Harrisburg, Pa — Pennsylvania posted $2.8 billion in General Fund revenue in November, down $201.9 million, or 6.8 percent, than expected, Treasury Secretary Dan Hassell reported today. The General Fund’s revenue for the current fiscal year totals $15.7 billion, up $183.2 million, or 1.2 percent, on estimate.
Most of the shortfall in November is due to income tax receipts being paid a day later than originally expected. Because of this shift, December personal income tax collections will come in higher than originally forecast. As a result, this timing shift should even out by the end of the calendar year, meaning there will be minimal impact on overall General Fund revenues.
Sales tax receipts totaled $1.1 billion in November, down $0.2 million from the estimate. Year-to-date sales tax revenue was $5.9 billion, up $137.1 million, or 2.4 percent, than expected.
Income tax receipts for November were $994.1 million, $178.3 million below the estimate. That brings PIT year-to-date collections to $6.0 billion, down $177.8 million, or 2.9 percent, from the estimate.
Corporate income tax receipts for November of $181.0 million were $2.3 million lower than the estimate. Year-to-date corporate income tax receipts total $1.7 billion, up $212.4 million, or 14.0 percent, on estimate.
Inheritance tax receipts for the month were $109.3 million, $11.9 million below estimate, bringing the total for the year to $587.7 million, which is $22.4 million or 3.7 percent below the estimate.
Real estate transfer tax receipts for November were $46.1 million, $15.7 million below estimate, bringing the fiscal year total to $296.1 million, which was $3.4 million -dollars or 1.1 percent less than expected.
Other General Fund tax receipts, including cigarette, malted beverage, liquor and gambling taxes, totaled $167.2 million for the month, $17.2 million below the estimate for the current total year to $765.4 million, which is $27.4 million, or 3.5 percent. under estimate.
Tax-free income for the month totaled $136.0 million, $23.7 million above estimate, bringing the year-to-date total to $291.2 million, a 64.7 million US dollars or 28.6 percent above the estimate.
In addition to the General Fund collections, the Motor License Fund received $257.2 million for the month, $7.9 million above estimate. The fund’s revenue for the current fiscal year — which includes well-known gas and diesel taxes and other license, fine and fee income — totals $1.2 billion, which is $16.8 million or 1.4 percent above the estimate.
Media contact: Jeffrey Johnson, [email protected]
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