Pennsylvania collected $1.9 billion in General Fund revenue in May, which was $108 million, or 5.5 percent, less than anticipated, Secretary of Revenue Daniel Meuser reported Monday. Fiscal year-to-date General Fund collections total $25.8 billion, which is $532.5 million, or 2 percent, below estimate.
That’s very close to what the Independent Fiscal Office said in its most recent estimates that state revenues are projected to be down $608 million for FY 2013-14 and another $990 million for FY 2014-15 totaling a nearly $1.6 billion budget hole.
Sales tax receipts totaled $757.6 million for May, $35.7 million below estimate. Year-to-date sales tax collections total $8.2 billion, which is $142.6 million, or 1.7 percent, less than anticipated.
Personal income tax revenue in May was $727.6 million, $36.9 million below estimate. This brings year-to-date PIT collections to $10.3 billion, which is $293.2 million, or 2.8 percent, below estimate.
May corporation tax revenue of $105.3 million was $20.5 million below estimate. Year-to-date corporation tax collections total $4.4 billion, which is $115.9 million, or 2.6 percent, below estimate.
Inheritance tax revenue for the month was $78.6 million, $1.6 million below estimate, bringing the year-to-date total to $785.3 million, which is $6.1 million, or 0.8 percent, below estimate.
Realty transfer tax revenue was $29.6 million for May, $5.3 million below estimate, bringing the fiscal-year total to $335.1 million, which is $21.5 million, or 6 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $124.5 million for the month, $7.4 million below estimate and bringing the year-to-date total to $1.2 billion, which is $26.2 million, or 2.1 percent, below estimate.
Non-tax revenue totaled $36.4 million for the month, $600,000 below estimate, bringing the year-to-date total to $476.8 million, which is $72.9 million, or 18.1 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $217.4 million for the month, $8.7 million below 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 $2.3 billion, which is $20.1 million, or 0.9 percent, above estimate.
