General Fund grows by $1.7B in November

While Pennsylvania has more than expected in its General Fund for 2014, revenue from the commonwealth's personal income tax is lagging, the Revenue Department said on Monday.

Pennsylvania has collected $10.6 billion in its General Fund year-to-date, which is $109 million, or one percent, more than expected. In November alone the fund grew by $1.7 billion.

While November’s personal income tax (PIT) revenue reached $701.7 million, exceeding the $1.3 million experts originally estimated, overall PIT revenue year-to-date is $4.2 billion, which is $10.8 million, or 0.3 percent, below estimate.

November’s corporation tax revenue was $3 million above the original budget, equaling $58.4 million. The total sum for 2014 so far is $863.1 million, which is $86.1 million more than expected.  

Sales tax receipts were $749.4 million for November, $5 million more than anticipated. Total sales tax collections for 2014 year-to-date is $4 billion, which is $49.4 million, or 1.3 percent, above expectations.

At $449.6 million, Pennsylvania’s inheritance tax revenue since January is 25.1 percent above the original budget. November’s total inheritance tax revenue was $65.4 million.

Cigarettes, table games, liquor and malt beverage taxes are included in the General Fund tax revenue. The revenue for these taxed items was $130.6 million for November, which is $2.5 million above estimate. Overall, though, revenue for 2014 are 0.4 percent, or $2.5 million, below the anticipated amount.

The Motor License Fund, which encompasses licenses, fines, fees, and diesel and gas taxes, increased by $204 million in November, bringing the year-to-date total to $996.3 million. Overall, the fund contains $13.8 million, or 1.4 perecent, more than estimated.

The revenue for realty transfer tax reached $25 million for November, which is $9.6 million below the original budget. The total realty transfer tax revenue so far in 2014 has settled at $175.6 million. This is $27.2 million, or 13.4 percent, less than estimated.

November’s non-tax revenue was $2.5 million, $6.6 million below estimate. Year-to-date totals are $313.7 million, which is $76.3 million, or 19.6 percent, less than expected.

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