January PA State Revenue $83.6 Million Over Estimates

On February 3, the Department of Revenue reported Pennsylvania collected $3.1 billion in General Fund revenue in January, which was $83.6 million, or 2.8 percent, more than anticipated. 

Fiscal year-to-date General Fund collections total $18.7 billion, which is $158.5 million, or 0.9 percent, above estimate.  

The Independent Fiscal Office also issued its own analysis of January revenues against its own revenue estimates which showed revenues were $18.4 million below their estimates.  The IFO estimates fiscal year -to-date revenue is above estimates by $195.4 million. Click Here for more.

Dept. Of Revenue Details

Sales tax receipts totaled $1.1 billion for January, $32.5 million above estimate. Year-to-date sales tax collections total $6.9 billion, which is $75.2 million, or 1.1 percent, more than anticipated. 

Personal income tax (PIT) revenue in January was $1.6 billion, $3.1 million above estimate. This brings year-to-date PIT collections to $7.8 billion, which is $96.2 million, or 1.3 percent, above estimate.  

January corporation tax revenue of $134 million was $3.2 million below estimate. Year-to-date corporation tax collections total $1.8 billion, which is $129.9 million, or 6.8 percent, below estimate. 

Inheritance tax revenue for the month was $92.8 million, $6.4 million above estimate, bringing the year-to-date total to $648.5 million, which is $20.7 million, or 3.3 percent, above estimate.  

Realty transfer tax revenue was $49.5 million for January, $7.9 million above estimate, bringing the fiscal-year total to $330.4 million, which is $5 million, or 1.5 percent, more than anticipated.  

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $129.7 million for the month, $12.6 million above estimate and bringing the year-to-date total to $1.1 billion, which is $9.2 million, or 0.9 percent, above estimate.  

Non-tax revenue totaled $17.9 million for the month, $24.3 million above estimate, bringing the year-to-date total to $279.4 million, which is $82.1 million, or 41.6 percent, above estimate. 

In addition to the General Fund collections, the Motor License Fund received $225 million for the month, $1.8 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 $1.6 billion, which is $4.1 million, or 0.3 percent, below estimate.

[Posted: February 3, 2020]