Dept. Of Revenue: December Tax Collections Exceeded Estimate By $15.3 Million

Total tax collections for the month of December exceeded estimate by $15.3 million, pushing fiscal year-to-date tax collections $62.5 million above estimate, Revenue Secretary Dan Hassell reported Tuesday.

Pennsylvania collected $2.8 billion in General Fund revenue in December, which was $30.1 million, or 1.1 percent, less than anticipated. Fiscal year-to-date General Fund collections total $14.2 billion, which is $4.1 million below estimate.

Sales tax receipts totaled $894.9 million for December, $15.8 million above estimate. Year-to-date sales tax collections total $5.2 billion, which is $39.4 million, or 0.8 percent, more than anticipated.

Personal income tax (PIT) revenue in December was $1.1 billion, $70 million above estimate. This brings year-to-date PIT collections to $5.8 billion, which is $80.3 million, or 1.4 percent, above estimate.

December corporation tax revenue of $487.9 million was $64.6 million below estimate. Year-to-date corporation tax collections total $1.3 billion, which is $55.8 million, or 4.1 percent, below estimate.

Inheritance tax revenue for the month was $72.7 million, $10.9 million below estimate, bringing the year-to-date total to $477.2 million, which is $4.3 million, or 0.9 percent, below estimate.

Realty transfer tax revenue was $43.7 million for December, $3.8 million below estimate, bringing the fiscal-year total to $264.5 million, which is $1.2 million, or 0.4 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $196.9 million for the month, $8.8 million above estimate, and bringing the year-to-date total to $977 million, which is $4.1 million, or 0.4 percent, above estimate.

Non-tax revenue totaled $26.4 million for the month, $45.4 million below estimate, bringing the year-to-date total to $250.7 million, which is $66.6 million, or 21 percent, below estimate. The December estimate included an anticipated table games fee of $24.8 million in non-tax revenue. That amount was not received in December as anticipated, which artificially reduced non-tax revenue. The fee is expected to be paid later this year.

In addition to the General Fund collections, the Motor License Fund received $230.1 million for the month, $17.7 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 $1.5 billion, which is $41.6 million, or 2.9 percent, above estimate.

NewsClips:

Murphy: December Tax Collections Better Than What PA Took In Last Year

PA Revenue Collection In Flux Due To New Federal Tax Law

PEDF Asks PA Supreme Court To Back Up Its Environmental Rights Amendment Order

Meyer: Judge Lets Case Proceed Challenging Constitutionality Of State Budget

[Posted: Jan. 2, 2018]


1/8/2018

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