Harrisburg, PA — Pennsylvania collected $2.9 billion in General Fund revenue in November, which was $87.2 million, or 2.9 percent, less than anticipated, Revenue Secretary Pat Browne reported today. Fiscal year-to-date General Fund collections total $16.4 billion, which is $9.9 million, or 0.1 percent, below estimate.
“Five months into this fiscal year, our revenue collections are right on estimate, which is a great place to be,” said Secretary Browne. “Our goal is typically to be within 2 percent of our projections, so to date, we are in a very strong position for the coming fiscal year.”
Sales tax receipts totaled $1.2 billion for November, $13.8 million above estimate. Year-to-date sales tax collections total $6.1 billion, which is $25.8 million, or 0.4 percent, more than anticipated.
Personal income tax (PIT) revenue in November was $1.1 billion, $41.2 million below estimate. This brings year-to-date PIT collections to $6.5 billion, which is $63.0 million, or 1.0 percent, below estimate.
November corporation tax revenue of $185.0 million was $56.0 million below estimate. Year-to-date corporation tax collections total $1.7 billion, which is $69.5 million, or 4.0 percent, below estimate. Corporate Net Income Tax (CNIT) collections were $55.8 million below estimate in November. This shortfall is primarily due to smaller than expected tax year 2023 payments and could reflect a delayed reaction to the rate cut to 8.99% (from 9.99%) from Act 53 of 2022.
Inheritance tax revenue for the month was $127.5 million, $6.7 million above estimate, bringing the year-to-date total to $710.6 million, which is $36.7 million, or 5.5 percent, above estimate.
Realty transfer tax revenue was $59.3 million for November, $9.7 million above estimate, bringing the fiscal-year total to $235.0 million, which is $16.0 million, or 7.3 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $156.0 million for the month, $0.7 million below estimate. This brings the year-to-date total to $679.9 million, which is $0.3 million, or 0.0 percent, above estimate.
Non-tax revenue totaled $138.0 million for the month, $19.5 million below estimate, bringing the year-to-date total to $503.1 million, which is $43.8 million, or 9.5 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $273.4 million for the month, $10.0 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 $1.3 billion, which is $57.5 million, or 4.6 percent, above estimate.