Harrisburg, PA — Pennsylvania collected $4.1 billion in General Fund revenue in October, which was $132.9 million, or 3.4 percent, more than anticipated, Revenue Secretary Pat Browne reported today. Fiscal year-to-date General Fund collections total $15.3 billion, which is $662.3 million, or 4.5 percent, above estimate.
“October was another very strong month for revenue collections, continuing a trend we’ve seen throughout this fiscal year. Collections from corporate net income tax were again especially strong, and we’re also seeing year-over-year growth from our other major revenue sources — sales tax and personal income tax,” said Secretary Browne. “Governor Shapiro’s leadership and the work he’s done to prioritize responsible fiscal management are a big reason why we’re seeing a Commonwealth that is in a much stronger financial position.”
“Governor Shapiro has fought for many new investments that are putting more money back in Pennsylvanians’ pockets and helping to fuel our economy. In fact, economists have found that Pennsylvania is the only state in the Northeast with a growing economy,” said Secretary of the Budget Zachary Reber. “The work Governor Shapiro has done since taking office is a big reason our Commonwealth has reached a place where we can fund essential programs and services that make a real difference in the lives of Pennsylvanians.”
Sales tax receipts totaled $1.4 billion for October, $37.3 million above estimate. Year-to-date sales tax collections total $5.6 billion, which is $79.7 million, or 1.5 percent, more than anticipated.
Personal income tax (PIT) revenue in October was $1.4 billion, $26.5 million above estimate. This brings year-to-date PIT collections to $6 billion, which is $80.1 million, or 1.4 percent, above estimate.
October corporation tax revenue of $213.1 million was $55.1 million above estimate. Year-to-date corporation tax collections total $1.7 billion, which is $517.2 million, or 45.2 percent, above estimate.
Inheritance tax revenue for the month was $165.7 million, $8.8 million above estimate, bringing the year-to-date total to $714.3 million, which is $44.2 million, or 6.6 percent, above estimate.
Realty transfer tax revenue was $67 million for October, $10.2 million below estimate, bringing the fiscal-year total to $176 million, which is $26.6 million, or 13.1 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $145.8 million for the month, $8.3 million above estimate. This brings the year-to-date total to $496.2 million, which is $8.1 million, or 1.7 percent, above estimate.
Non-tax revenue totaled $608.8 million for the month, $7.2 million above estimate, bringing the year-to-date total to $688.3 million, which is $40.5 million, or 5.6 percent, below estimate.
In addition to the General Fund collections, the Motor License Fund received $261.5 million for the month, $23.7 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 $1.1 billion, which is $47.6 million, or 4.5 percent, above estimate.