This report uses data from the U.S. Census Bureau, the Internal Revenue Service (IRS) and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the fifty states. The report examines (1) the relative state and local tax burden across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.
Director Matt Knittel gave a presentation on May 24th to the PA Council on Aging regarding the implications of an aging population for Pennsylvania’s economy. An appendix slide appears at the end of the PowerPoint to include certain data requested during the presentation.
This report for the first quarter of 2017 and the calendar year uses data collected by the PA Department of Environmental Protection to develop statewide and county-level tabulations of production volume and well counts.
The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections.
Throughout May, Director Matt Knittel and Deputy Director Mark Ryan will make five presentations on the potential implications of school district property tax reform. The events are sponsored by the Pennsylvania Economy League and will take place at the various locations listed below.
Click the following links for additional details:
READING Thursday May 4th 7:30-9:00am
WILLIAMSPORT Friday May 5th 12:00-1:30pm
YORK Thursday May 11th 12:00-1:30pm
WILKES-BARRE Friday May 12th 12:00-1:30pm
LEHIGH VALLEY Friday May 19th 12:00-1:30pm
The initial revenue estimate for FY 2017-18 and updated estimates for FY 2016-17.
The Commonwealth collected $3.43 billion in General Fund revenues for April, a decrease of $227.0 million (-6.2%) compared to April 2016. Fiscal year-to-date revenues were $25.82 billion, a decrease of $73.1 million (-0.3%) from the prior year.
The IFO has released new projections regarding school property tax elimination. The document projects the school property tax revenues that would be eliminated, and thus subject to replacement, under legislation that may be introduced in the near future (the relevant parameters are summarized in the document). The projection builds upon a school property tax forecast the IFO released in January of this year.
This report provides revenue estimates for the tax proposals contained in the 2017-18 Executive Budget released February 2017. 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.”
Note: A clarifying sentence was added to page 16 since the original publication. (Revised on April 7, 2017)