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4/1/2014

Revenue Department Releases March 2014 Collections

News for Immediate Release

April 1, 2014

Revenue Department Releases March 2014 Collections

Harrisburg – Pennsylvania collected $4.2 billion in General Fund revenue in March, which was $20.7 million, or 0.5 percent, less than anticipated, Secretary of Revenue Daniel Meuser reported today. Fiscal year-to-date General Fund collections total $20.5 billion, which is $96.3 million, or 0.5 percent, below estimate.

“While March tax collections appear to be only $20 million short of estimate for the month and $96 million short, fiscal-year-to-date, an early transfer of $80 million in liquor store profits to facilitate cash flow disguises the fiscal reality,” said Meuser.  “Considering the timing issue behind the liquor store profits, we’re really about $100 million short for the month and $176 million under for the fiscal year.”

Sales tax receipts totaled $676 million for March, $44.1 million below estimate. Year-to-date sales tax collections total $6.7 billion, which is $111.1 million, or 1.6 percent, less than anticipated.

Personal income tax (PIT) revenue in March was $914.5 million, $30.5 million above estimate. This brings year-to-date PIT collections to $7.8 billion, which is $70.6 million, or 0.9 percent, below estimate.    

March corporation tax revenue of $2.3 billion was $81.8 million below estimate. Year-to-date corporation tax collections total $3.8 billion, which is $700,000 below estimate.

Inheritance tax revenue for the month was $90.9 million, $6.4 million above estimate, bringing the year-to-date total to $633.3 million, which is $9.5 million, or 1.5 percent, below estimate.

Realty transfer tax revenue was $27.9 million for March, $1 million below estimate, bringing the fiscal-year total to $276.3 million, which is $13 million, or 4.5 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $69 million for the month, $2.2 million below estimate and bringing the year-to-date total to $1 billion, which is $11.7 million, or 1.2 percent, below estimate.

Non-tax revenue totaled $129.1 million for the month, $71.5 million above estimate, bringing the year-to-date total to $304.9 million, which is $120.4 million, or 65.3 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $208.7 million for the month, $100,000 above estimate. Fiscal year-to-date collections for the fund – which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues – total $1.8 billion, which is $13.4 million, or 0.8 percent, above estimate.

For more information, visit www.revenue.state.pa.us.

Media contact: Elizabeth Brassell, 717-787-6960

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