March State Revenue $86.7 Million Over Estimates, $147.4 Million Over For Fiscal Year

Pennsylvania collected $4.5 billion in General Fund revenue in March, which was $86.7 million, or 2 percent, more than anticipated, Secretary of Revenue Eileen McNulty reported Friday.

Fiscal year-to-date General Fund collections total $22.2 billion, which is $147.4 million, or 0.7 percent, above estimate.

Sales tax receipts totaled $745.3 million for March, $24.6 million above estimate. Year-to-date sales tax collections total $7.2 billion, which is $27.8 million, or 0.4 percent, more than anticipated.

Personal income tax revenue in March was $1.1 billion, $1.6 million below estimate. This brings year-to-date PIT collections to $8.6 billion, which is $21.5 million, or 0.2 percent, below estimate.         

March corporation tax revenue of $2.4 billion was $29.2 million above estimate. Year-to-date corporation tax collections total $4 billion, which is $72.4 million, or 1.8 percent, above estimate.

Inheritance tax revenue for the month was $97.5 million, $11.6 million above estimate, bringing the year-to-date total to $702.4 million, which is $31.3 million, or 4.7 percent, above estimate.

Realty transfer tax revenue was $31.4 million for March, $3.3 million below estimate, bringing the fiscal-year total to $356.5 million, which is $5.4 million, or 1.5 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $52.6 million for the month, $700,000 above estimate and bringing the year-to-date total to $989 million, which is $3.9 million, or 0.4 percent, below estimate.

Non-tax revenue totaled $93.7 million for the month, $25.5 million above estimate, bringing the year-to-date total to $339.7 million, which is $35.9 million, or 11.8 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $268.6 million for the month, $22.6 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 $10.8 million, or 0.6 percent, below estimate.