According to a report out of Harrisburg, Pennsylvania will finish the fiscal year on June 30th with about $48 billion in revenues. But the independent fiscal office says that next year, those same revenues could drop by some 11.5%. The state relies on personal income, corporate income and use taxes to help generate revenue for the budget, and the IFO says that next year those sources will not bring in as much revenue because of a forecast decline in the corporate income taxes. The IFO also says that the personal income tax stream will decline of approximately 2.4% next year. Also, consumer spending on more generic products that carry lower prices will also help with the decline of tax revenue.
