Pennsylvania’s General Fund Revenue Short by $201.9 Million

FundsImage by Michael Kin

PENNSYLVANIA — Pennsylvania collected $2.8 billion in General Fund revenue in November, which was $201.9 million, or 6.8 percent, less than anticipated, revealed Revenue Secretary Dan Hassell. Fiscal year-to-date General Fund collections total $15.7 billion, which is $183.2 million, or 1.2 percent, above estimate.

The majority of the shortfall in November is attributable to personal income tax revenue that will be deposited a day later than originally anticipated. Because of this shift, personal income tax collections in December will be higher than originally forecasted. As a result, this timing shift should even out by the end of the calendar year, meaning that there will be minimal impact on overall General Fund collections.

Sales tax receipts totaled $1.1 billion for November, $0.2 million below estimate. Year-to-date sales tax collections total $5.9 billion, which is $137.1 million, or 2.4 percent, more than anticipated.

Personal income tax revenue in November was $994.1 million, $178.3 million below estimate. This brings year-to-date PIT collections to $6.0 billion, which is $177.8 million, or 2.9 percent, below estimate.

November corporation tax revenue of $181.0 million was $2.3 million below estimate. Year-to-date corporation tax collections total $1.7 billion, which is $212.4 million, or 14.0 percent, above estimate.

Inheritance tax revenue for the month was $109.3 million, $11.9 million below estimate, bringing the year-to-date total to $587.7 million, which is $22.4 million, or 3.7 percent, below estimate.

Realty transfer tax revenue was $46.1 million for November, $15.7 million below estimate, bringing the fiscal-year total to $296.1 million, which is $3.4 million, or 1.1 percent, less than anticipated.

READ:  Governor Shapiro's Ceremonial Bill Signing: Boosting Jobs, Economy, and Shovel-Ready Sites!

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $167.2 million for the month, $17.2 million below estimate and bringing the year-to-date total to $765.4 million, which is $27.4 million, or 3.5 percent, below estimate.

Non-tax revenue totaled $136.0 million for the month, $23.7 million above estimate, bringing the year-to-date total to $291.2 million, which is $64.7 million, or 28.6 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $257.2 million for the month, $7.9 million above 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 $1.2 billion, which is $16.8 million, or 1.4 percent, above estimate.

For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and Microsoft Start.