On January 4, the Department of Revenue reported December state revenue collections were $465.8 million, or 14.5 percent, more than anticipated.
Fiscal year-to-date General Fund collections total $18.5 billion, which is $467.1 million, or 2.6 percent, above estimate.
The Independent Fiscal Office also reported December revenue was $774.4 million or 26.2 percent above its more conservative revenue projections from last June. Read more here.
The overage was primarily due to stronger than expected corporate net income tax (CNIT) collections and one-time transfers under Act 114 of 2020 (not included in the IFO’s Official Estimate).
Dept. of Revenue
Sales tax receipts totaled $1 billion for December, $54.4 million above estimate. Year-to-date sales tax collections total $6.4 billion, which is $54.4 million, or 0.9 percent, more than anticipated.
Personal income tax (PIT) revenue in December was $1.2 billion, $36.0 million above estimate. This brings year-to-date PIT collections to $7.4 billion, which is $36.0 million, or 0.5 percent, above estimate.
December corporation tax revenue of $771.3 million was $308.8 million above estimate. Year-to-date corporation tax collections total $2.2 billion, which is $310.4 million, or 16.6 percent, above estimate.
Inheritance tax revenue for the month was $104.8 million, $14.4 million above estimate, bringing the year-to-date total to $605.0 million, which is $14.3 million, or 2.4 percent, above estimate.
Realty transfer tax revenue was $68.6 million for December, $19.2 million above estimate, bringing the fiscal-year total to $316.9 million, which is $19.2 million, or 6.5 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $178.5 million for the month, $17.6 million above estimate and bringing the year-to-date total to $994.4 million, which is $17.5 million, or 1.8 percent, above estimate.
Non-tax revenue totaled $375.6 million for the month, $15.4 million above estimate, bringing the year-to-date total to $665.3 million, which is $15.3 million, or 2.4 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $172.9 million for the month, $11.2 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 $1.4 billion, which is $5.8 million, or 0.4 percent, below estimate.
As part of the state budget recently signed by Gov. Tom Wolf, an amendment to the Fiscal Code required the Department of Revenue to revise revenue estimates for the 2020-21 Fiscal Year. Those revised estimates are reflected in the information above.
[Posted: January 4, 2020]
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