On August 3, the Department of Revenue announced Pennsylvania collected $4.1 billion in General Fund revenue in July, the first month of the 2020-21 fiscal year.
The Department of Revenue estimates that approximately $1.6 billion of the revenue collected in July can be attributed to extending due dates for various taxes due to the COVID-19 pandemic.
The Independent Fiscal Office reported July revenue was $1.77 Billion above 2019 due to the shift in tax due dates
“Our goal was to provide relief for Pennsylvania residents and business owners by giving them more time to file their returns and make their tax payments,” Revenue Secretary Dan Hassell said. “Now that several of those significant deadlines that were extended have passed, much of the revenue that we expected to receive in the prior fiscal year has come in. We’re working as quickly as we can to process returns so that we’ll have a clearer picture of anticipated revenue collections for the remainder of the fiscal year.”
Here’s a quick rundown on revenues by source--
-- Sales tax receipts totaled $1.3 billion in July.
-- Personal income tax (PIT) revenue in July was $2.3 billion.
-- Corporation tax revenue was $240.5 million for July.
-- General Fund revenue figures for July included $118.4 million in inheritance tax and $17.9 million in realty transfer tax.
-- Other General Fund revenue, including cigarette, malt beverage, liquor and gaming taxes totaled $144.8 million for the month.
-- Non-tax revenue totaled $14.1 million for the month.
In addition to the General Fund collections, the Motor License Fund received $287.5 million for the month, which includes the commonly known gas and diesel taxes, as well as other license, fine and fee revenues.
July collection data does not include a comparison against anticipated amounts because revenue estimates for each month are not yet finalized.
[Posted: August 3, 2020]
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