Pa. revenue collection spikes in November

Pennsylvania‘s revenue collection surged in November. 

Revenue Secretary Pat Browne reported that the state collected $3.1 billion in General Fund revenue in November, which was $46.4 million more than expected. At the same time, fiscal year-to-date General Fund collections total $16.1 billion, which is $1.1 million below estimate. The amount, however, is within the 2% range the Department of Revenue seeks in its year-to-date revenue forecasts. 

Revenue from both sales tax receipts and personal income tax was below estimate. 

Sales tax receipts totaled $1.1 billion for November, $19.6 million less than anticipated. Year-to-date sales tax collections total $6 billion, a total that was $125.3 million lower than expected. Part of the reason being personal consumption of durable goods (such as appliances, furniture, and electronics) has been weaker than anticipated fiscal year-to-date.

Personal income tax (PIT) revenue in November was $1.2 billion, $13 million less than expected. This brings year-to-date PIT collections to $6.3 billion, which is $90.1 million below estimate.

Above estimate was November’s corporation tax revenue of $257.5 million which was $64.3 million more than expected. Year-to-date corporation tax collections total $1.8 billion, $133.8 million above estimate as tax year 2022 payments for Corporate Net Income Tax (CNIT) payments have been strong. November marks the final month where tax year 2022 payments make up a significant share of total collections.

Inheritance tax revenue for November was $113.9 million less than expected, bringing the year-to-date total to $651.8 million, which is $61.3 million more than anticipated. Realty transfer tax revenue was $48.4 million for the month, bringing the fiscal-year total to $208.1 million, $13.6 million less than expected.

Additional General Fund tax revenue, including cigarette, malt beverage, liquor, and gaming taxes, totaled $160.3 million for November $10.4 million below estimate and bringing the year-to-date total to $703.5 million, $40 million below expectations.

November’s non-tax revenue totaled $172.3 million, $24.8 million above estimate, bringing the year-to-date total to $498.2 million, $72.7 million more than estimated. Along with the General Fund collections, the Motor License Fund received $273.6 million for the month, $5.8 million less than anticipated. Fiscal year-to-date collections for the fund, including gas and diesel taxes, as well as other license, fine and fee revenues, total $1.3 billion, $10 million less than expected.