State's January General Fund revenue beats estimates

Acting Secretary of Revenue Eileen McNulty
Acting Secretary of Revenue Eileen McNulty | Courtesy of revenue.pa.gov

Pennsylvania collected nearly 4 percent more in General Fund revenue than it expected in January, acting Secretary of Revenue Eileen McNulty said on Monday.

McNulty said $2.4 billion was collected last month, which was $89.7 million more than anticipated. Fiscal year-to-date General Fund collections equal $15.7 billion, which is $360.4 million above what was initially estimated.

Sales tax receipts for January were $6.9 million above estimates, at $844.5 million for January. Sales tax collections year-to-date amount to $5.6 billion, which is $66.6 million more than anticipated, while personal income tax revenue in January was just $1.1 billion -- $14.1 million below estimates. That said, these totals bring year-to-date PIT collections to $6.3 billion, $400,000 above what was forecast.

The month’s corporation tax revenue of $127.2 million was $900,000 below initial estimates, and inheritance tax revenue for the month was $1.4 million below estimates, at $72.9 million.

Realty transfer tax revenue was $31.1 million for January, $7.3 million below estimates. This brings the fiscal year total to $247.1 million, which is $28.4 million less than what had been anticipated in terms of revenue for the state.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table-games taxes, totaled $112.7 million for the month, which was $23 million above estimates, bringing the year-to-date total to $854.6 million, which is 3.8 percent ($32.6 million) above expert estimates.

Non-tax revenue amounted to $101.4 million for the month, a whopping $83.4 million above estimates.

Additionally, the Motor License Fund received $196.1 million for the month, $7.9 million above estimates, with fiscal year-to-date collections for the fund (gas and diesel taxes, license, fine and fee revenues) totaling $1.4 billion, which is $9.2 million above initial estimates.

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