PA revenue department releases 2014-2015 collections data

PA revenue department releases 2014-2015 collections data.
PA revenue department releases 2014-2015 collections data. | Courtesy of Pennsylvania Department of Revenue

Pending a final revenue deposit and year-end adjustments, Pennsylvania’s General Fund revenue collections for Fiscal Year 2014 to 2015 were released on Wednesday in Harrisburg, revealing that overall collections came to $30.6 billion, 1.4 percent above the previous estimate.

Secretary of Revenue Eileen McNulty reported that while the annual tally totaled $412.2 million over expectations, the month of June saw $2.9 billion in collections, which was $206.7 million less than forecast -- equivalent to 6.6 percent less than estimated.

A breakdown by category reveals that sales tax receipts totaled $928.7 million for June, $300,000 less than estimated. Sales tax collections for the fiscal year totaled $9.5 billion, 0.2 percent more than anticipated.

Personal income tax (PIT) revenue in June was $1.2 billion, $4.1 million above the estimate. This brought fiscal-year PIT collections to $12.1 billion, 0.6 percent above the estimate.

June corporation tax revenue of $585 million was $71.9 million above estimate. Fiscal-year corporation tax collections totaled $5.1 billion, 4.9 percent more than estimated.

Inheritance tax revenue for the month was $96.6 million, $6.5 million below estimate. This brought the fiscal-year total to $1 billion, which is 7.3 percent above the previous estimate.

Realty transfer tax revenue was $44.6 million for June, $3.8 million below estimate, bringing the fiscal-year total to $413.8 million, 7.5 percent less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table-games taxes, totaled $100.9 million for the month, $24.4 million below estimate -- bringing the fiscal-year total to $1.4 billion, or 1.4 percent above estimate.

Non-tax revenue for the month totaled negative $3.4 million in June, $247.7 million below estimate, largely because the state did not receive about $125 million for casino licenses and a $95 million transfer to the General Fund from the Oil and Gas Lease Fund that were assumed in the fiscal year 2014 to 2015 budget.

Apart from the General Fund, the Motor License Fund received $227.9 million for the month, $10.3 million below estimate.