Pa. General Fund revenue collections increased in March

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Pennsylvania‘s General Fund revenue increased by 1.1% in March, Revenue Secretary Pat Browne reported. 

The state collected $6.2 billion in General Fund revenue in March, which was $70.0 million more than expected. Fiscal year-to-date General Fund collections total $33.2 billion, which is $34.3 million, or 0.1%, less than anticipated. 

“March is our biggest month for collections from corporation taxes, so it’s very encouraging to see those collections coming in over estimate this month,” Browne said in a statement. “We are also well within our goal of being within 2 percent of our overall projections, which puts us in a strong position with three months to go in the current fiscal year.” 

March’s sales tax receipts totaled $1.1 billion, which was $36.5 million less than anticipated. Year-to-date sales tax collections total $10.8 billion, which is $18.8 million higher than expected. 

Personal income tax (PIT) revenue for the month was $1.6 billion, $45 million more than anticipated. The year-to-date PIT collections of $12.6 billion are $96 million less than anticipated. 

Corporation tax revenue for March was $3 billion, $77.2 million above estimate. Year-to-date corporation tax collections total $6.1 billion, which is $41.1 million more than expectd. 

March’s inheritance tax revenue of $157.4 million was $3.8 million less than expected. The year-to-date total of $1.3 billion is $17.2 million more than anticipated. 

Realty transfer tax revenue for the month was $47.7 million, $1.6 million higher than expected. The fiscal-year total of $423.9 million is $11.3 million above expectations. 

Other General Fund tax revenue for March, including cigarette, malt beverage, liquor and gaming taxes, totaled $30.8 million, $1.7 million less than anticipated. The year-to-date total is $1.1 billion, which is $14.1 million below estimate. 

March’s non-tax revenue totaled $214.5 million, which was $11.8 million less than expected and brings the year-to-date total to $849.2 million, which is $12.6 million less than anticipated. 

Along with the General Fund collections, the Motor License Fund received $206.8 million for the month, $29.5 million below estimate. Fiscal year-to-date collections for the fund, including gas and diesel taxes, as well as other license, fine and fee revenues, total $2.2 billion, which is $69.9 million more than anticipated.