Pennsylvania collected $3.9 billion in General Fund revenue in January, which was $178.2 million, or 4.7 percent, more than anticipated, Revenue Secretary Pat Browne reported today. Fiscal year-to-date General Fund collections total $25.5 billion, which is $416.8 million, or 1.7 percent, above estimate.
“January was another strong month for revenue collections and we’re seeing positive trends in some of our major revenue sources,” said Secretary Browne. “Our goal is typically to be within 2 percent of our projections, which mean our overall collections are right on target more than halfway through the current fiscal year.”
Sales tax receipts totaled $1.4 billion for January, $5.1 million below estimate. Year-to-date sales tax collections total $9.1 billion, which is $40.2 million, or 0.4 percent, more than anticipated.
Personal income tax (PIT) revenue in January was $1.8 billion, $87 million above estimate. This brings year-to-date PIT collections to $10.3 billion, which is $173.5 million, or 1.7 percent, above estimate.
January corporation tax revenue of $228.7 million was $25.7 million below estimate. Year-to-date corporation tax collections total $2.5 billion, which is $31.9 million, or 1.3 percent, above estimate.
Inheritance tax revenue for the month was $183.7 million, $55.2 million above estimate, bringing the year-to-date total to $1.1 billion, which is $64.6 million, or 6.5 percent, above estimate.
Realty transfer tax revenue was $59.4 million for January, $1.7 million above estimate. This brings the fiscal-year total to $363.9 million, which is $14.2 million, or 4.1 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $129.7 million for the month, $15.9 million above estimate. This brings the year-to-date total to $975.8 million, which is $44.4 million, or 4.8 percent, above estimate.
Non-tax revenue totaled $100.3 million for the month, $49.1 million above estimate, bringing the year-to-date total to $1.1 billion, which is $48 million, or 4.4 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $266.2 million for the month, $31.1 million above 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 $1.9 billion, which is $27.9 million, or 1.5 percent, above estimate.
