Pennsylvania could see $50 million a year in sports gambling revenue

Pennsylvania could see $50 million a year in sports gambling revenue

Newly released numbers show the Department of Revenue estimates Pennsylvania can anticipate between $40 and $50 million in tax revenue annually once all sports wagering licensees are fully operational.

For fiscal year 2018-19, the department predicts $11.2 million in tax revenue from the recent sports wagering expansion, allowed by a recent U.S. Supreme Court ruling. For fiscal year 2019-20, the number is expected to increase to $33.6 million.

However, a 2017 study conducted by Oxford Economics indicates once sports wagering is more convenient nationally, the commonwealth would experience a decrease in tax revenue due to the high tax rate.

Monday, December 10, 2018/Author: Robert Cochran
Categories: News and Views
Philly's City Council Finance Committee votes down loosening tobacco restrictions, forwards tax change

Philly's City Council Finance Committee votes down loosening tobacco restrictions, forwards tax change

Philadelphia City Council’s Committee on Finance passed through five of six bills considered Wednesday, including an alteration to tax laws allowing businesses to carry net operating losses for a longer period on their tax returns. The only bill voted down was a change to tobacco licenses, allowing them to change locations or holders.

Introduced by Councilman Mark Squilla (D-District 1), the measure would roll back restrictions set in 2016 that blocked all transfers.

Thursday, December 6, 2018/Author: Marco Cerino
Categories: Philadelphia
IFO predicts nearly $2 billion budget hole for next year, complicating budget picture

IFO predicts nearly $2 billion budget hole for next year, complicating budget picture

The Independent Fiscal Office latest numbers project a $1.7 billion deficit, a report that new Democratic fiscal chief Rep. Matt Bradford (D-Montgomery) would have preferred not to have seen.

“I only read good news,” he joked.

But the Minority Appropriations Committee Chair will likely be hearing a lot about that total over the next few months, as the General Assembly turns the page from the smooth election year budgeting of this year to 2019.

Wednesday, December 5, 2018/Author: Stephen Caruso
Categories: News and Views
Harrisburg considering amendment on Philly commercial property taxes

Harrisburg considering amendment on Philly commercial property taxes

Legislation before the House and Senate would amend the state Constitution and allow for Philadelphia to charge higher real estate taxes for business properties than residential properties.

This is the second consecutive session with such legislation. As required to alter the Pennsylvania Constitution, it must pass a second time and then be approved by voter referendum.

Thursday, October 11, 2018/Author: Marco Cerino
PA Chamber floats tax reform plan including lower corporate tax rates, retirement income levy

PA Chamber floats tax reform plan including lower corporate tax rates, retirement income levy

A lower corporate income tax, a new tax on retirement income, regular property assessments and a broader sales tax base were all pitched in a new report on reforming Pennsylvania’s tax system sponsored by the PA Chamber.

The analysis, done by the conservative Tax Foundation, is an attempt to rectify what PA Chamber vice president of government affairs Sam Denisco said is a system with “a lot to be desired.” 

“For too long, our state’s uncompetitive tax structure has caused the Commonwealth to lag behind other states – missing out on economic opportunity and growth,” Denisco said in a statement. “In order to compete in today’s global economy, we need to take a page out of the federal government’s book and take a hard look at the shortcomings within the state’s Tax Code.”
Monday, September 10, 2018/Author: Stephen Caruso
Categories: News and Views
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