January State Revenues $2.5 Billion, $6.2 Million More Than Anticipated

Pennsylvania collected $2.5 billion in General Fund revenue in January, which was $6.2 million, or 0.3 percent, more than anticipated, Secretary of Revenue Eileen McNulty reported Monday. Fiscal year-to-date General Fund collections total $15.9 billion, which is $9.2 million, or 0.1 percent, above estimate.

The state collected $2.4 billion in January 2015.

Sales tax receipts totaled $890.2 million for January, $12.4 million above estimate. Year-to-date sales tax collections total $5.8 billion, which is $12.4 million, or 0.2 percent, more than anticipated.

Personal income tax (PIT) revenue in January was $1.2 billion, $9 million above estimate. This brings year-to-date PIT collections to $6.7 billion, which is $9 million, or 0.1 percent, above estimate.  

January corporation tax revenue of $149.1 million was $7.3 million below estimate. Year-to-date corporation tax collections total $1.6 billion, which is $4.5 million, or 0.3 percent, below estimate.

Inheritance tax revenue for the month was $65.6 million, $3.7 million below estimate, bringing the year-to-date total to $515.3 million, which is $3.7 million, or 0.7 percent, below estimate.

Realty transfer tax revenue was $43.4 million for January, $1.6 million above estimate, bringing the fiscal-year total to $291.8 million, which is $1.8 million, or 0.6 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $83.4 million for the month, $2.9 million below estimate and bringing the year-to-date total to $835.3 million, which is $3 million, or 0.4 percent, below estimate.

Non-tax revenue totaled $66.2 million for the month, $2.8 million below estimate, bringing the year-to-date total to $210.3 million, which is $2.8 million, or 1.3 percent, below estimate.

In addition to the General Fund collections, the Motor License Fund received $196.4 million for the month, $22.1 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 $1.5 billion, which is $21.9 million, or 1.5 percent, below estimate.