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5/1/2014

Revenue Department Releases April 2014 Collections

News for Immediate Release

May 1, 2014

Revenue Department Releases April 2014 Collections

Harrisburg – Pennsylvania collected $3.4 billion in General Fund revenue in April, which was $328.3 million, or 8.8 percent, less than anticipated, Secretary of Revenue Daniel Meuser reported today. Fiscal year-to-date General Fund collections total $23.9 billion, which is $424.5 million, or 1.7 percent, below estimate, without adjusting for last month’s early $80 million liquor profits transfer.

Sales tax receipts totaled $796.4 million for April, $4.2 million above estimate. Year-to-date sales tax collections total $7.5 billion, which is $106.9 million, or 1.4 percent, less than anticipated.

Personal income tax (PIT) revenue in April was $1.8 billion, $185.7 million below estimate. This brings year-to-date PIT collections to $9.6 billion, which is $256.2 million, or 2.6 percent, below estimate.    

April corporation tax revenue of $443.4 million was $94.7 million below estimate. Year-to-date corporation tax collections total $4.3 billion, which is $95.4 million, or 2.2 percent, below estimate.

Inheritence tax revenue for the month was $73.4 million, $5 million above estimate, bringing the year-to-date total to $706.7 million, which is $4.5 million, or 0.6 percent, below estimate.

Realty transfer tax revenue was $29.2 million for April, $3.2 million below estimate, bringing the fiscal-year total to $305.5 million, which is $16.2 million, or 5 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $112.8 million for the month, $7 million below estimate and bringing the year-to-date total to $1.1 billion, which is $18.7 million, or 1.7 percent, below estimate.

Non-tax revenue totaled $135.5 million for the month, $46.9 million below estimate, bringing the year-to-date total to $440.4 million, which is $73.5 million, or 20 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $285.2 million for the month, $15.4 million 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 $2.1 billion, which is $28.7 million, or 1.4 percent, above estimate.

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

Media contact: Elizabeth Brassell, 717-787-6960

Editor’s Note: In response to the lower-than-expected April tax revenue figures, Secretary of Revenue Dan Meuser offered the following statement:

“As we compare the personal income tax revenue we expected to receive this month to the payments coming in, it’s becoming clear that the impacts of federal tax increases effective Jan. 1, 2013 have had much larger than anticipated effects on tax revenues. We knew that the federal increase would cause some taxpayers to recognize capital gains and shift dividend payments into 2012, but the magnitude of that tax shift was not anticipated. Despite having about the same number of tax returns this year as compared to last, we've received 22 percent less returns with payments.

“Our personal income tax annual payments are 22 percent below last April’s numbers and 19 percent under estimate for the month, mirroring declines is many other states. In fact, all the major states we’ve talked with have indicated significant declines ranging from 20 percent to 40 percent lower than last year, and many agree that the effect of the shift into 2012 is more dramatic than anyone anticipated.

“To compound the personal income tax issue presented by the 2013 federal tax hikes, national wage and salary growth is also significantly lower than our economic forecasting consultant IHS predicted. While wages and salaries throughout the U.S. had been forecast to grow 5.1 percent in the first quarter of 2014, instead they grew 2.4 percent, a more than 50 percent decline. Also, IHS originally forecast U.S. gross domestic product to grow at 3.5 percent for the first quarter of 2014, but actual growth was just announced at 0.1 percent.

“This situation illustrates how any unanticipated economic pressure nationally can impact state tax collections and the Pennsylvania economy as a whole.”

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