On March 2, the Department of Revenue announced Pennsylvania collected $2.2 billion in General Fund revenue in February, which was $90.5 million, or 4.4 percent, more than anticipated.
Fiscal year-to-date General Fund collections total $20.9 billion, which is $249.1 million, or 1.2 percent, above estimate.
The Independent Fiscal Office reported February revenues exceeded their estimates by $102.9 million-- 5 percent-- and revenue was up $298.4 million over their estimates for the year.
Revenue Dept.
Sales tax receipts totaled $811.8 million for February, $17.1 million above estimate. Year-to-date sales tax collections total $7.7 billion, which is $92.4 million, or 1.2 percent, more than anticipated.
Personal income tax (PIT) revenue in February was $940.1 million, $9.5 million above estimate. This brings year-to-date PIT collections to $8.7 billion, which is $105.6 million, or 1.2 percent, above estimate.
February corporation tax revenue of $136.5 million was $44.3 million above estimate. Year-to-date corporation tax collections total $1.9 billion, which is $85.7 million, or 4.3 percent, below estimate.
Inheritance tax revenue for the month was $102.9 million, $24.6 million above estimate, bringing the year-to-date total to $751.4 million, which is $45.3 million, or 6.4 percent, above estimate.
Realty transfer tax revenue was $36.1 million for February, $9.5 million above estimate, bringing the fiscal-year total to $366.5 million, which is $14.5 million, or 4.1 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $135.1 million for the month, $3.1 million below estimate and bringing the year-to-date total to $1.2 billion, which is $6.1 million, or 0.5 percent, above estimate.
Non-tax revenue totaled $5.1 million for the month, $11.3 million below estimate, bringing the year-to-date total to $284.5 million, which is $70.8 million, or 33.1 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $215.3 million for the month, $10.7 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 $1.8 billion, which is $14.8 million, or 0.8 percent, below estimate.
[Posted: March 2, 2020]
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