PA Revenue Department Collects Nearly $200 Million More Than Expected in October

Pennsylvania collected $3.1 billion in General Fund revenue in October, which was $188.8 million, or 6.4 percent, more than anticipated, Revenue Secretary Dan Hassell reported today. Fiscal year-to-date General Fund collections total $12.9 billion, which is $385.1 million, or 3.1 percent, above estimate.

Sales tax receipts totaled $1.3 billion for October, $94.2 million above estimate. Year-to-date sales tax collections total $4.8 billion, which is $137.3 million, or 2.9 percent, more than anticipated.

Personal income tax (PIT) revenue in October was $1.3 billion, $68.7 million above estimate. This brings year-to-date PIT collections to $5.0 billion, which is $0.5 million, or 0.0 percent, above estimate.

October corporation tax revenue of $183.4 million was $17.4 million above estimate. Year-to-date corporation tax collections total $1.5 billion, which is $214.6 million, or 16.1 percent, above estimate.

Inheritance tax revenue for the month was $123.3 million, $2.1 million below estimate, bringing the year-to-date total to $478.4 million, which is $10.5 million, or 2.1 percent, below estimate.

Realty transfer tax revenue was $64.3 million for October, $0.7 million below estimate, bringing the fiscal-year total to $250.0 million, which is $12.3 million, or 5.2 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $156.8 million for the month, $2.1 million below estimate and bringing the year-to-date total to $598.2 million, which is $10.2 million, or 1.7 percent, below estimate.

Non-tax revenue totaled $45.4 million for the month, $13.5 million above estimate, bringing the year-to-date total to $155.2 million, which is $41.0 million, or 35.9 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $217.6 million for the month, $0.7 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 $951.1 million, which is $8.9 million, or 0.9 percent, above estimate.