HARRISBURG, PA — Pennsylvania collected $3.0 billion in General Fund revenue in July, marking the start of the 2024-25 fiscal year, reported Secretary of Revenue Pat Browne.
Revenue Breakdown
Sales tax receipts contributed significantly, totaling $1.3 billion. This highlights the continued strength in consumer spending within the state.
Personal income tax (PIT) revenue accounted for $1.2 billion. This figure reflects the earnings of Pennsylvania residents and their contributions through payroll and other income-related taxes.
Corporation tax revenue reached $216.4 million in July. This includes taxes paid by businesses operating within the state, reflecting their financial activities and profitability.
Inheritance and Realty Transfer Taxes
The General Fund revenue also included $128.7 million from inheritance tax. In contrast, realty transfer tax (RTT) collections were negative, at -$3.1 million. This unusual outcome is due to an increased transfer to the Housing Affordability and Rehabilitation Enhancement Fund, which rose from $60 million in July 2023 to $70 million in July 2024.
Other General Fund Revenue
Additional General Fund tax revenue, which includes taxes on cigarettes, malt beverages, liquor, and gaming, totaled $85.4 million for the month. Non-tax revenue, encompassing various fees and other income, amounted to $80.2 million.
Motor License Fund
In addition to the General Fund collections, the Motor License Fund received $257.9 million in July. This fund includes revenue from gas and diesel taxes and other related license, fine, and fee collections.
No Monthly Comparisons Available
It’s important to note that July collection data does not include comparisons against anticipated amounts, as revenue estimates for each month are not yet finalized.
Pennsylvania’s financial health appears robust as it embarks on the new fiscal year, supported by diverse revenue streams and strategic fund allocations.
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