Harrisburg, PA — Pennsylvania collected $3.3 billion in General Fund revenue in May, which was $65 million, or 1.9 percent, less than anticipated, Revenue Secretary Pat Browne reported today. Fiscal year-to-date General Fund collections total $45 billion, which is $927.8 million, or 2.1 percent, above estimate.
“We are nearly $928 million above our overall projections for the current fiscal year, despite May collections coming in slightly under estimate,” said Secretary Browne. “With one month to go in the fiscal year, we are assured of finishing the year with a sizable surplus. That puts us in a strong financial position to make the investments that Governor Shapiro is calling for in his budget proposal.”
“Our revenue collections through 11 months of this fiscal year are very strong, in large part because of Governor Shapiro’s leadership and the commitment he’s made to investing in Pennsylvania’s economic growth,” said Secretary of the Budget Zachary Reber. “With the Commonwealth on stable financial footing, now is the time to make the investments in the Governor’s proposed budget that will continue to educate our kids, keep our communities safe, and grow our economy. We have seen the investments made to date provide beneficial returns and continuing to make progress will only lead to more economic growth.”
Sales tax receipts totaled $1.3 billion for May, $36.7 million above estimate. Year-to-date sales tax collections total $14.1 billion, which is $119.1 million, or 0.9 percent, more than anticipated.
Personal income tax (PIT) revenue in May was $1.2 billion, $15.5 million below estimate. This brings year-to-date PIT collections to $18.3 billion, which is $395.5 million, or 2.2 percent, above estimate.
May corporation tax revenue of $251.3 million was $106 million below estimate. Year-to-date corporation tax collections total $7 billion, which is $107.8 million, or 1.6 percent, above estimate.
Inheritance tax revenue for the month was $152.3 million, $1.2 million above estimate. This brings the year-to-date total to $1.7 billion, which is $89.2 million, or 5.6 percent, above estimate.
Realty transfer tax revenue was $59.8 million for May, $1.2 million below estimate. This brings the fiscal-year total to $589.6 million, which is $19.2 million, or 3.4 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $188.5 million for the month, $17.8 million above estimate. This brings the year-to-date total to $1.3 billion, which is $65.4 million, or 5.1 percent, above estimate.
Non-tax revenue totaled $62.9 million for the month, $2 million above estimate. This brings the year-to-date total to $1.9 billion, which is $131.5 million, or 7.4 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $289 million for the month, $7.9 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 $2.9 billion, which is $78.5 million, or 2.7 percent, above estimate.