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.
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 Historic Preservation Tax Credit Report.
Tags: credit, historic, preservation, tax
Click on the hyperlink above to access the five performance-based budget reviews and presentations.
The IFO has posted the agenda for upcoming performance-based budget and tax credit review hearings.
The Commonwealth collected $2.91 billion in General Fund revenues for December, an increase of $89 million (3.1%) compared to December 2017. Fiscal year-to-date revenues are $15.3 billion, an increase of $1.04 billion (7.3%) from the prior year.