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State Collects $5.7B in Revenue in April, Exceeding Expectations by 7%

Bugs Bunny counting money

Pennsylvania Revenue Secretary Pat Browne announced that the Commonwealth collected $5.7 billion in General Fund revenue in April. That figure is $373.3 million or 7.0 percent more than was originally anticipated for the month.

This is the second consecutive month that the state has brought in much more than anticipated with its forecasts, as March saw an influx of $289.9 million beyond expectations.

Fiscal year-to-date General Fund collections totaled $38.5 billion for April, which is $739.3 million, or 2.0%, above estimate. This amount is within the range (2 percent) the Department of Revenue strives for with its year-to-date revenue forecasts.

“We’re seeing many positives with specific tax collections that have us in a strong position with two months to go in the current fiscal year,” said Browne. “This is very encouraging news that reinforces the fact that now is the time to act on the critical investments Governor Shapiro has proposed in his budget for the next fiscal year.”

Sales tax receipts totaled $1.2 billion for April, $0.1 million below estimate. Year-to-date sales tax collections total $11.8 billion, which is $82.6 million, or 0.7 percent, more than anticipated.

Personal income tax (PIT) revenue in April was $3.0 billion, $14.6 million below estimate. This brings year-to-date PIT collections to $15.0 billion, which is $157.5 million, or 1.0 percent, below estimate. PIT withholding collections in April exceeded estimate by $24.1 million, which helped to offset the $50.9 million shortfall in quarterly collections. PIT annual payments, which are due in April for tax year 2023, exceeded estimate by $12.1 million.

April corporation tax revenue of $835.3 million was $179.5 million above estimate. Year-to-date corporation tax collections total $7.2 billion, which is $332.2 million, or 4.9 percent, above estimate. The majority of the overage in corporation taxes in April is due to corporate net income tax (CNIT) payments. These payments were primarily for tax year 2023 and are actually due in May (for calendar year filers).

Inheritance tax revenue for the month was $210.8 million, $87.4 million above estimate, bringing the year-to-date total to $1.4 billion, which is $137.4 million, or 11.2 percent, above estimate.

Realty transfer tax revenue was $48.7 million for April, $3.4 million above estimate, bringing the fiscal-year total to $427.4 million, which is $13.5 million, or 3.3 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $31.9 million for the month, $7.4 million below estimate. This brings the year-to-date total to $1.2 billion, which is $66.2 million, or 5.2 percent, below estimate.

Non-tax revenue totaled $393.4 million for the month, $125.0 million above estimate, bringing the year-to-date total to $1.5 billion, which is $397.3 million, or 37.7 percent, above estimate. Treasury receipts exceeded estimate by $37.4 million in April, continuing a trend seen through most of the fiscal year. In addition, escheats exceeded estimate by $84.1 million in April as more money flowed into Treasury than was expected.

In addition to the General Fund collections, the Motor License Fund received $270.0 million for the month, $22.4 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 $2.5 billion, which is $8.1 million, or 0.3 percent, above estimate.

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