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State takes in more revenue than expected in February
Listen to this articleRevenue Secretary Dan Hassell reported Tuesday that Pennsylvania collected $2.4 billion in general fund revenue last month, 6.8% more than expected.
General fund collections are $28.6 billion so far this fiscal year, 7.5% above estimate.
Some highlights from February:
- Sales tax receipts totaled $935.6 million. Year-to-date sales tax collections, at $9.1 billion, are 6.5% more than anticipated.
- Personal income tax revenue was $1 billion. Year-to-date PIT collections are $9.7 billion, 5.8% more than expected.
- Corporation tax revenue came in at $136.1 million. Year-to-date collections in this category total $2.8 billion, 28.6% above estimate.
- Inheritance tax revenue was $116.1 million, bringing the year-to-date total to $1 billion. That is 9.9% more than anticipated.
- Realty transfer tax revenue was $58.5 million. The fiscal-year total of $549.5 million is 20.2% above estimate.
Other general fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $136.6 million for February. The year-to-date figure of $1.3 billion is 1.9% more than expected.
Non-tax revenue was $18.9 million for the month, bringing the year-to-date total to $4.2 billion, which is 2.1% above estimate.
Also, the Motor License Fund received $197.0 million in February, $24.8 million below 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 $1.8 billion, which is 2% more than anticipated.
