May State Revenue $25.4M Less Than Anticipated, Year-To-Date Barely Above Estimates

Pennsylvania collected $1.9 billion in General Fund revenue in May, which was $25.4 million, or 1.3 percent, less than anticipated, Secretary of Revenue Eileen McNulty reported Wednesday.

Fiscal year-to-date General Fund collections total $27.8 billion, which is $97 million, or 0.3 percent, above estimate.

Sales tax receipts totaled $791.2 million for May, $9.1 million above estimate. Year-to-date sales tax collections total $8.9 billion, which is $15.5 million, or 0.2 percent, more than anticipated.

Personal income tax revenue in May was $773.1 million, $43.9 million below estimate. This brings year-to-date PIT collections to $11.2 billion, which is $150.4 million, or 1.3 percent, below estimate.     

May corporation tax revenue of $80.5 million was $20 million below estimate. Year-to-date corporation tax collections total $4.6 billion, which is $85.7 million, or 1.9 percent, above estimate.

Inheritance tax revenue for the month was $82.7 million, $6.8 million above estimate, bringing the year-to-date total to $852.3 million, which is $26.8 million, or 3.2 percent, above estimate.

Realty transfer tax revenue was $37.8 million for May, $1 million below estimate, bringing the fiscal-year total to $427.1 million, which is $600,000, or 0.1 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $139.5 million for the month, $19.1 million above estimate and bringing the year-to-date total to $1.2 billion, which is $15.8 million, or 1.3 percent, above estimate.

Non-tax revenue totaled $39.7 million for the month, $4.5 million above estimate, bringing the year-to-date total to $614 million, which is $103.1 million, or 20.2 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $253.9 million for the month, $4.2 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 $2.4 billion, which is $33.8 million, or 1.4 percent, below estimate.