Pa. revenue collections top estimates in March
Pennsylvania collected $6.5 billion in General Fund revenue in March, outperforming estimates and boosting fiscal-year totals above projections.
The Pennsylvania Revenue Department reported an increase in collections in March.
Revenue Secretary Pat Browne reported that Pennsylvania collected $6.5 billion in General Fund revenue in March, which was $91.9 million, or 1.4%, above expectations. Fiscal year-to-date General Fund collections total $34.9 billion, which is $473.8 million, or 1.4%, more than expected.
“March is our biggest month for collections from corporation taxes, so it’s very encouraging to see those collections coming in over estimate this month,” Browne said in a statement. “Our overall collections are also nearly $500 million over estimate, which puts us in a very strong position with three months to go in the fiscal year.”
Sales tax receipts totaled $1.2 billion for March, $42.4 million more than anticipated. Year-to-date sales tax collections total $11.4 billion, which is $57.1 million, or 0.5%, above expectations.
March’s personal income tax (PIT) revenue reached $1.7 billion, $24.1 million more than expected. This brings year-to-date PIT collections to $13.3 billion, which is $210.7 million, or 1.6%, more than anticipated.
The corporation tax revenue of $3.2 billion for March was $56.8 million above expectations. Year-to-date corporation tax collections total $5.9 billion, which is $60.7 million, or 1% more than expected.
March’s inheritance tax revenue was $180.3 million, $14.9 million above expectations. This brings the year-to-date total to $1.4 billion, which is $73.3 million, or 5.7%, more than anticipated.
Realty transfer tax revenue for March was $67.4 million, $16.3 million more than expected. This brings the fiscal-year total to $477.3 million, which is $33.5 million, or 7.5%, above expectations.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $19.4 million for the month, $6.4 million below estimate. This brings the year-to-date total to $1.1 billion, which is $36.3 million, or 3.3%, more than anticipated.
Non-tax revenue totaled $155.8 million for the month, $56.1 million below estimate, bringing the year-to-date total to $1.3 billion, which is $2.3 million, or 0.2%, above estimate.
In addition to the General Fund collections, the Motor License Fund received $243.9 million for the month, $20.7 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 $2.3 billion, which is $36.1 million, or 1.6%, more than expected.
“The positive results we’ve seen this fiscal year from our revenue collections are further evidence that our economy is growing because of the strategic investments made by the Shapiro Administration,” said Secretary of the Budget Zachary Reber. “The commonwealth is seeing the benefits from the governor’s commitment to investing in Pennsylvania and prioritizing sound fiscal management.”