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.