IFO Releases Revised Revenue Estimates
The Independent Fiscal Office (IFO) has released updated revenue estimates for the commonwealth’s 2020-21 and 2021-22 fiscal years that replace earlier projections. The estimates include unrestricted General Fund, Motor License Fund, and federal funds.
The IFO projects Motor License Fund revenues to be permanently reduced by the pandemic due to telework policies. The oil company franchise tax (gas tax) is adjusted annually based on the average wholesale price of gasoline and diesel fuel in the prior calendar year. Due to low fuel rates in 2020, the levy will remain at the statutory minimum of $2.99 per gallon for the new fiscal year. Click here for more.