PENNSYLVANIA — The Commonwealth of Pennsylvania collected $3.2 billion in General Fund revenue in October, an increase of $119.8 million, or 3.8 percent, more than anticipated, according to Revenue Secretary Pat Browne. The total General Fund collections for the fiscal year to date stand at $13.1 billion, which is $47.5 million, or 0.4 percent, below estimate. This figure falls within the 2 percent range that the Department of Revenue aims for with its year-to-date revenue forecasts.
In terms of specific revenue streams, sales tax receipts for October totaled $1.3 billion, which was $9.5 million below the estimate. Year-to-date sales tax collections total $4.9 billion, amounting to $105.8 million, or 2.1 percent, less than anticipated. Lower than expected personal consumption expenditures, particularly in purchases made at Building Material and Supplies Dealers, contributed to this shortfall.
On a brighter note, Personal Income Tax (PIT) revenue in October reached $1.3 billion, which was $35.7 million above the estimate. However, PIT collections for the fiscal year so far total $5.1 billion, which is $77.0 million, or 1.5 percent, below the estimated amount.
Corporation tax revenue for October stood at $228.5 million, $37.0 million above the estimate. Notably, year-to-date corporation tax collections have reached $1.6 billion, which is $69.5 million, or 4.7 percent, above the estimated figure.
Inheritance tax revenue for October was $171.1 million, significantly exceeding the estimate by $57.9 million. The year-to-date total for inheritance tax stands at $537.9 million, which is $61.4 million, or 12.9 percent, above the estimate. The surge in October’s inheritance tax collections was due to the receipt of several extraordinary payments.
Realty transfer tax revenue amounted to $52.1 million for October, $1.5 million above the estimate. Despite this, the fiscal year total for realty transfer tax is $159.8 million, which is $13.9 million, or 8.0 percent, below the anticipated amount.
Other General Fund tax revenue, which includes cigarette, malt beverage, liquor, and gaming taxes, totaled $149.4 million for October, falling short of the estimate by $3.9 million. The year-to-date total for these revenues is $543.2 million, which is $29.6 million, or 5.2 percent, below the estimated figure.
Non-tax revenue for October totaled $63.4 million, $1.2 million above the estimate. The year-to-date non-tax revenue total is $325.9 million, which is $47.9 million, or 17.2 percent, above the estimate.
In addition to the General Fund collections, the Motor License Fund received $240.2 million in October, $1.9 million above the estimate. Fiscal year-to-date collections for the fund, which includes gas and diesel taxes, as well as other license, fine, and fee revenues, total $1.1 billion, which is $4.2 million, or 0.4 percent, below the estimated amount.
Further details on these collections are expected in the Department’s October Monthly Revenue Report.
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