State Revenue $32.9 Million Less Than Anticipated In February, Down $449.7M For FY

Pennsylvania collected $1.9 billion in General Fund revenue in February, which was $32.9 million, or 1.7 percent, less than anticipated, Secretary of Revenue Eileen McNulty reported Wednesday.

Fiscal year-to-date General Fund collections total $18 billion, which is $449.7 million, or 2.4 percent, below estimate.

Sales tax receipts totaled $701.9 million for February, $11.8 million above estimate. Year-to-date sales tax collections total $6.6 billion, which is $126.5 million, or 1.9 percent, less than anticipated.

Personal income tax revenue in February was $799.4 million, $29.6 million below estimate. This brings year-to-date PIT collections to $7.5 billion, which is $128.1 million, or 1.7 percent, below estimate.   

February corporation tax revenue of $74.5 million was $10.2 million below estimate. Year-to-date corporation tax collections total $1.5 billion, which is $171.1 million, or 10.5 percent, below estimate.

Inheritance tax revenue for the month was $68.4 million, $14.1 million below estimate, bringing the year-to-date total to $598.5 million, which is $23.1 million, or 3.7 percent, below estimate.

Realty transfer tax revenue was $27.8 million for February, $5.8 million below estimate, bringing the fiscal-year total to $309.7 million, which is $50.4 million, or 14 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, other tobacco products, malt beverage, liquor and table games taxes, totaled $130.8 million for the month, $12.6 million below estimate and bringing the year-to-date total to $1.2 billion, which is $24 million, or 2 percent, below estimate.

Non-tax revenue totaled $72.3 million for the month, $27.5 million above estimate, bringing the year-to-date total to $292.8 million, which is $73.5 million, or 33.5 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $225.7 million for the month, $6.5 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 $18.1 million, or 1 percent, below estimate.