October 2, 2017

IFO: Sept. State Revenue Up $92.4 Million Over 2016, But Only Ahead $25.3 Million For Fiscal Year

The Independent Fiscal Office Monday report September General Fund revenue was up $92.4 million over September 2016, but revenue for the first three months of the fiscal year was only ahead by $25.3 million - 0.4 percent.
Two of the three largest sources of revenue-- Personal Income Tax and Sales Tax were below estimates in September-- 0.5 percent and 0.8 percent respectively.
Strong Corporate Net Income Tax and non-tax revenues-- escheats revenues in particular-- were strong.
The Numbers
Pennsylvania collected $2.7 billion in General Fund revenue in September, according to the Department of Revenue. Fiscal year-to-date General Fund collections total $6.9 billion.
Sales tax receipts totaled $839.8 million for September. Year-to-date sales tax collections total $2.6 billion.
Personal income tax (PIT) revenue in September was $1.1 billion. This brings year-to-date PIT collections to $2.8 billion.
September corporation tax revenue totaled $496.4 million. Year-to-date corporation tax collections total $617.2 million.
Inheritance tax revenue for the month was $67.4 million, bringing the year-to-date total to $233.7 million.
Realty transfer tax revenue was $39.9 million for September, bringing the fiscal-year total to $130.1 million.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $168.7 million for the month, bringing the year-to-date total to $462.6 million.
Non-tax revenue totaled negative-$3.4 million for the month, bringing the year-to-date total to $61.7 million.
Click Here for a copy of the full report.