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Senate Appropriations Committee ReportCommittee Website (all tables and graphics can be viewed online) October Revenue Collections Trick or Treat?General Fund revenue collections for the month of October exceeded the estimate by $28.3 million. General Fund tax revenues were $16.9 million higher than the monthly estimate. Non-tax revenue was $11.4 million above the estimate. General Fund revenue collections for the first four months of the fiscal year are $238 million ahead of estimate. October 2018 General Fund Revenue vs. Monthly Estimate:
Fiscal Year 2018-19 vs. the Official Revenue Estimate To-Date:
Fiscal Year 2018-19 vs. Fiscal Year 2017-18:
Motor License Fund:
Property Tax/Rent Rebate Program Deadline ExtendedThe deadline for older Pennsylvanians and residents with disabilities to apply for rebates on property taxes and rent paid in 2017 has been extended from June 30 to December 31, 2018. The rebate program benefits eligible Pennsylvanians age 65 and older; widows and widowers age 50 and older; and people with disabilities age 18 and older. The income limit is $35,000 per year for homeowners and $15,000 annually for renters. One-half of Social Security income is excluded from these amounts. For more information or to request an application, please visit the Department of Revenue’s website at: Property Tax Rent Rebate Program Information Jackpots Boost Lottery FundA historic $1.5 billion Mega Millions jackpot coupled with a $750 million Powerball jackpot generated a large infusion of revenue to the Commonwealth’s Lottery Fund in recent weeks. The Lottery Fund supports a variety of programs for aging Pennsylvanians, such as property tax and rent relief and pharmaceutical assistance. Pennsylvania Lottery revenues have averaged $30 million a week this year but can increase significantly when multi-state jackpots rise, as evidenced by recent weekly revenues of $87 million and $63 million. While the additional revenue is good news for the Lottery, it will not necessarily result in a surplus since large jackpots are assumed to occur each year and are factored in to the Lottery’s revenue projections. Pennsylvania Dairy Investment Program Aims to Help IndustryIn recent years, Pennsylvania’s dairy industry has been impacted by low milk prices resulting from a stockpile of milk on the global market and a decrease in consumption of fluid milk. To give the industry a boost, in June the General Assembly established the Pennsylvania Dairy Investment Program (PDIP) as part of House Bill 1929 (Act 42 of 2018) to help Pennsylvania dairy producers diversify their businesses and strengthen operations to better compete in an increasingly competitive global marketplace. The program is administered jointly by the Department of Community and Economic Development and the Department of Agriculture under the direction of the Commonwealth Financing Authority and will make $5 million in grant funding available beginning this fall. Program grants require a 15% cash match from the recipient. Specifically, projects eligible for grant funding include:
The program is now open for applications after guidelines were recently approved by the Commonwealth Financing Authority (CFA). The grant application and guidelines can be found at the following website: https://dced.pa.gov/programs/pennsylvania-dairy-investment-program-pdip/. Pennsylvania ranks 7th nationally in total milk production and has the 2nd largest number of dairy farms in the country with approximately 6,500 farms. Additionally, a recent economic impact analysis conducted by the International Dairy Foods Association estimates that the state’s dairy industry directly generates $8.9 billion in revenue annually and employs 45,029 Pennsylvanians. |
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