February State Revenues $593.9 Million More Than Estimates, Fiscal Year Up $901.3 Million

On March 1, the Department of Revenue reported Pennsylvania collected $2.7 billion in General Fund revenue in February, which was $593.9 million, or 28.4 percent, more than anticipated. Fiscal year-to-date General Fund collections total $23.9 billion, which is $901.3 million, or 3.9 percent, above estimate.

The Independent Fiscal Office reported February state revenues were $509.7 million above its estimates with fiscal year to date revenue up $267.5 million over the IFO estimates. Read more here.

Dept. Of Revenue

Sales tax receipts totaled $906.2 million for February, $106.7 million above estimate. Year-to-date sales tax collections total $8.4 billion, which is $171.0 million, or 2.1 percent, more than anticipated.

Personal income tax (PIT) revenue in February was $1.4 billion, $413.4 million above estimate. This brings year-to-date PIT collections to $9.8 billion, which is $177.5 million, or 1.8 percent, above estimate.

February corporation tax revenue of $114.9 million was $22.4 million above estimate. Year-to-date corporation tax collections total $2.5 billion, which is $394.1 million, or 18.9 percent, above estimate.

Inheritance tax revenue for the month was $100.8 million, $17.1 million above estimate, bringing the year-to-date total to $807.4 million, which is $46.2 million, or 6.1 percent, above estimate.

Realty transfer tax revenue was $41.8 million for February, $17.5 million above estimate, bringing the fiscal-year total to $413.1 million, which is $52.2 million, or 14.5 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $151.0 million for the month, $21.4 million above estimate and bringing the year-to-date total to $1.3 billion, which is $40.9 million, or 3.4 percent, above estimate.

Non-tax revenue totaled $15.0 million for the month, $4.6 million below estimate, bringing the year-to-date total to $706.5 million, which is $19.4 million, or 2.8 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $199.8 million for the month, $22.9 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 $39.1 million, or 2.1 percent, below estimate.

[Posted: March 1, 2021]