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Independent report contains good short-term budget news for state

According to an independent analysis, Pennsylvania’s budget picture could better than what was previously projected in the short-term. Pennsylvania’s most recent budget shortfall was estimated at about $1.5 billion, but the commonwealth’s Independent Fiscal Office says the state has more revenue so far this year than expected, and has modified its revenue forecast to include an additional $594 million.

Unforeseen increases in corporate net income tax payments were estimated by the Independent Fiscal Office analysis to be worth $334 million and an extra $220 million was estimated in unclaimed property revenue. The increase in funds from unclaimed property is due to a budget policy change passed by lawmakers last year, which shortened the amount of time that unclaimed property would be held before being turned over to the state.

The Independent Fiscal Office’s final estimate is due June 15.

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