February State Revenue Collections $51.5 Million More Than Anticipated

Pennsylvania collected $1.9 billion in General Fund revenue in February, which was $51.5 million, or 2.9 percent, more than anticipated, Secretary of Revenue Eileen McNulty reported Tuesday.

Fiscal year-to-date General Fund collections total $17.8 billion, which is $60.7 million, or 0.3 percent, above estimate.

Sales tax receipts totaled $668.3 million for February, $9.3 million below estimate. Year-to-date sales tax collections total $6.5 billion, which is $3.2 million more than anticipated.

Personal income tax revenue in February was $821 million, $28.9 million below estimate. This brings year-to-date PIT collections to $7.5 billion, which is $19.9 million, or 0.3 percent, below estimate.   

February corporation tax revenue of $105.5 million was $47.7 million above estimate. Year-to-date corporation tax collections total $1.7 billion, which is $43.2 million, or 2.7 percent, above estimate.

Inheritance tax revenue for the month was $89.6 million, $23.4 million above estimate, bringing the year-to-date total to $604.9 million, which is $19.7 million, or 3.4 percent, above estimate.

Realty transfer tax revenue was $33.3 million for February, $6.9 million above estimate, bringing the fiscal-year total to $325.1 million, which is $8.7 million, or 2.7 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $101.1 million for the month, $1.6 million below estimate and bringing the year-to-date total to $936.4 million, which is $4.6 million, or 0.5 percent, below estimate.

Non-tax revenue totaled $35.7 million for the month, $13.2 million above estimate, bringing the year-to-date total to $246 million, which is $10.4 million, or 4.4 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $199.1 million for the month, $11.5 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 $1.7 billion, which is $33.4 million, or 2 percent, below estimate.