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State revenue up for the year, down for December
Michael Yoder//January 3, 2020
State revenue up for the year, down for December
Michael Yoder//January 3, 2020//
Listen to this articleThe state took in $2.9 billion in general fund revenue last month, which was $91.5 million short of projections, the Pennsylvania Department of Revenue reported.
But even though December’s numbers were roughly 3.1% below expectations, Revenue Secretary C. Daniel Hassell said year-to-date general fund collections of $15.6 billion, $75 million, or 0.5%, above estimates.
Highlights from the December report included:
- Sales tax receipts: $981.4 million, $6.7 million below estimates. Year-to-date total: $5.8 billion, up $42.7 million, or 0.7%.
- Personal income tax revenue: $1 billion, up $18.9 million. Year-to-date PIT collection: $6.2 billion, up $93 million, or 1.5%.
- Corporation tax revenue: $542.2 million, $80.7 million below estimates. Year-to-date: $1.7 billion, down $126.7 million, or 7.1%.
- Inheritance tax revenue: $94.7 million, $7.7 million below estimates. Year-to-date: $555.7 million, up $14.3 million, or 2.6%.
- Realty transfer tax: $53.4 million, down $6.1 million. Fiscal-year total: $281 million, down $2.8 million, or 1%.
- Cigarette, malt beverage, liquor and gaming taxes: $183.2 million, down $1.9 million. Year-to-date: $930.6 million, down $3.4 million, or 0.4%.
- Non-tax revenue: $24.2 million, down $7.3 million. Year-to-date: $261.5 million, up $57.8 million, or 28.4.
- In addition to the general fund collections, the Motor License Fund received $206.3 million, up $8.4 million. Year-to-date: the fund, which includes gas and diesel taxes, licenses, fines and fee revenues, $1.4 billion, down $5.8 million, or 0.4%.
