Pa. General Fund revenue increased in February

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Pennsylvania General Fund Revenue increased in February.

Revenue Secretary Pat Browne reported Monday that Pennsylvania collected $2.9 billion in General Fund revenue in February, which was $44.0 million, or 1.6 percent, more than expected. Fiscal year-to-date General Fund collections total $27.0 billion, which is $104.3 million less than expected.

“Collections from all of our major revenue sources are nearly right on target, and that is a big reason why our overall collections are so close to our projections,” Browne said in a statement. “Our goal is typically to be within 2 percent of our estimate, so we’re in a very good place with four months to go in the current fiscal year.”

February’s sales tax receipts totaled $1.1 billion, $33.5 million above estimate. Year-to-date sales tax collections total $9.7 billion, $55.2 million more than anticipated.

Personal income tax (PIT) revenue in February was $1.2 billion, $10.4 million more than anticipated. It brings year-to-date PIT collections to $11.0 billion, which is $141.0 million less than expected.

The corporation tax revenue of $199.1 million for the month was $11.8 million below estimate. Year-to-date corporation tax collections total $3.0 billion, which is $36.0 million below expectations.

February’s inheritance tax revenue for the month was $159.3 million, $17.9 million above estimate, bringing the year-to-date total to $1.1 billion, which is $21.1 million above expectations.

Realty transfer tax revenue for the month was $38.2 million, $0.1 million below estimate, bringing the fiscal-year total to $376.2 million, which is $9.7 million above estimate.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $130.1 million for February, $8.4 million below estimate. The year-to-date total of $1.1 billion is $12.4 million below estimate.

February’s non-tax revenue totaled $53.8 million, $2.4 million above estimate. It brings the year-to-date total to $634.7 million, which is $0.8 million less than expected.

In addition to the General Fund collections, the Motor License Fund received $269.8 million for the month, $23.4 million above estimate. Fiscal year-to-date collections for the fund – which include the gas and diesel taxes, as well as other license, fine and fee revenues – total $2.0 billion, which is $99.4 million more than anticipated.