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Senate Appropriations Committee ReportMay 2018Committee Website (all tables and graphics can be viewed online) April Revenues Better Than They AppearGeneral Fund revenue collections for the month of April missed the estimate by $57.6 million, but the result is not as bad as it seems considering the dynamics of April collections and estimates. The revenue estimate for the month of April included $30 million of anticipated iGaming license fees, but the Pennsylvania Gaming Control Board has indicated that these fees will not be received until next fiscal year. Also, April’s revenue estimate included $85.1 million of Liquor Store Profits revenue, but the transfer was made earlier than expected in February. As a result, April’s revenues were likely going to be short of estimate by $115.1 million in non-tax revenues before the month even started. Tax revenue collections were actually $33.3 million above estimate for the month. The strong year-over-year growth in sales tax and personal income tax reflects consumer spending, job creation and wage growth patterns that are important indicators of healthy General Fund revenue collections going forward. April General Fund Revenue vs. Estimate:
Fiscal Year 2017-18 vs. the Official Revenue Estimate To-Date:
Fiscal Year 2017-18 vs. Fiscal Year 2016-17:
Motor License Fund:
Senator Brooks’ Depreciation Bill Passes SenateSenate Bill 1056 (Brooks) was passed in the Senate by an overwhelming vote of 42-7 on April 24, 2018. The much-needed legislation would allow C-corporations doing business in Pennsylvania to spur economic growth and business investment by reversing the Pennsylvania Department of Revenue’s controversial Corporation Tax Bulletin 2017-2, which disallows all depreciation deductions with regard to property for which a taxpayer claims bonus depreciation on its federal tax return until the property is sold or otherwise disposed of, which could be indefinitely. Senate Bill 1056 decouples Pennsylvania’s corporate net income tax from federal bonus depreciation, but it would allow for a deduction consistent with normal federal depreciation rules. Determining net income by expensing assets through the use of depreciation is a basic, long-standing tax accounting principle. If Corporation Tax Bulletin 2017-2 is not reversed, Pennsylvania will perhaps be the only state in the nation that does not allow timely deductions for depreciation in determining a corporation’s taxable income. KENO & Xpress SportsOn May 1st, the PA Lottery sold its first Keno ticket at Crazy Mare’s, 511 Route 61 South, Schuylkill Haven, Schuylkill County. The first drawing took place at 5:49 a.m. Keno, a new game with drawings every four minutes, is selling briskly at Pennsylvania Lottery retailers statewide. Keno play starts at $1. Players choose up to 10 numbers, or spots, from 1 to 80. A computer randomly draws 20 winning numbers. The more spots players match, the more they can win. By lunchtime, Keno was selling at a clip of about 8,200 tickets per hour. Players can watch an animated depiction of the drawing they played by visiting the Keno page at palottery.com or by using the Lottery’s official mobile app. Players can also scan their Keno ticket at any Pennsylvania Lottery retailer to see if it has won a prize. Although Keno is sold at all Lottery retailers, Keno players can also watch drawing results on big-screen monitors found at hundreds of locations. By month’s end, more than 1,000 locations will have Keno monitors with even more to come in the future. If you don’t see Keno monitors in your favorite bar or restaurant, suggest that the business sign up to sell the game. As with all Pennsylvania Lottery games, Keno players must be 18 or older. Where to buy Keno tickets & check past drawings:
Monitor Games Update:
Great start for Keno:
Fiscal Picture:
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