March State Revenue Collection $76.1 Million Above Estimates

On April 1, the Department of Revenue reported Pennsylvania collected $4.6 billion in General Fund revenue in March, which was $76.1 million, or 1.7 percent, more than anticipated.

Fiscal year-to-date General Fund collections total $24.7 billion, which is $363.6 million, or 1.5 percent, above estimate.

Since the start of the 2018-19 fiscal year, overall tax revenue is $1.2 billion, or 5.2 percent, more than was collected in the same period of the last fiscal year.

Sales tax receipts totaled $820.8 million for March, $19.1 million above estimate. Year-to-date sales tax collections total $8.2 billion, which is $230.7 million, or 2.9 percent, more than anticipated.

Personal income tax (PIT) revenue in March was $1.1 billion, $3.1 million below estimate. This brings year-to-date PIT collections to $9.4 billion, which is $371.1 million, or 3.8 percent, below estimate.

March corporation tax revenue of $2.3 billion was $113.7 million, above estimate. Year-to-date corporation tax collections total $4.2 billion, which is $453.6 million, or 12.1 percent, above estimate.

Inheritance tax revenue for the month was $85.1 million, $4.8 million below estimate, bringing the year-to-date total to $762.1 million, which is $17.9 million, or 2.3 percent, below estimate.

Realty transfer tax revenue was $39.7 million for March, $1.6 million below estimate, bringing the fiscal-year total to $383.5 million, which is $27.3 million, or 6.6 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $61.4 million for the month, $4.7 million below estimate and bringing the year-to-date total to $1.3 billion, which is $1.2 million, or 0.1 percent, above estimate.

Non-tax revenue totaled $123.4 million for the month, $42.4 million below estimate, bringing the year-to-date total to $528.4 million, which is $94.4 million, or 21.7 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $196.2 million for the month, $41.1 million below 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 $2.0 billion, which is $119.4 million, or 5.7 percent, below estimate.