Pa. General Fund revenue for February nearly $70M above estimate

Pennsylvania‘s General Fund revenue for February increased 2.6%, amounting to $69.5 million more than expected. 

Revenue Secretary Pat Browne reported that the state collected $2.8 billion in General Fund revenue. Pennsylvania’s fiscal year-to-date General Fund collections total $26.5 billion, which is $76.1 million above estimate. 

“Our revenue collections for the current fiscal year are currently above estimate, which is a great place to be in as budget negotiations get underway,” Browne said in a statement. “We’re also seeing many positives with specific tax collections that bode well for the future.”

Browne added that economic forecasters who were predicting a recession for the U.S. economy are now more optimistic.

Sales tax receipts for February totaled $1 billion, which was $36.7 million more than expected. Year-to-date sales tax collections total $9.5 billion, which is $9.5 million above estimate.

Personal income tax (PIT) revenue for the month was $1.2 billion, $40.6 million more than anticipated. PIT collections for the fiscal year to date are $10.5 billion, which is $265.4 million less than expected.

February corporation tax revenue of $205.9 million was $42.9 million below estimate. Year-to-date corporation tax collections total $3.2 billion, which is $88.8 million more than anticipated.

Inheritance tax revenue for February was $140.7 million, $0.5 million below estimate, bringing the year-to-date total to $1.0 billion, which is $48.1 million more than anticipated. Realty transfer tax revenue was $37.6 million, $11.9 million above estimate, bringing the fiscal-year total to $338.6 million, which is $2.6 million more than expected.

Other General Fund tax revenue, including cigarette, malt beverage, liquor, and gaming taxes, totaled $141.2 million for the month, $5.4 million below estimate, bringing the year-to-date total to $1.1 billion, which is $52.6 million less than expected.

Non-tax revenue totaled $66 million for the month, $29.1 million more than expected, bringing the year-to-date total to $805.3 million, which is $245.1 million above estimate.

In addition to the General Fund collections, the Motor License Fund received $235.6 million for the month, $3.4 million above 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 $2 billion, which is $14.4 million more than anticipated.