PA collects 1.5% more taxes than anticipated for November

04 December 2023- Pennsylvania collected $3.1 billion in General Fund revenue in November, which was $46.4 million, or 1.5 percent, more than anticipated, Revenue Secretary Pat Browne reported today. Fiscal year-to-date General Fund collections total $16.1 billion, which is $1.1 million below estimate. This amount is within the range (2 percent) the Department of Revenue strives for with its year-to-date revenue forecasts.

Sales tax receipts totaled $1.1 billion for November, $19.6 million below estimate. Year-to-date sales tax collections total $6.0 billion, which is $125.3 million, or 2.0 percent, less than anticipated. Personal consumption of durable goods (such as appliances, furniture, and electronics) has been weaker than anticipated fiscal year-to-date.

Personal income tax (PIT) revenue in November was $1.2 billion, $13.0 million below estimate. This brings year-to-date PIT collections to $6.3 billion, which is $90.1 million, or 1.4 percent, below estimate.

November corporation tax revenue of $257.5 million was $64.3 million above estimate. Year-to-date corporation tax collections total $1.8 billion, which is $133.8 million, or 8.0 percent, above estimate. Tax year 2022 payments for Corporate Net Income Tax (CNIT) payments have been strong; November is the final month where tax year 2022 payments make up a significant share of total collections.

Inheritance tax revenue for the month was $113.9 million, $0.1 million below estimate, bringing the year-to-date total to $651.8 million, which is $61.3 million, or 10.4 percent, above estimate.

Realty transfer tax revenue was $48.4 million for November, $0.4 million above estimate, bringing the fiscal-year total to $208.1 million, which is $13.6 million, or 6.1 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $160.3 million for the month, $10.4 million below estimate and bringing the year-to-date total to $703.5 million, which is $40.0 million, or 5.4 percent, below estimate.

Non-tax revenue totaled $172.3 million for the month, $24.8 million above estimate, bringing the year-to-date total to $498.2 million, which is $72.7 million, or 17.1 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $273.6 million for the month, $5.8 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 $1.3 billion, which is $10.0 million, or 0.7 percent, below estimate.