On February 1, the Department of Revenue reported Pennsylvania collected $2.7 billion in General Fund revenue in January, which was $162.4 million, or 5.8 percent, less than anticipated. Fiscal year-to-date General Fund collections total $21.2 billion, which is $307.4 million, or 1.5 percent, above estimate.
The Independent Fiscal Office reported January state revenues were $245.8 million (-8.5 percent) below the monthly projections associated with the revised Independent Fiscal Office (IFO) Official Estimate published in January 2021. Read more here.
Dept. Of Revenue
Sales tax receipts totaled $1.1 billion for January, $9.9 million above estimate. Year-to-date sales tax collections total $7.5 billion, which is $64.3 million, or 0.9 percent, more than anticipated.
Personal income tax (PIT) revenue in January was $1.1 billion, $271.9 million below estimate. This brings year-to-date PIT collections to $8.5 billion, which is $235.9 million, or 2.7 percent, below estimate.
January corporation tax revenue of $186.3 million was $61.3 million above estimate. Year-to-date corporation tax collections total $2.4 billion, which is $371.7 million, or 18.7 percent, above estimate.
Inheritance tax revenue for the month was $101.6 million, $14.8 million above estimate, bringing the year-to-date total to $706.6 million, which is $29.1 million, or 4.3 percent, above estimate.
Realty transfer tax revenue was $54.4 million for January, $15.5 million above estimate, bringing the fiscal-year total to $371.3 million, which is $34.7 million, or 10.3 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $112.5 million for the month, $0.6 million below estimate and bringing the year-to-date total to $1.1 billion, which is $19.5 million, or 1.8 percent, above estimate.
Non-tax revenue totaled $26.3 million for the month, $8.8 million above estimate, bringing the year-to-date total to $691.6 million, which is $24.1 million, or 3.6 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $197.2 million for the month, $10.5 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 $1.6 billion, which is $16.3 million, or 1.0 percent, below estimate.
[Posted: February 1, 2021]
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