The Pennsylvania Department of Revenue reported on Tuesday that the state’s revenue year-to-date is $103.4 million more than anticipated in the 2014-2015 budget estimates.
In October alone, the commonwealth received $2.2 billion in revenue, which is $102.8 million above estimates for the month. It's the second consecutive month that state revenue has exceeded expectations.
The largest portion of the October surplus came from Pennsylvania’s inheritance tax with $171.6 million collected, which is $90 million more than the budget calls for. The Department of Revenue could not offer an explanation for the significant increase in inheritance tax revenue.
Now that one-third of the fiscal year is over and the commonwealth remains on target to reach its budget goals, the latest figures have silenced policymakers who earlier voiced their concerns that projected revenue was being overestimated.
While personal income tax collection year-to-date is 1.4 percent (or $12.1 million) below the estimated numbers, sales taxes are 1.4 percent ($44.4 million) above estimates and corporate tax collections are 11.5 percent ($83.1 million) more than expected.
Year-to-date, Pennsylvania has collected $8.9 billion in revenue to support its $29 million general fund budget for 2014-2015.