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State Collects $112.4 Million More Than Estimates In December

Pennsylvania collected $2.4 billion in General Fund revenue in December, which was $112.4 million, or 4.8 percent, more than anticipated, Secretary of Revenue Daniel Meuser reported Wednesday.

Fiscal year-to-date General Fund collections total $12.2 billion, which is $171.5 million, or 1.4 percent, above estimate.

Sales tax receipts totaled $774.4 million for December, $15.9 million below estimate. Year-to-date sales tax collections total $4.5 billion, which is $125.4 million, or 2.7 percent, less than anticipated.

Personal income tax revenue in December was $849.8 million, $26.6 million above estimate. This brings year-to-date PIT collections to $4.8 billion, which is $44.8 million, or 0.9 percent, above estimate.

December corporation tax revenue of $546.3 million was $101.5 million above estimate. Year-to-date corporation tax collections total $1.5 billion, which is $243.6 million, or 19.9 percent, above estimate.

Inheritance tax revenue for the month was $70.1 million, $4.6 million below estimate, bringing the year-to-date total to $390.5 million, which is $23.3 million, or 5.6 percent, below estimate.

Realty transfer tax revenue was $33.9 million for December, $2.8 million above estimate, bringing the fiscal-year total to $178.9 million, which is $12.9 million, or 7.8 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $138.3 million for the month, $7.8 million below estimate and bringing the year-to-date total to $759.4 million, which is $20.3 million, or 2.7 percent, below estimate.

Non-tax revenue totaled $28.8 million for the month, $9.8 million above estimate, bringing the year-to-date total to $158.2 million, which is $39.2 million, or 33 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $163.1 million for the month, $2.3 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 $1.2 billion, which is $12.8 million, or 1.1 percent, above estimate.

NewsClips:

Corbett: Transportation Funding Plan To Unveiled Soon

Corbett: Transportation, Pensions, Mental Health On Agenda

December Revenues Keep PA Budget On Track

Op-Ed: Transportation Funding Boost Will Benefit State

Cumberland County Mulls Use Of Marcellus Shale Fees


1/7/2013

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