HARRISBURG, Pa. (WHTM) — According to the Wolf administration, the commonwealth collected $2.5 billion in general fund revenue in August, which was $209 million, or 8.9 percent, more than anticipated.
The Department of Revenue says that almost $187 million of what was collected came from corporations paying annual corporate income tax that was due from the previous four months.
Fiscal year-to-date general fund collections total $6.7 billion, which is $210.3 million, or 3.3 percent, above estimate.
“August revenue collections show us that we’re still seeing the effects of extending tax deadlines to provide relief to Pennsylvania taxpayers during the Covid-19 pandemic. Those extensions included moving back the deadline for corporate taxpayers to file their returns and make their annual payments,” Revenue Secretary Daniel Hassell said in a release. “We will continue to keep a close eye on revenue collections so that the governor and members of the General Assembly have the most up-to-date information possible in the coming months.”
Below the state provided a full overview of August revenues by tax type:
- Sales tax receipts totaled $1 billion for August, $92.7 million above estimate. Year-to-date sales tax collections total $2.3 billion, which is $92.7 million, or 4.2 percent, more than anticipated.
- Personal income tax (PIT) revenue in August was $876.1 million, $42.9 million above estimate. This brings year-to-date PIT collections to $3.2 billion, which is $42.9 million, or 1.4 percent, above estimate.
- Corporation tax revenue of $303.3 million was $26.8 million above estimate. Year-to-date corporation tax collections total $543.8 million, which is $28.2 million, or 5.5 percent, above estimate.
- Inheritance tax revenue for the month was $92.1 million, $5.9 million above estimate, bringing the year-to-date total to $210.4 million, which is $5.8 million, or 2.9 percent, above estimate.
- Realty transfer tax revenue was $56.5 million for August, $14.3 million above estimate, bringing the fiscal-year total to $74.4 million, which is $14.3 million, or 23.8 percent, more than anticipated.
- Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $169.4 million for the month, $32 million above estimate and bringing the year-to-date total to $314.3 million, which is $31.9 million, or 11.3 percent, above estimate.
- Non-tax revenue totaled $20.6 million for the month, $5.6 million below estimate, bringing the year-to-date total to $34.8 million, which is $5.5 million, or 13.7 percent, below estimate.
In addition to the General Fund collections, the Motor License Fund received $265.8 million for the month, $0.9 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 $553.2 million, which is $6.4 million, or 1.2 percent, above estimate.