IFO Releases
Economic Forum
February 03, 2025 | Economics and Other
Director Knittel made a brief presentation at the NFIB Economic Forum.
January 2025 Revenue Update
February 03, 2025 | Revenue & Economic Update
The Commonwealth collected $3.92 billion in General Fund revenues for January, an increase of $16 million compared to January 2024.
Pennsylvania Electricity Update
February 03, 2025 | Energy
This report utilizes data from the U.S. Energy Information Administration to display recent trends for the Pennsylvania and regional electricity markets. The report examines recent trends in net generation, net exports, CO2 emissions and prices.
Economic and Natural Gas Update
January 30, 2025 | Energy
Fiscal Analyst III Jesse Bushman gave a presentation to the Marcellus Shale Coalition regarding the Commonwealth’s economic and budget outlook and recent natural gas trends.
Mid-Year Revenue Update FY 2024-25
January 28, 2025 | Revenue Estimates
The Independent Fiscal Office (IFO) released a mid-year revenue update for fiscal year 2024-25 and provided an advance look at revenue projections for the next fiscal year. The IFO will update the estimate in its next round of revenue projections released in late May.
Options to Fund School District Property Tax Elimination
January 24, 2025 | Economics and Other
In response to a legislative request, the IFO transmitted a letter that updates a previous analysis on potential revenue sources that could replace school district property taxes if eliminated.
Pennsylvania Child Care Industry Update
January 23, 2025 | Economics and Other
This research brief provides tabulations of child care industry employment, wages and average annual costs. For 2024 Q2, Pennsylvania private child care employment now exceeds pre-pandemic levels (2019 Q2) by 1,200 employees, while average industry wages increased significantly (31%). Child care costs vary widely depending on family income and access to the Child Care Works program.
General Fund Pension Impact Methodology
January 02, 2025 | Pension Analysis
The IFO will begin to project a five-year General Fund cost estimate as part of its pension analysis. This document uses proposed legislation from the 2023-2024 legislative session to detail the methodology used for those projections.
December 2024 Revenue Update
January 02, 2025 | Revenue & Economic Update
The Commonwealth collected $3.77 billion in General Fund revenues for December, an increase of $74 million (+2.0%) compared to December 2023.
Corporate Net Income Tax Data 2021
December 31, 2024 | Economics and Other
This research brief provides tabulations of corporate net income tax return data for tax year 2021. For that year, 48 returns comprised nearly one quarter of tax liability, and 12.4% of taxable income was offset by net operating loss (NOL) deductions.