Pennsylvania’s revenue for General Fund and Motor License Fund in May represented a roller-coaster of totals above and below estimates.
The General Fund dropped to $3.3 billion, an amount that is $46.1 million below estimate, Acting Revenue Secretary Pat Brown said.
The state’s fiscal year-to-date General Fund collections, however, total $41.2 billion, which is $1.2 billion more than expected.
May saw sales tax receipts reach $1.1 billion, which is $49.2 million below expectations. At the same time, year-to-date sales tax collections are $178.5 million above estimate and total $12.8 billion.
Personal income tax (PIT) in May also exceeded estimations, the $1.3 billion collected being $8.6 million above estimate. Yet year-to-date PIT collections are below expectations, the $16.2 billion being $397.8 million lower than expected.
Corporation tax revenue of $445.4 million for May was $28.5 million below estimate. However, year-to-date corporation tax collections total $7.7 billion, higher than estimated.
May’s inheritance tax revenue reached $131.4 million, $14.1 million above estimate, bringing the year-to-date total to $1.4 billion, which is $50.5 million more than estimated.
Realty transfer tax revenue for May was $50.3 million, $13.9 million below estimate, bringing the fiscal-year total to $579.2 million, which is less than anticipated.
General Fund tax revenue, which includes cigarette, malt beverage, liquor and gaming taxes, totaled $167.3 million for May, $21.9 million below estimate. The year-to-date total of $1.5 billion is $9.3 million lower than estimated.
Non-tax revenue for May totaled $82.4 million, which is $44.6 million above estimate and brings the year-to-date total to $1.1 billion, $331.5 million more than anticipated.
Pennsylvania’s Motor License Fund, which includes gas and diesel taxes, as well as other license, fine and fee revenues, received $280.8 million for May, which is $27.2 million below estimate. Fiscal year-to-date collections for the fund total $2.7 billion, which is $38.8 million above expectations.