IFO Releases
Senate Budget Hearing Request
April 05, 2023 | Economics and Other
The Independent Fiscal Office (IFO) responded to questions raised at the office’s budget hearing before the Senate Appropriations Committee. The questions relate to net migration for Pennsylvania, U3 and U6 unemployment rates, tax burden and labor force participation rates for Pennsylvania and border states, Pennsylvania’s declining workforce and the Pennsylvania Child and Dependent Care Enhancement Tax Credit.
State Rainy Day and General Fund Balances
March 24, 2023 | Economics and Other
The IFO posted a new research brief that uses published data from The Pew Charitable Trusts to rank states based on the ratio of (1) Rainy Day Fund balances and (2) Total Balances (Rainy Day plus General Fund) to General Fund expenditures for enacted FY 2022-23 budgets.
Budget Hearing Materials 2023
March 16, 2023 | Economics and Other
The Independent Fiscal Office submitted materials to the Senate Appropriations Committee ahead of its budget hearing. The packet includes data on the state economy, revenues, demographics and other miscellaneous topics.
Economic and Act 1 Index Update
March 16, 2023 | Economics and Other
Director Knittel gave an Economic and Act 1 Index update at the Pennsylvania Association of School Business Officials (PASBO) Annual Conference.
Economic Update
March 13, 2023 | Economics and Other
Director Knittel provided an economic update to the PA Chamber of Business and Industry.
Emergency Rental Assistance Ends
March 06, 2023 | Economics and Other
The IFO posted a third research brief that examines the end or phase-out of various programs tied to the federal public health emergency that will impact the state economy. The brief examines trends in eviction filings since the onset of the pandemic and the use of $1.6 billion in funds received for the Emergency Rental Assistance Program throughout the state.
Tags: assistance, brief, rental, research
Impact of Proposed Changes to the NOL Cap
February 24, 2023 | Economics and Other
The IFO published a letter in response to a request from Senator Pennycuick. The letter contains projections for the impact of proposed changes to the amount of taxable income that C corporations may offset through net operating loss deductions.
Post-Pandemic Child Care Cliff
February 23, 2023 | Economics and Other
The IFO posted a second research brief that examines the end or phase-out of various programs tied to the federal public health emergency that will impact the state economy. The brief examines the impact that nearly $820 million in federal support had on the child care industry and its employees, and the funding cliff the industry will encounter in the near future.
State and Local Tax Revenues: A 50 State Comparison
February 21, 2023 | Economics and Other
This report uses data from the U.S. Census Bureau, the Internal Revenue Service (IRS), the U.S. Bureau of Economic Analysis and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) the relative level of state and local taxes across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.
Tags: comparison, local, state, tax
Economic and Budget Outlook Hearing Request
February 10, 2023 | Economics and Other
The IFO published a letter in response to requests for additional information raised at a recent economic and budget outlook hearing on January 24, 2023.