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State revenue in October exceeds expectations by 6.4%
Paula Wolf//November 2, 2022
Last month, Pennsylvania collected $3.1 billion in general fund revenue, 6.4% more than anticipated, the Department of Revenue reported.
Fiscal year-to-date general fund collections are $12.9 billion, or 3.1% above estimate.
Among the highlights for October:
· Sales tax receipts were $1.3 billion, or $94.2 million above estimate. Year-to-date sales tax collections total $4.8 billion, or 2.9 percent more than anticipated.
· Personal income tax revenue was $1.3 billion, or $68.7 million above estimate. Year-to-date collections total $5.0 billion, which is $0.5 million more than expected.
· Corporation tax revenue of $183.4 million was $17.4 million above estimate. Year-to-date collections come to $1.5 billion, or 16.1 percent more than anticipated.
· Inheritance tax revenue was $123.3 million, or $2.1 million below estimate. The year-to-date total of $478.4 million is 2.1 percent under estimate.
· Realty transfer tax revenue reached $64.3 million, $0.7 million below estimate, bringing the fiscal-year total to $250 million. That cumulative amount is 5.2 percent more than anticipated.
Other general fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, generated $156.8 million for the month, $2.1 million below estimate. The year-to-date total of $598.2 million is 1.7 percent less than anticipated.
Non-tax revenue totaled $45.4 million for October, $13.5 million above estimate, bringing the year-to-date total to $155.2 million, which is 35.9 percent more than expected.
In addition to general fund collections, the Motor License Fund received $217.6 million in October. Fiscal year-to-date collections for the fund – which include gas and diesel taxes and other license, fine and fee revenues – are $951.1 million, 0.9 percent above estimate.
Paula Wolf is a freelance writer
