Pa. collected a record $6.5 billion in tax revenue last month

Paula Wolf//May 2, 2022

Pa. collected a record $6.5 billion in tax revenue last month

Paula Wolf//May 2, 2022

Gov. Tom Wolf announced Monday that Pennsylvania collected $6.5 billion in general fund revenue in April, the highest monthly total ever.

Fiscal year-to-date general fund collections are $40.7 billion, or 12.4% above estimate. The April figure was $1.8 billion, or 38.7% over estimate.

Revenue collections have met or exceeded estimates for 15 straight months. The Rainy Day Fund also contains a record $2.8 billion.

“Frankly, the most irresponsible thing we can do right now is hoard this money when we should use it to help lower costs for Pennsylvanians,” Wolf said in a release. “I want to make a historic investment in education so local districts have the ability to lower property taxes, and reduce and reform the corporate net income tax to make Pennsylvania a hub for innovative businesses that will drive further economic growth.”

Some revenue collection highlights from last month:

· Sales tax receipts were $1.2 billion. Fiscal year-to-date sales tax collections total $11.5 billion, or 8.4% more than anticipated.

· Personal income tax revenue was $4.1 billion, bringing fiscal year-to-date collections to $15.4 billion, or 15.4% above estimate.

· Corporation tax revenue of $676.1 million was $306.4 million above estimate. The fiscal year-to-date total of $5.8 billion is 23.7% more than anticipated.

· Inheritance tax revenue was $133 million. Through April, $144.2 million has been collected this fiscal year, or 12.5% more than expected.

· Realty transfer tax revenue was $77.6 million, bringing the fiscal-year total to $701.8 million, or 24.9% more than anticipated.

· Other general fund tax revenue – including cigarette, malt beverage, liquor and gaming taxes – totaled $39.8 million. Fiscal year to date, $1.4 billion has been collected, or 1.4% above estimate.

· The Motor License Fund – which include gas and diesel taxes, as well as other license, fine and fee revenues – received $247.2 million. Fiscal year-to-date collections are $2.3 billion, or 0.8 percent above estimate.