Pa. revenue collections rise; state sits on nearly $1B surplus
April General Fund receipts were $519 million above estimate, leaving Pennsylvania about $993 million ahead for the fiscal year with three months to go.
Pennsylvania has collected nearly $1 billion more than anticipated so far this fiscal year, putting the state in a strong financial position, the Pennsylvania Revenue Department reported.
Revenue Secretary Pat Browne reported Pennsylvania collected $6.7 billion in General Fund revenue in April, which was $519 million, or 8.4% more than expected. Fiscal year-to-date General Fund collections total $41.7 billion, which is $992.8 million, or 2.4%, above estimate.
“It’s very encouraging to see our revenue collections coming in so strong this month,” Browne said in a statement. “April is historically a major month for us, largely because of a key due date for personal income tax falling on the 15th. We’re also seeing a lot of positive trends from our other major revenue sources. With a surplus of nearly $1 billion as of today, we are in a very strong position with three months to go in the fiscal year.”
Sales tax receipts totaled $1.4 billion for April, $25.4 million above estimate. Year-to-date sales tax collections total $12.8 billion, which is $82.5 million, or 0.6 percent, more than anticipated.
“When Governor Shapiro took office, he mapped out a plan to make strategic investments that would grow the commonwealth’s economy,” said Secretary of the Budget Zachary Reber. “The steps the governor took are delivering results — and our revenue collections so far this fiscal year are evidence the plan is working. The governor’s leadership and commitment to responsible fiscal management have put us in a position where we have the funding available to continue investing in our communities and the Pennsylvanians we serve.”
April’s personal income tax (PIT) revenue in April was $3.8 billion, $200.3 million above estimate, bringing year-to-date PIT collections to $17.1 billion, which is $411.0 million, or 2.5%, above expectations.
The month’s corporation tax revenue of $824.5 million was $153.1 million above estimate. Year-to-date corporation tax collections total $6.7 billion, which is $213.8 million, or 3.3%, more than anticipated.
Inheritance tax revenue for April was $175.4 million, $14.8 million above estimate, and brings the year-to-date total to $1.5 billion, which is $88.1 million, or 6.0%, above estimate.
April’s realty transfer tax revenue was $52.5 million, $13.1 million below estimate. The fiscal-year total is $529.8 million, which is $20.4 million, or 4.0%, above expectations.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $29.2 million for the month, $11.2 million above estimate. The year-to-date total is $1.2 billion, which is $47.5 million, or 4.3%, more than expected.
Non-tax revenue totaled $509.9 million for the month, $127.2 million above estimate, bringing the year-to-date total to $1.8 billion, which is $129.5 million, or 7.5%, above expectations.
In addition to the General Fund collections, the Motor License Fund received $309.1 million for the month, $34.5 million above estimate. Fiscal year-to-date collections for the fund, including gas and diesel taxes, as well as other license, fine and fee revenues, total $2.7 billion, which is $70.6 million, or 2.7%, more than anticipated.