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September State Revenue Collections $69.8 Million Over Estimate, $75.8 Million For Fiscal Year

Pennsylvania collected $2.3 billion in General Fund revenue in September, which was $69.8 million, or 3.1 percent, more than anticipated, Secretary of Revenue C. Daniel Hassell reported Friday. Fiscal year-to-date General Fund collections total $5.8 billion, which is $75.8 million, or 1.3 percent, above estimate.

           Gov. Rendell earlier said he was counting on $70 million from the Marcellus Shale natural gas severance tax to fill the hole in the budget created when Congress failed to appropriate the full amount of Medicaid funds the budget anticipated.  Hopefully, these new revenues will forestall any new budget cuts or state employee layoffs.
            Sales tax receipts totaled $661.6 million for September, $8 million above estimate. Year-to-date sales tax collections total $2.1 billion, which is $42.5 million, or 2 percent, more than anticipated.
Personal income tax (PIT) revenue in September was $932.6 million, $900,000 above estimate. This brings year-to-date PIT collections to $2.2 billion, which is $11.5 million, or 0.5 percent, below estimate.
            September corporation tax revenue of $488.6 million was $52.7 million above estimate. Year-to-date corporation tax collections total $590 million, which is $50.9 million, or 9.4 percent, above estimate.
            Other General Fund revenue figures for the month included $61.6 million in inheritance tax, $100,000 below estimate, bringing the year-to-date total to $192.3 million, which matches the estimate.
Realty transfer tax was $23.4 million for September, $5.3 million below estimate, bringing the total to $81.8 million for the year, which is $19.2 million less than anticipated.
            Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes totaled $130 million for the month, $7.2 million above estimate and bringing the year-to-date total to $364.9 million, which is $8.6 million above estimate.
            Non-tax revenue totaled $17.5 million for the month, $6.5 million above estimate, bringing the year-to-date total to $245.4 million, which is $4.5 million above estimate.
            In addition to the General Fund collections, the Motor License Fund received $178.6 million for the month, $1.7 million below estimate. Fiscal year-to-date collections for the fund total $615.8 million, which is $35.5 million, or 6.1 percent, above estimate.
            NewsClip: State Revenue Collections Grow For September

10/4/2010

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