Pennsylvania’s General Fund revenue shows pluses, minuses in collections

Pennsylvania’s General Fund revenue in January was less than expected, but the good news is the state’s fiscal year-to-date General Fund collections are above estimate. 

Acting Revenue Secretary Pat Browne reported Thursday that Pennsylvania in January collected $3.6 billion in General Fund revenue, a total that was $205.6 million below what was anticipated. Browne also reported that the fiscal year-to-date collections totaling $23.3 billion are $297.5 million more than estimated. 

Sales tax receipts were higher than anticipated in both January and in fiscal year-to-date figures. January saw sales tax receipts reach $1.3 billion, $11.6 million over estimate.  Fiscal year-to-date sales tax collections climbed to $8.4 billion, $146.4 million more than expected. 

Revenue for personal income tax (PIT) was below expectations in January and for year-to-date (YTD). PIT for January was $1.3billion, $243.7 million below expectations, while PIT for YTD was $9.2 billion, $216.6 million lower than anticipated. 

Corporation tax revenue for January reached $223.4 million, $13.8 million more than expected, and YTD’s corporation tax total $3 billion also exceeds expectations, $342.4 million above estimate. 

January’s inheritance tax revenue was $125.9 million, $4 million above estimate, while YTD is $851.6 million, which is $12.3 million, below estimate. 

Realty transfer tax revenue was down for both the month and YTD. Its January total of $55.5 million is $17.1 million below estimate, bringing the fiscal-year total to $407.4 million, which is $43.8 million less than anticipated. 

Additional General Fund tax revenue, which includes cigarette, malt beverage, liquor, and gaming taxes, totaled $129.0 million for January, $0.2 million above estimate. The YTD total is $1.1 billion, which is $32.3 million, below expectations. 

January’s non-tax revenue totaled $37.9 million, $25.7 million above estimate, and it brings the YTD total to $384.6 million, which is $113.7 million above estimate. 

Along with General Fund collections, the Motor License Fund received $222.2 million for the month, which stands $2.1 million below estimate. Fiscal YTD collections for the fund – which include gas and diesel taxes, as well as other license, fine and fee revenues – total $1.6 billion, which is $22.8 million more than expected.

State revenue up for the year, down for December

The 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%.