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Through May, state’s general fund revenue sets record pace
With the May totals now in, Pennsylvania has collected a record $43.9 billion in general fund revenue for the first 11 months of the current fiscal year, Gov. Tom Wolf announced
Wednesday.
The $3.2 billion in general fund revenue that came into the state’s coffers last month was $402.4 million, or 14.2%, over estimate. Year-to-date general fund collections are 12.5% above
estimate.
Here are more May numbers from the release:
• Sales tax receipts were $1.2 billion, or $129.1 million above estimate.
• Personal income tax revenue was $1.1 billion, or $126.9 million more than expected.
• The corporation tax revenue totaled $510.9 million, or $129.5 million more than
anticipated.
• Inheritance tax revenue was $132.3 million, or $15.6 million above estimate.
• Realty transfer tax revenue was $69.3 million, or $13.9 million more than expected.
• Other general fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $176.3 million, or $3.1 million less than anticipated.
• Non-tax revenue was $29.7 million, or $9.4 million below estimate.
Outside general fund collections, motor license fund collections – which include gas and diesel taxes, as well as other license, fine and fee revenues – were $301.1 million in May, or $10.7
million more than expected.
Also, the state’s rainy day fund, a separate account to protect Pennsylvania against emergencies, now contains a record $2.8 billion.
“We have the money in the bank to pay for the historic investment I want to make in K-12 education, as well as the corporate net income tax cut and reforms I have proposed to bolster
Pennsylvania businesses, and still have $1.8 billion left over,” Wolf said in the release. “At a time when Pennsylvanians are hurting and state government is not, there is no excuse not to
use this huge pot of money to improve education, lower costs for taxpayers, and build a stronger economy.”
Paula Wolf is a freelance writer.
