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Pennsylvania’s General Fund revenue is less than expected for September and fiscal year-to-date. PHOTO/GETTY IMAGES
Pa. Revenue Fund more than $140m less than expected
Ed Gruver//October 3, 2023//
Listen to this articlePennsylvania‘s September collection and fiscal year-to-date for General Fund revenue were less than expected, Revenue Secretary Pat Browne said Monday.
Revenue of $4.1 billion was $140.2 million less than anticipated. Fiscal year-to-date General Fund collections of $9.8 billion are also below estimate, this by $167.4 million.
The state’s sales tax receipts for September totaled $1.1 billion, which was $43.1 million below expectations. Year-to-date sales tax collections total $3.6 billion, which is $96.2 million less than expected.
September’s personal income tax (PIT) revenue was $1.5 billion, or $89.5 million below anticipations. Year-to-date PIT collections are $3.8 billion, which is below estimate by $112.7 million.
Corporation tax revenue for the month was $999.8 million, $1.9 million less than expected. Year-to-date corporation tax collections total $1.3 billion, which is $32.6 million above expectations.
Inheritance tax revenue for September was $110.2 million, $4.1 million below estimate. The year-to-date total is $366.8 million, $3.5 million above estimate.
The month’s realty transfer tax revenue was $45.9 million, $4.6 million less than anticipated. The fiscal-year total is $107.6 million, $15.5 million less than expected.
Other General Fund tax revenue, including cigarette, malt beverage, liquor, and gaming taxes, totaled $151.4 million for September, $16.9 million below estimate. It brings the year-to-date total to $393.7 million, $25.8 million less than expected.
September’s non-tax revenue totaled $77.3 million, $20.0 million above estimate. The year-to-date total is $262.5 million, which is $46.7 million above estimate.
The Motor License Fund received $257.6 million for the month, $4.2 million more than anticipated. 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 $812.5 million, which is $6 million less than expected.
