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.