HARRISBURG, PA — The Pennsylvania Department of Revenue reported that the state’s General Fund revenue for August reached $2.9 billion, surpassing projections by $53.9 million, or 1.9 percent. This encouraging performance has elevated the fiscal year-to-date General Fund collections to $5.9 billion, marking a 0.9 percent increase over estimates.
A detailed analysis of the tax categories reveals mixed outcomes. Sales tax collections in August amounted to $1.2 billion, exceeding expectations by $5.6 million, thereby setting the year-to-date total at $2.5 billion, which is 0.2 percent above projections. Conversely, personal income tax (PIT) revenue fell short, with $1.1 billion collected in August, $20.4 million below estimate. This shortfall places the year-to-date PIT collections at $2.3 billion, which is 0.9 percent under the anticipated amount.
Corporation tax revenue also lagged behind, with August collections at $117.3 million, falling $11.0 million short. As a result, the year-to-date corporation tax stands at $333.6 million, 3.2 percent below estimate.
In a positive turn, inheritance tax revenue reached $184.9 million in August, exceeding estimates by $44.7 million, thus driving the year-to-date total to $313.6 million, or 16.6 percent above expectations. Realty transfer tax revenue, too, outperformed projections, with August collections at $66.0 million, bringing the fiscal-year total to $62.9 million, 5.3 percent more than forecasted.
Other tax revenues, including those from cigarettes, malt beverages, liquor, and gaming, totaled $157.9 million for the month, surpassing estimates by $5.4 million and leading to a year-to-date total of $243.3 million, 2.3 percent above expectations. Non-tax revenue collections also exceeded projections, totaling $100.8 million for August, with a fiscal-year total of $181.0 million, or 16.9 percent above estimate.
Additionally, the Motor License Fund experienced robust growth, collecting $301.9 million in August, which was $47.7 million above estimate. This brings the fiscal year-to-date collections for the fund to $559.9 million, 9.3 percent over projections, signaling a healthy inflow from gas and diesel taxes, as well as other fees and fines.
Overall, Pennsylvania’s revenue collections for August present a positive outlook, reinforcing the state’s fiscal stability and providing a solid foundation for future economic planning and development.
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