State collects $2.9 million in general fund revenue for August

Paula Wolf//September 2, 2022

State collects $2.9 million in general fund revenue for August

Paula Wolf//September 2, 2022

Pennsylvania collected $2.9 billion in general fund revenue last month, which was $63.8 million – or 2.3% – more than anticipated, the Department of Revenue reported Thursday.

Fiscal year to date, $5.6 billion has gone into general fund coffers. That’s $60.4 million, or 1.1%, above estimate.

More specifically:

· Sales tax receipts totaled $1.2 billion for August, $45.5 million above estimate. Year-to-date sales tax collections are $2.4 billion, which is 1.9% more than anticipated.

· Personal income tax revenue last month was $1.2 billion, $6.4 million below estimate. Year-to-date collections are 0.3 percent below estimate.

· August corporation tax revenue of $111.3 million was $1.8 million below estimate. Year-to-date corporation tax collections total $285.8 million, which is $5.1 million below estimate.

· Inheritance tax revenue last month was $116.7 million, or $3.3 million below estimate. Year to date, collections are $3.3 million below estimate.

· Realty transfer tax revenue was $88.8 million for August, $18.1 million above estimate, bringing the fiscal-year total to $123.2 million, which is 17.3% more than anticipated.

Other general fund tax revenue – including cigarette, malt beverage, liquor and gaming taxes – was $161 million for the month. That’s $6.3 million below estimate and brings the year-to-date total to $264.7 million, or 2.4% below estimate.

Non-tax revenue totaled $35 million for the month, or $18.1 million above estimate. The year-to-date total of $77.5 million is 30.5% more than expected.

Beyond general fund collections, the motor license fund collected $239.7 million in August, $25.3 million below estimate. Fiscal year-to-date revenues for the fund – which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues – are $480.6 million, or 4.9% below estimate.

Paula Wolf is a freelance writer