Pa. revenue for May up more than $86M; state sees sizable surplus

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Pennsylvania Revenue Secretary Pat Browne reported Tuesday that the commonwealth collected $3.4 billion in General Fund revenue in May, $86.4 million more than expected.

Fiscal year-to-date General Fund collections total were also higher than anticipated, as the $41.8 billion is $825.7 million above estimate.

“Our revenue collections are in a very strong position with one month to go in the current fiscal year,” Browne said in a statement. “We are anticipating that we’ll close the fiscal year with a sizable surplus. Given our current financial position, we now have an opportunity to make the critical investments in Governor Shapiro‘s budget proposal that will improve the lives of Pennsylvanians across the commonwealth.”

Sales tax receipts for May totaled $1.2 billion, $117.1 million more than anticipated. Year-to-date sales tax collections total $13 billion, which is $199.7 million above expectations.

May’s personal income tax (PIT) revenue was $1.3 billion, which is $10.6 million above estimate. Year-to-date PIT collections came to $16.3 billion, $146.8 million less than expected.

Corporation tax revenue of $391.5 million in May was $97.9 million less than anticipated. Year-to-date corporation tax collections total $7.6 billion, which is $234.3 million more than expected.

May inheritance tax revenue for the month was $146.9 million, $18.1 million above estimate. The year-to-date total is $1.5 billion, $155.4 million above estimate.

Realty transfer tax revenue for the month was $51.5 million, $3.7 million above estimate. The fiscal-year total is $478.9 million, $17.2 million more than expected.

The month’s General Fund tax revenue, including cigarette, malt beverage, liquor, and gaming taxes, totaled $185.5 million, $8 million below estimate. The year-to-date total is $1.4 billion, $74.1 million less than anticipated.

Non-tax revenue for May totaled $81.6 million, $42.8 million above estimate. The year-to-date total of $1.5 billion is $440.1 million above estimate. Treasury receipts in May exceeded estimate by $44 million.

The month’s Motor License Fund received $311.3 million, $2 million less than anticipated Fiscal year-to-date collections for the fund — which include gas and diesel taxes, as well as other license, fine and fee revenues — total $2.9 billion, which is $6.1 million more than expected.