Pennsylvania collected $3.6 billion in General Fund revenue in February, which was $406.3 million, or 12.8 percent, more than anticipated, Revenue Secretary Dan Hassell reported Thursday.
Fiscal year-to-date General Fund collections total $20.9 billion, which is $496 million, or 2.4 percent, above estimate.
February revenues were above estimate mainly because of non-tax revenue, which totaled $1.7 billion for the month, $398.8 million above estimate. That brought the year-to-date total to $2.2 billion, which is $400.3 million, or 22 percent, above estimate.
The majority of the overage — $250 million — comes from the securitization of the Tobacco Settlement Fund, as provided in the Tax Reform Code. This revenue collection was anticipated in the current year revenue estimate, but was expected in June.
Sales tax receipts totaled $734.2 million for February, $1.7 million above estimate. Year-to-date sales tax collections total $6.9 billion, which is $4.3 million, or 0.1 percent, less than anticipated.
Personal income tax (PIT) revenue in February was $857.2 million, $5.1 million above estimate. This brings year-to-date PIT collections to $8.2 billion, which is $138.2 million, or 1.7 percent, above estimate.
February corporation tax revenue of $77 million was $6.4 million below estimate. Year-to-date corporation tax collections total $1.5 billion, which is $30.5 million, or 2 percent, below estimate.
Inheritance tax revenue for the month was $71.2 million, $7.5 million above estimate, bringing the year-to-date total to $629.3 million, which is $2.1 million, or 0.3 percent, below estimate.
Realty transfer tax revenue was $27.8 million for February, $2.7 million below estimate, bringing the fiscal-year total to $334.5 million, which is $1.5 million, or 0.5 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $137.2 million for the month, $2.3 million above estimate. That brings the year-to-date total to $1.2 billion, which is $4 million, or 0.3 percent, below estimate.
In addition to the General Fund collections, the Motor License Fund received $254.8 million for the month, $21.1 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 $1.9 billion, which is $53.3 million, or 2.8 percent, above estimate.
