Thursday, January 2, 2020

December State Revenue $91.5 Million Below Estimates; FY 2019-20 Over Estimate Revenues Drop From $333.6 Million To Just $75 Million

On January 2, the Department of Revenue reported Pennsylvania collected $2.9 billion in General Fund revenue in December, which was $91.5 million, or 3.1 percent, less than anticipated. 
Fiscal year-to-date General Fund collections total $15.6 billion, which is $75 million, or 0.5 percent, above estimate.
In the November revenue report, the Department of Revenue said state revenues were running $333.6 million above estimates for the fiscal year.
Sales tax receipts totaled $981.4 million for December, $6.7 million below estimate. Year-to-date sales tax collections total $5.8 billion, which is $42.7 million, or 0.7 percent, more than anticipated.
Personal income tax (PIT) revenue in December was $1 billion, $18.9 million above estimate. This brings year-to-date PIT collections to $6.2 billion, which is $93 million, or 1.5 percent, above estimate.
December corporation tax revenue of $542.2 million was $80.7 million below estimate. Year-to-date corporation tax collections total $1.7 billion, which is $126.7 million, or 7.1 percent, below estimate.
Inheritance tax revenue for the month was $94.7 million, $7.7 million below estimate, bringing the year-to-date total to $555.7 million, which is $14.3 million, or 2.6 percent, above estimate.
Realty transfer tax revenue was $53.4 million for December, $6.1 million below estimate, bringing the fiscal-year total to $281 million, which is $2.8 million, or 1 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $183.2 million for the month, $1.9 million below estimate and bringing the year-to-date total to $930.6 million, which is $3.4 million, or 0.4 percent, below estimate.
Non-tax revenue totaled $24.2 million for the month, $7.3 million below estimate, bringing the year-to-date total to $261.5 million, which is $57.8 million, or 28.4 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $206.3 million for the month, $8.4 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 $1.4 billion, which is $5.8 million, or 0.4 percent, below estimate.

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