Harrisburg, PA — Pennsylvania collected $6.5 billion in General Fund revenue in March, which was $91.9 million, or 1.4 percent, more than anticipated, Revenue Secretary Pat Browne reported today. Fiscal year-to-date General Fund collections total $34.9 billion, which is $473.8 million, or 1.4 percent, above estimate.
“March is our biggest month for collections from corporation taxes, so it’s very encouraging to see those collections coming in over estimate this month,” said Secretary Browne. “Our overall collections are also nearly $500 million over estimate, which puts us in a very strong position with three months to go in the fiscal year.”
“The positive results we’ve seen this fiscal year from our revenue collections are further evidence that our economy is growing because of the strategic investments made by the Shapiro Administration,” said Secretary of the Budget Zachary Reber. “The Commonwealth is seeing the benefits from the Governor’s commitment to investing in Pennsylvania and prioritizing sound fiscal management.”
Sales tax receipts totaled $1.2 billion for March, $42.4 million above estimate. Year-to-date sales tax collections total $11.4 billion, which is $57.1 million, or 0.5 percent, more than anticipated.
Personal income tax (PIT) revenue in March was $1.7 billion, $24.1 million above estimate. This brings year-to-date PIT collections to $13.3 billion, which is $210.7 million, or 1.6 percent, above estimate.
March corporation tax revenue of $3.2 billion was $56.8 million above estimate. Year-to-date corporation tax collections total $5.9 billion, which is $60.7 million, or 1.0 percent, above estimate.
Inheritance tax revenue for the month was $180.3 million, $14.9 million above estimate. This brings the year-to-date total to $1.4 billion, which is $73.3 million, or 5.7 percent, above estimate.
Realty transfer tax revenue was $67.4 million for March, $16.3 million above estimate. This brings the fiscal-year total to $477.3 million, which is $33.5 million, or 7.5 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $19.4 million for the month, $6.4 million below estimate. This brings the year-to-date total to $1.1 billion, which is $36.3 million, or 3.3 percent, above estimate.
Non-tax revenue totaled $155.8 million for the month, $56.1 million below estimate, bringing the year-to-date total to $1.3 billion, which is $2.3 million, or 0.2 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $243.9 million for the month, $20.7 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 $2.3 billion, which is $36.1 million, or 1.6 percent, above estimate.