PA ends fiscal year with $46.4B, topping revenue forecast

• Pennsylvania collected $46.4 billion in General Fund revenue.

• Total revenue was $321 million, or 0.7%, above estimate.

• Sales and personal income taxes both exceeded projections.

Pennsylvania closed the 2024-25 fiscal year with $46.4B in General Fund revenue, $321M above estimate, reflecting a strong and stable financial outlook.

Revenue Secretary Pat Browne reported that the total is $321.0 million above estimate.

“We’re ending the fiscal year with a meaningful surplus — that puts us in a very strong financial position,” Browne said in a statement. “Our General Fund revenue collections for the fiscal year also finished within 1 percent of our original projections. That result is a testament to the exceptional work that our research staff did to build a reliable forecast.”

June sales tax receipts totaled $1.3 billion for June, which is $8.5 million above estimate. Fiscal year-to-date sales tax collections total $14.7 billion, $157.6 million above estimate.

Personal income tax (PIT) revenue in June was $1.6 billion, $30.4 million more than anticipated. This brings fiscal-year total PIT collections to $19.0 billion, $186.2 million, above expectations.

June corporation tax revenue of $393.4 million was $8.8 million below estimate. Fiscal year-to-date corporation tax collections total $7.5 billion, which is $93.6 million less than anticipated.

Inheritance tax revenue for June was $139.4 million, $2.9 million above estimate. The fiscal-year total of $1.7 billion is $28.8 million more than anticipated.

June realty transfer tax revenue was $65.7 million for June, $6.8 million above expectations. The fiscal-year total of $600.8 million is $19.6 million more than expected.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $178.3 million for the month, $10.6 million above estimate. This brings the fiscal-year total to $1.5 billion, which is $16.2 million below estimate.

Non-tax revenue totaled $85.4 million for June, $8.1 million above the estimate. The year-to-date total of $1.4 billion is $38.7 million more than estimated.

In addition to the General Fund collections, the Motor License Fund received $269.1 million for the month, $4.7 million below estimate. Fiscal year-to-date collections for the fund — which include gas and diesel taxes, as well as other license, fine and fee revenues — total $3.1 billion, which is $107.3 million above expectations.