Pennsylvania’s General Fund Revenues Surpass Estimate by 8.8%

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PENNSYLVANIA — Pennsylvania collected $6.2 billion in General Fund revenue in March, which was $499.4 million, or 8.8 percent, more than anticipated, Acting Revenue Secretary Pat Browne reported today. Fiscal year-to-date General Fund collections total $32.3 billion, which is $1.1 billion, or 3.7 percent, above estimate.

Sales tax receipts totaled $1.1 billion for March, $25.0 million below estimate. Year-to-date sales tax collections total $10.5 billion, which is $184.5 million, or 1.8 percent, more than anticipated.

Personal income tax (PIT) revenue in March was $1.6 billion, $51.0 million above estimate. This brings year-to-date PIT collections to $12.0 billion, which is $84.4 million, or 0.7 percent, below estimate.

March corporation tax revenue of $3.0 billion was $367.7 million above estimate. Year-to-date corporation tax collections total $6.2 billion, which is $876.8 million, or 16.4 percent, above estimate.

Inheritance tax revenue for the month was $160.7 million, $27.0 million above estimate, bringing the year-to-date total to $1.1 billion, which is $30.9 million, or 2.8 percent, above estimate.

Realty transfer tax revenue was $50.5 million for March, $11.3 million below estimate, bringing the fiscal-year total to $487.0 million, which is $73.6 million, or 13.1 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $75.2 million for the month, $17.8 million above estimate. This brings the year-to-date total to $1.3 billion, which is $6.0 million, or 0.5 percent, below the estimate.

Non-tax revenue totaled $241.9 million for the month, $72.3 million above estimate, bringing the year-to-date total to $676.2 million, which is $220.4 million, or 48.4 percent, above estimate.

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In addition to the General Fund collections, the Motor License Fund received $244.2 million for the month, $16.8 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 $2.1 billion, which is $70.5 million, or 3.4 percent, above estimate.

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