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PA ends fiscal year with above-estimate $1.3 billion in General Fund collections
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PA ends fiscal year with above-estimate $1.3 billion in General Fund collections
Revenue Secretary Pat Browne reported Monday that Pennsylvania ended the 2022-23 fiscal year with $44.9 billion in General Fund collections, a total that is $1.3 billion, or 3.1 percent, above estimate.
June sales tax receipts totaled $1.2 billion, which was $31 million more than anticipated. Fiscal year-to-date sales tax collections total $14 billion, an amount that is $209.5 million, or 1.5 percent, above estimate.
Personal income tax (PIT) revenue in June was $1.4 billion, $137.8 million less than anticipated. This brings fiscal-year total PIT collections to $17.6 billion, which is $535.6 million, or 2.9 percent, below estimate.
June corporation tax revenue of $589.6 million was $252.9 million more than anticipated. Fiscal year-to-date corporation tax collections total $8.3 billion, which is $1.4 billion, or 19.8 percent, above estimate.
Inheritance tax revenue for the month was $128.7 million, $11.7 million above estimate. This brings the fiscal-year total to $1.5 billion, which is $62.3 million, or 4.3 percent, more than anticipated.
June realty transfer tax revenue was $64.6 million, $7.3 million less than anticipated. This brings the fiscal-year total to $643.8 million, which is $116.6 million, or 15.3 percent, below estimate.
Other General Fund tax revenue, including cigarette, malt beverage, liquor, and gaming taxes, totaled $179.2 million for the month, $0.5 million less than anticipated. This brings the fiscal-year total to $1.7 billion, which is $9.8 million, or 0.6 percent, below estimate.
June non-tax revenue totaled $72.1 million, $33.7 million more than expected, bringing the year-to-date total to $1.1 billion, which is $365.1 million, or 47.1 percent, above estimate.
In addition to the General Fund collections, the month’s Motor License Fund received $252.1 million, $3.4 million more than anticipated. 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 $3.0 billion, which is $42.2 million, or 1.4 percent, above estimate.
