Pennsylvania Collects $2.7 Billion in February 2021, 28.4% More than Anticipated

cashImage via Pixabay

HARRISBURG, PA — Pennsylvania collected $2.7 billion in General Fund revenue in February, which was $593.9 million, or 28.4 percent, more than anticipated, reported Revenue Secretary Dan Hassell. Fiscal year-to-date General Fund collections total $23.9 billion, which is $901.3 million, or 3.9 percent, above estimate.

Sales tax receipts totaled $906.2 million for February, $106.7 million above estimate. Year-to-date sales tax collections total $8.4 billion, which is $171.0 million, or 2.1 percent, more than anticipated.

Personal income tax (PIT) revenue in February was $1.4 billion, $413.4 million above estimate. This brings year-to-date PIT collections to $9.8 billion, which is $177.5 million, or 1.8 percent, above estimate.

February corporation tax revenue of $114.9 million was $22.4 million above estimate. Year-to-date corporation tax collections total $2.5 billion, which is $394.1 million, or 18.9 percent, above estimate.

Inheritance tax revenue for the month was $100.8 million, $17.1 million above estimate, bringing the year-to-date total to $807.4 million, which is $46.2 million, or 6.1 percent, above estimate.

Realty transfer tax revenue was $41.8 million for February, $17.5 million above estimate, bringing the fiscal-year total to $413.1 million, which is $52.2 million, or 14.5 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $151.0 million for the month, $21.4 million above estimate and bringing the year-to-date total to $1.3 billion, which is $40.9 million, or 3.4 percent, above estimate.

Non-tax revenue totaled $15.0 million for the month, $4.6 million below estimate, bringing the year-to-date total to $706.5 million, which is $19.4 million, or 2.8 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $199.8 million for the month, $22.9 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 $1.8 billion, which is $39.1 million, or 2.1 percent, below estimate.

Thanks for visiting! MyChesCo brings reliable information and resources to Chester County, Pennsylvania. Please consider supporting us in our efforts. Your generous donation will help us continue this work and keep it free of charge. Show your support today by clicking here and becoming a patron.

Buy Us a Cup of Coffee