IFO report says Gov. Wolf’s revenue proposals will increase taxes across all income levels

The Independent Fiscal Office Thursday released a required analysis of revenue proposals articulated in Gov. Tom Wolf’s budget proposal and finds that the proposals will raise taxes on Pennsylvanians among all income brackets.

The report indicates that by FY 2019-2020, the proposals will increase net state and local tax revenues by $5.2 billion, which comprises of $9.8 billion in tax increases and $4.6 billion in tax and rent relief.

“Those new funds will be used to support additional spending on various priorities identified in the Executive Budget,” the report reads. “The proposals implement substantive changes to the current tax system and they will have disparate impacts across the Commonwealth based on a resident’s income level, consumption patterns, and school district of residence.”

Thursday, April 23, 2015/Author: Jason Gottesman
Categories: News and Views
Combined reporting hearing: partisan or educational?

Combined reporting hearing: partisan or educational?

The House Finance Committee held a hearing on the issue of combined reporting Wednesday that some are calling partisan, while others have defended it as educational.

Combined reporting would require multi-state corporations with a Pennsylvania presence to pay Pennsylvania taxes on the combined income of all entities, regardless of whether they are headquartered in Pennsylvania.

Currently, under the so-called Delaware Loophole, corporations with their headquarters in Delaware can avoid paying Pennsylvania corporate taxes despite having a presence in the Commonwealth.

Wednesday’s hearing was brought together as a result of Gov. Tom Wolf proposing to lower Pennsylvania’s current corporate net income tax of 9.99 percent to 4.99 percent so long as combined reporting is adopted.

Wednesday, April 15, 2015/Author: Jason Gottesman
Categories: News and Views

State’s revenue woes could impact tax refunds

At last week’s mid-year budget briefing, Budget Secretary Charles Zogby noted one potential risk that has arisen since the passage of the FY 2014-2015 budget: Come tax season, revenues will not be enough to cover refunds.

“The Department of Revenue is anticipating that we may have more in refunds than what we have available in terms of resources,” said Sec. Zogby. “[It’s] a potential weakness out there on the horizon.”

Tuesday, December 9, 2014/Author: Jason Gottesman
Categories: News and Views
VIDEO: Combined FY 13-14, 14-15 Executive Revenue Estimates Off $1.3 Billion, IFO States in Initial Revenue Estimate

VIDEO: Combined FY 13-14, 14-15 Executive Revenue Estimates Off $1.3 Billion, IFO States in Initial Revenue Estimate

The Independent Fiscal Office (IFO) Thursday unveiled its initial revenue estimate for the current and upcoming fiscal years.

Thursday, May 1, 2014/Author: The PLS Reporter
Categories: Video

Despite $650 Million in Innovation Savings, April Revenue Collections Dim Budget Picture

Gov. Tom Corbett and several cabinet secretaries today announced nearly $650 million in savings from innovation in the three years since the administration took office.

“Today’s state government is much leaner and much more efficient,” said Secretary of Administration Kelly Powell Logan.

Following the event, however, questions from the media concerning worse-than-projected April revenue figures faced the governor.

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Tuesday, April 29, 2014/Author: The PLS Reporter
Categories: News and Views
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