State Revenue Down $679.3 Million For Year, Down $229.6 Million In March Alone

Pennsylvania collected $4.4 billion in General Fund revenue in March, which was $229.6 million, or 4.9 percent, less than anticipated, Secretary of Revenue Eileen McNulty reported Monday.

Fiscal year-to-date General Fund collections total $22.4 billion, which is $679.3 million, or 2.9 percent, below estimate.

Sales tax receipts totaled $760.6 million for March, $5.2 million below estimate. Year-to-date sales tax collections total $7.4 billion, which is $131.7 million, or 1.8 percent, less than anticipated.

Personal income tax (PIT) revenue in March was $1.2 billion, $15.1 million below estimate. This brings year-to-date PIT collections to $8.7 billion, which is $143.3 million, or 1.6 percent, below estimate.       

March corporation tax revenue of $2.2 billion was $178.9 million below estimate. Year-to-date corporation tax collections total $3.7 billion, which is $350 million, or 8.7 percent, below estimate.

Inheritance tax revenue for the month was $92.9 million, $8.5 million above estimate, bringing the year-to-date total to $691.4 million, which is $14.6 million, or 2.1 percent, below estimate.

Realty transfer tax revenue was $33.4 million for March, $7.8 million below estimate, bringing the fiscal-year total to $343.2 million, which is $58.1 million, or 14.5 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, other tobacco products, malt beverage, liquor and table games taxes, totaled $83.3 million for the month, $15.1 million above estimate and bringing the year-to-date total to $1.3 billion, which is $8.9 million, or 0.7 percent, below estimate.

Non-tax revenue totaled $45.8 million for the month, $46.2 million below estimate, bringing the year-to-date total to $338.6 million, which is $27.3 million, or 8.8 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $236.6 million for the month, $2.2 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 billion, which is $20.3 million, or 1 percent, below estimate.