IFO releases projections for school property tax replacement

IFO releases projections for school property tax replacement

The Independent Fiscal Office (IFO) has released their latest projections that detail how much of an increase in personal income taxes (PIT) the state would need to impose to generate revenue if school property taxes for homesteads were eliminated.
 
The IFO determined that to raise enough revenue through a PIT to replace homestead property tax revenues, the state would need to increase the PIT by 1.9 percent to generate the same amount of funding. This would raise approximately $8.5 billion in revenue in the 2019-2020 fiscal year, roughly the same amount that taxing properties is expected to bring in.
Monday, March 18, 2019/Author: Justin Sweitzer
Categories: News and Views
IFO report predicts proposed severance tax would make up for cut in state corporate income tax rate

IFO report predicts proposed severance tax would make up for cut in state corporate income tax rate

A recently released Independent Fiscal Office review of Governor Tom Wolf’s 2018 budget analyzed three marquee proposals found within — a cut in the state’s corporate net income tax, a natural gas severance tax and raising the minimum wage to $12.00.

Taken together, the IFO predicted an average annual gain of $418 million each year in state revenue, which peaks in the early 2020s before falling down by 2023.

Friday, April 20, 2018/Author: Stephen Caruso
Categories: News and Views
House lawmakers analyze effectiveness of job creation programs

House lawmakers analyze effectiveness of job creation programs

House legislators discussed how to increase job creation Wednesday after Pennsylvania lost 10,000 jobs last year.


The House Appropriations Committee invited testifiers that represented the Department of Labor and Industry, Pennsylvania Department of Community and Economic Development (DCED), and Pennsylvania Higher Education Assistance Agency (PHEAA) to discuss the agencies’ various programs.


“We want to get rid of programs that don’t work and bolster the ones that do,” said Chairman Stan Saylor (R-York).

Wednesday, February 21, 2018/Author: Taylor Allen
Categories: News and Views
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