Pennsylvania sees record revenue for April

Pennsylvania Governor Tom Wolf today announced that the state saw record revenue for the month of April. 

Pennsylvania collected $6.5 billion in General Fund revenue in April, which was $1.8 billion, or 38.7 percent, over estimate, and the most tax revenue ever collected in a single month.  

Fiscal year-to-date General Fund collections total $40.7 billion, which is $4.5 billion, or 12.4 percent, above estimate. 

“After this month’s collections, Pennsylvania revenues are so far ahead of estimate that we already have the money in the bank to pay for the historic investment I want to make in K-12 education, as well as the Corporate Net Income Tax cut and reforms I have proposed to bolster Pennsylvania businesses,” said Gov. Wolf. “Frankly, the most irresponsible thing we can do right now is hoard this money when we should use it to help lower costs for Pennsylvanians. I want to make a historic investment in education so local districts have the ability to lower property taxes and reduce and reform the Corporate Net Income Tax to make Pennsylvania a hub for innovative businesses that will drive further economic growth. I also want to use our state’s federal American Rescue Plan dollars to put money in Pennsylvanians’ pockets right now.” 

When Gov. Wolf took office, he said Pennsylvania was operating with a $2-3 billion budget deficit, and the Rainy Day Fund had fallen to a mere $231,800. 

Today, the Rainy Day Fund contains a record $2.8 billion – more than 12,000 times what it was when Gov. Wolf took office. 

Sales tax receipts totaled $1.2 billion for April, $120.7 million above estimate. Year-to-date sales tax collections total $11.5 billion, which is $888.5 million, or 8.4 percent, more than anticipated. 

Personal income tax (PIT) revenue in April was $4.1 billion, $1.4 billion above estimate. This brings year-to-date PIT collections to $15.4 billion, which is $2.1 billion, or 15.4 percent, above estimate.         

April corporation tax revenue of $676.1 million was $306.4 million above estimate. Year-to-date corporation tax collections total $5.8 billion, which is $1.1 billion, or 23.7 percent, above estimate. 

Inheritance tax revenue for the month was $133.0 million, $22.0 million above estimate, bringing the year-to-date total to $1.3 billion, which is $144.2 million, or 12.5 percent, above estimate. 

Realty transfer tax revenue was $77.6 million for April, $25.9 million above estimate, bringing the fiscal-year total to $701.8 million, which is $140.0 million, or 24.9 percent, more than anticipated. 

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $39.8 million for the month, $13.8 million below estimate and bringing the year-to-date total to $1.4 billion, which is $19.7 million, or 1.4 percent, above estimate. 

Non-tax revenue totaled $230.6 million for the month, $4.0 million below estimate, bringing the year-to-date total to $4.6 billion, which is $122.3 million, or 2.7 percent, above estimate. 

In addition to the General Fund collections, the Motor License Fund received $247.2 million for the month, $36.1 million below estimate. Fiscal year-to-date collections for the fund – which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues – total $2.3 billion, which is $19.5 million, or 0.8 percent, above estimate.