Harrisburg, PA — Pennsylvania collected $4.8 billion in General Fund revenue in September, which was $550.8 million, or 12.8 percent, more than anticipated, Revenue Secretary Pat Browne reported today. Fiscal year-to-date General Fund collections total $11.2 billion, which is $529.3 million, or 4.9 percent, above estimate.
“Corporate Net Income Tax collections were very strong in September and are the main reason why we are over estimate for the month. Based on our preliminary analysis, there are a few factors driving these results — strong corporate profits, the probable positive effects of recent Corporate Net Income rate reductions, and the impact of rescinded federal tariffs on corporations’ taxable income,” said Secretary Browne. “We’re also seeing the investments Governor Shapiro has made during his time in office leading to economic growth and a Commonwealth that is on firmer financial footing. Because of the Governor’s leadership, we are in a much stronger financial position than many of our neighboring states.”
“Our revenue collections have been strong throughout Governor Shapiro’s tenure because of the Governor’s leadership and the commitment he’s made to investing in Pennsylvania’s future,” said Secretary of the Budget Zachary Reber. “The Governor’s efforts to prioritize responsible fiscal management have put us in a position where we have been able to make historic investments — including for our schools, initiatives that keep our communities safe, and essential programs that put more money back in Pennsylvanians’ pockets. This is all possible because of the Governor’s work to grow our economy and his commitment to being a strong steward of the Commonwealth’s resources.”
Sales tax receipts totaled $1.3 billion for September, $38.2 million above estimate. Year-to-date sales tax collections total $4.1 billion, which is $42.4 million, or 1 percent, more than anticipated.
Personal income tax (PIT) revenue in September was $2 billion, $36.2 million above estimate. This brings year-to-date PIT collections to $4.5 billion, which is $53.6 million, or 1.2 percent, above estimate.
September corporation tax revenue of $1.2 billion was $466.9 million above estimate. Year-to-date corporation tax collections total $1.4 billion, which is $462.1 million, or 46.8 percent, above estimate.
Inheritance tax revenue for the month was $155.4 million, $17.3 million above estimate, bringing the year-to-date total to $548.6 million, which is $35.4 million, or 6.9 percent, above estimate.
Realty transfer tax revenue was $58 million for September, $14.7 million below estimate, bringing the fiscal-year total to $109.1 million, which is $16.3 million, or 13 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $127.6 million for the month, less than $0.1 million below estimate. This brings the year-to-date total to $350.4 million, which is $0.2 million, or 0.1 percent, below estimate.
Non-tax revenue totaled $21.7 million for the month, $6.9 million above estimate. This brings the year-to-date total to $79.5 million, which is $47.7 million, or 37.5 percent, below estimate.
In addition to the General Fund collections, the Motor License Fund received $284.7 million for the month, $27.4 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 $854.6 million, which is $23.9 million, or 2.9 percent, above estimate.