Pa. General Fund revenue dipped in February, but FY receipts remain above expectations

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Revenue Secretary Pat Browne reported that Pennsylvania collected $3 billion in General Fund revenue in February, which was $35 million less than expected.

Fiscal year-to-date General Fund collections total $28.4 billion, which is $381.9 million more than anticipated.

“We are nearly $400 million above our overall projections for the current fiscal year, despite February collections coming in slightly under estimate,” Browne said in a statement“We’re anticipating positive results in the coming months — especially in March and April when major due dates fall for corporate taxpayers and personal income tax filers.

“We’re positioned to finish the current fiscal year in a very strong place, which is evidence our economy is growing because of the strategic investments made by the Shapiro Administration.”

February’s sales tax receipts totaled $1.1 billion, $25.5 million less than expected. Year-to-date sales tax collections total $10.2 billion, which is $14.7 million above estimate.

Personal income tax (PIT) revenue for the month was $1.3 billion, $13.1 million above estimate. This brings year-to-date PIT collections to $11.6 billion, which is $186.6 million, or 1.6 percent, above estimate.

February’s corporation tax revenue of $192.7 million was $28.1 million below estimate. Year-to-date corporation tax collections total $2.7 billion, which is $3.8 million above estimate.

Inheritance tax revenue for February was $132.4 million, $6.2 million less than expected. This brings the year-to-date total to $1.2 billion, which is $58.4 million above expectations.

February’s realty transfer tax revenue was $46.0 million, $3 million above estimate. The fiscal-year total is $409.9 million, which is $17.2 million more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $126.2 million for the month, which is $1.6 million below estimate. This brings the year-to-date total to $1.1 billion, which is $42.8 million above estimate.

February’s non-tax revenue totaled $44.7 million, $10.4 million above expectations. The year-to-date total is $1.2 billion, which is $58.4 million more than expected.

Along with General Fund collections, the Motor License Fund received $239.8 million for February, $12.5 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 $2.1 billion, which is $15.4 million more than expected.