IFO Releases
General Fund Surplus Likely Depleted Next Year
July 18, 2024 | Economics and Other
This research brief uses the recently passed state budget for FY 24-25 to update deficit estimates for the current and subsequent fiscal year.
Corporate Rate Reduction and Higher NOL Cap
July 17, 2024 | Economics and Other
This research brief examines two recent provisions that reduce corporate net income tax liability: a lower tax rate and a higher net operating loss (NOL) deduction threshold. The provisions significantly reduce corporate tax liability and will be phased-in through tax year 2031.
Stadium Economic Impact Report: Philadelphia Phillies
July 10, 2024 | Economics and Other
The IFO performed an analysis that measured the 2023 economic footprint attributable to the Philadelphia Phillies’ Major League Baseball (MLB) operations at Citizens Bank Park. The analysis finds that economic activity related to team operations and fan spending generated $970 million in statewide spending, supported 5,400 full-time equivalent jobs, and $45 million in state taxes.
Stadium Economic Impact Report: Pittsburgh Pirates
July 10, 2024 | Economics and Other
The IFO performed an analysis that measured the 2023 economic footprint attributable to the Pittsburgh Pirates’ Major League Baseball (MLB) operations at PNC Park. The analysis finds that economic activity related to team operations and fan spending generated $546 million in statewide spending, supported 3,000 full-time equivalent jobs, and $22 million in state taxes.
Revenue Estimate Performance
July 09, 2024 | Revenue Estimates
This report examines the performance of IFO revenue estimates for the past twelve budget cycles. For FY 2023-24, actual collections exceeded IFO projections by 0.6%, or $273 million.
Southern Migration Continued During COVID
July 01, 2024 | Economics and Other
From 2021 to 2022, IRS data indicate that net domestic migration for Pennsylvania was -21,711 (-0.17% of state population) which ranked 35th across all states.
June 2024 Revenue Update
July 01, 2024 | Revenue & Economic Update
The Commonwealth collected $45.47 billion in General Fund revenues for FY 2023-24, which was within 0.6% ($273 million) of the IFO official revenue estimate.
Sources of Pennsylvania Income
June 27, 2024 | Economics and Other
This research brief is the first in a series that describes a new distribution model that will be used to examine the progressivity/regressivity of state-local taxes.
Impact Fee Revenue Update and Outlook 2024
June 26, 2024 | Energy
This update examines 2023 impact fee collections and provides an outlook for 2024. The Commonwealth collected $179.6 million in impact fees for 2023, a $99.2 million decrease from 2022.
Revenues and Spending Surge During Pandemic
June 25, 2024 | Economics and Other
This research brief looks at the drivers of revenue and spending growth during the pandemic.