Revenue Dept. Releases January Collections Data

HARRISBURG – Secretary of Revenue Tom Wolf reported that Pennsylvania collected $2.3 billion in General Fund revenue in January, $23.7 million, or 1 percent, more than anticipated. Fiscal year-to-date General Fund collections total $14 billion, which is $199.4 million, or 1.4 percent, above estimate.

Year-to-date collections include two, large corporate tax settlements totaling nearly $48 million. Without these two settlements, year-to-date collections would be $151.4 million, or 1.1 percent, above estimate.

Sales tax receipts totaled $838.5 million for January, which was $20.2 million below estimate. Sales tax collections year-to-date total $5.1 billion, which is $11.2 million, or 0.2 percent, above estimate.

Personal Income Tax (PIT) revenue in January was $1.2 billion, which was $40.6 million above estimate. This brings year-to-date PIT collections to $5.6 billion, which is $73.7 million, or 1.3 percent, above estimate.

January corporation tax revenue of $138.2 million was $14 million above estimate. Year-to-date corporation tax collections total $1.7 billion, which is $124.4 million, or 8 percent, above estimate.

Other General Fund revenue figures for the month included $66.3 million in inheritance tax, which was $2.5 million above estimate, bringing the year-to-date total to $463.5 million, which is $5 million above estimate.

Realty transfer tax was $35.4 million for January, bringing the total to $281 million for the year, which is $9.8 million more than anticipated.

Other General Fund revenue including the cigarette, malt beverage and liquor tax totaled $90.2 million for the month, $11.2 million below estimate, bringing the year-to-date total to $833.2 million, which is $24.7 million below estimate.

In addition to the General Fund collections, the Motor License Fund received $207.7 million for the month, $18.5 million above estimate. Fiscal year-to-date collections for the fund total $1.5 billion, which is $1.8 million, or 0.1 percent, above estimate.

The Gaming Fund received $44.8 million in unrestricted revenues for January. Fiscal year-to-date collections for the fund total $503.9 million. Gaming Fund receipts include taxes, fees and interest. Of the total for the month, $41.9 million was collected in state taxes for property tax relief, bringing the year-to-date total to $246.9 million.

Other gaming-related revenues collected for January included $25.8 million for the Local Share Assessment, for a total of $49.1 million for the year; $6.2 million for the Economic Development and Tourism Fund, for a year-to-date total of $36.3 million; and $14.8 million for the Race Horse Development Fund, bringing the total for the year to $87.1 million.

Reload: Week of Jan. 28, 2008
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