Pennsylvania collected $2.8 billion in General Fund revenue in June, which was $23.7 million, or 0.8 percent, more than anticipated, Secretary of Revenue Daniel Meuser reported late Wednesday.
Fiscal year 2013-14 General Fund collections totaled $28.6 billion, which is $508.8 million, or 1.7 percent, below estimate. The Independent Fiscal Office projected a year-end deficit of $572 million.
Sales tax receipts totaled $886.6 million for June, $43.5 million above estimate. Sales tax collections for the fiscal year totaled $9.1 billion, which is $99.1 million, or 1.1 percent, less than anticipated.
Personal income tax revenue in June was $1.1 billion, $3 million above estimate. This brought fiscal-year PIT collections to $11.4 billion, which is $290.2 million, or 2.5 percent, below estimate.
June corporation tax revenue of $542.8 million was $32.9 million above estimate. Fiscal-year corporation tax collections totaled $4.9 billion, which is $83 million, or 1.7 percent, below estimate.
Inheritance tax revenue for the month was $92.2 million, $1.1 million above estimate. This brought the fiscal-year total to $877.4 million, which is $5.1 million, or 0.6 percent below estimate.
Realty transfer tax revenue was $40.3 million for June, $2.1 million below estimate, bringing the fiscal-year total to $375.4 million, which is $23.6 million, or 5.9 percent less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $132.9 million for the month, $1.5 million below estimate and bringing the fiscal-year total to $1.4 billion, which is $27.7 million, or 2 percent, below estimate.
Non-tax revenue totaled $32.2 million in June, $53.1 million below estimate, bringing the fiscal-year total to $509 million, which is $19.8 million, or 4.1 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $174.2 million for the month, $42.1 million below estimate. This revenue shortfall includes a transfer of $25 million into Motor License Fund restricted accounts not reflected in this report to ensure funding for highway and bridge projects consistent with Act 89 of 2013.
Fiscal-year collections for the fund – which include the commonly known gas and diesel taxes, as well as other licenses, fine and fee revenues – total $2.4 billion, which is $22 million, or 0.9 percent, below estimate.
