Pennsylvania collected $2.6 billion in General Fund revenue in May, which was $98.5 million, or 4 percent, more than anticipated, Acting Revenue Secretary C. Daniel Hassell reported Thursday.
Fiscal year-to-date General Fund collections total $28.4 billion, which is $1.1 billion, or 3.8 percent, below estimate.
With the Independent Fiscal Office projecting an estimated $1.7 billion for next year, the combined deficit is still $2.8 billion legislators have to deal with..
Sales tax receipts totaled $823.7 million for May, $5.8 million below estimate. Year-to-date sales tax collections total $9 billion, which is $195.8 million, or 2.1 percent, less than anticipated.
Personal income tax (PIT) revenue in May was $911.8 million, $38 million below estimate. This brings year-to-date PIT collections to $11.4 billion, which is $362.7 million, or 3.1 percent, below estimate.
May corporation tax revenue of $230.5 million was $132.4 million above estimate. Year-to-date corporation tax collections total $4.2 billion, which is $445 million, or 9.7 percent, below estimate.
Inheritance tax revenue for the month was $83.7 million, $2.5 million below estimate, bringing the year-to-date total to $855.3 million, which is $25.1 million, or 2.9 percent, below estimate.
Realty transfer tax revenue was $46.8 million for May, $100,000 below estimate, bringing the fiscal-year total to $424.2 million, which is $67.8 million, or 13.8 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, other tobacco products, malt beverage, liquor and table games taxes, totaled $160.2 million for the month, $26 million below estimate and bringing the year-to-date total to $1.6 billion, which is $15.4 million, or 0.9 percent, below estimate.
Non-tax revenue totaled $325.1 million for the month, $38.4 million above estimate, bringing the year-to-date total to $878.8 million, which is $6.1 million, or 0.7 percent, below estimate.
In addition to the General Fund collections, the Motor License Fund received $265.4 million for the month, $4.1 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 $2.5 billion, which is $4.8 million, or 0.2 percent, below estimate.
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