IFO Releases
FY 2024-25 Interim Revenue Update
April 03, 2025 | Economics and Other
This budget update supplements the regular monthly revenue update published by the IFO and provides additional detail for March General Fund revenues. March revenues include large payments for gross receipts, insurance premiums, bank shares and corporate net income taxes.
Aging Population Drives Job Gains
March 20, 2025 | Economics and Other
This research brief uses new benchmarked jobs data from the U.S. Bureau of Labor Statistics to track the sectors and industries that gained or lost jobs since 2019 (i.e., pre-Covid).
Charging Pennsylvania’s Electric Vehicles
February 24, 2025 | Economics and Other
A new research brief examines Act 85 of 2024, which replaces the alternative fuel tax on electric vehicles with an annual electric vehicle road user charge for battery electric and plug-in hybrid vehicles. It also details the impact of federal funds from the Infrastructure Investment and Jobs Act on Pennsylvania’s EV charging infrastructure.
State and Local Tax Incidence in Pennsylvania
February 19, 2025 | Economics and Other
Director Knittel submitted an article for publication in the February 3, 2025 edition of Tax Notes State. It reviews recent results from the Pennsylvania tax incidence model and discusses factors that make state and local tax systems appear more regressive than they are in practice.
State and Local Tax Revenues: A 50 State Comparison
February 13, 2025 | 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 (BEA) and other sources to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) state and local effective tax rates across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.
Long-Term Budget Outlook Update
February 11, 2025 | Economics and Other
The IFO updated its baseline deficit projections based on new spending data from the Executive Budget. The revised projections are $3.5 billion (24-25), $6.0 billion (25-26) and $6.9 billion (26-27) under current laws and policies. If the projections hold, then the General Fund surplus would be depleted in 25-26 and the Rainy Day Fund in 26-27.
Economic Forum
February 03, 2025 | Economics and Other
Director Knittel made a brief presentation at the NFIB Economic Forum.
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.
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.