Pa. General Fund revenue for August below expectations

Pennsylvania’s General Fund revenue collection in August was below estimate. 

Revenue Secretary Pat Browne reported that the state collected $2.9 billion, a total that was $27.1 million below estimate. Fiscal year-to-date General Fund collections total $5.8 billion, which is $27.2 million less than anticipated. 

August’s sales tax receipts were $1.3 billion, $53.1 million less than expected. Sales tax collections for the year total $2.5 billion, $53.1 million below estimate. 

Personal income tax (PIT) revenue for the month was $1.2 billion, $23.3 million below estimate. PI year-to-date collections are $2.2 billion, which is $23.2 million less than anticipated.

Corporation tax revenue for August was $138.6 million, $34.6 million above estimate. Year-to-date corporation tax collections total $326.8 million, $34.5 million more than anticipated.

August’s inheritance tax revenue was $128.7 million, which was $7.6 million more than expected, and brings the year-to-date total to $256.6 million, which is $7.6 million above estimate.

The month’s realty transfer tax revenue was $60.6 million, $10.9 million less than anticipated. It brings the fiscal-year total to $61.7 million, $10.9 million, below estimate.

August’s other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $149.9 million, $8.9 million below estimate. The year-to-date total is $242.4 million, $8.8 million below estimate.

Non-tax revenue for August totaled $86.5 million, $26.8 million more than anticipated, bringing the year-to-date total to $185.2 million, which is $26.7 million above estimate. 

Along with General Fund collections, the Motor License Fund was $8.6 million below estimate at $282.9 million for the month. Fiscal year-to-date collections for the fund, including gas and diesel taxes together with other license, fine and fee revenues, were $554.9 million, $10.2 million less than anticipated.