Pa. shows General Fund gains in fiscal year collections

The 2023-24 fiscal year ended with Pennsylvania reporting $45.5 billion in General Fund collections, $862.9 million above estimate.

Revenue Secretary Pat Browne ?reported that the final 2023-24 collections are within the 2 percent range that the Department of Revenue strives for with its year-to-date revenue forecasts.

The state’s sales tax receipts totaled $1.2 billion for June, which was $43.6 million more than anticipated. Fiscal year-to-date sales tax collections total $14.3 billion, $243.3 million above expectations.

Personal income tax (PIT) revenue in June was $1.5 billion, $12 million more than expected. Fiscal-year total PIT collections are $17.9 billion, $134.9 million less than anticipated.

The corporation tax revenue of $469.5 million for June was $54.1 million below expectations. Fiscal year-to-date corporation tax collections total $8 billion, which is $180.2 million more than anticipated.

June’s inheritance tax revenue was $120.7 million, $0.6 million above estimate. The fiscal-year total of $1.6 billion is $156.1 million above estimate.

The month’s realty transfer tax revenue was $51.9 million, $3 million higher than anticipated. The fiscal-year total of $530.8 million is $20.2 million above estimate.

Other General Fund tax revenue for June, including cigarette, malt beverage, liquor, and gaming taxes, totaled $159.3 million for the month, which was $18.6 million below expectations. The fiscal-year total is $1.6 billion, $92.7 million less than anticipated.

Non-tax revenue for June totaled $75.2 million, $50.7 million more than expected. The year-to-date total of $1.6 billion is $490.8 million higher than anticipated.?As has been the case for much of the fiscal year, Treasury receipts exceeded estimate by $51 million in June.?

Along with General Fund collections, the Motor License Fund received $308.9 million in June, which was $37.1 million more than expected. Fiscal year-to-date collections for the fund which include gas and diesel taxes, as well as other license, fine and fee revenues total $3.2 billion, $43.1 million less than expected.

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