June Revenues in PA Exceed Expectations

Harrisburg -- Governor Ed Rendell Thursday said that state revenue collections in June exceeded expectations. Pennsylvania collected $3 billion in General Fund revenue in June, which was $58.3 million, or 2 percent, more than anticipated.

“June is the first month since December 2007 that our revenues have been above what was estimated."

Fiscal year 2009-10 General Fund collections totaled $27.6 billion, which is $1.176 billion, or 4.1 percent, below estimate.

Sales tax receipts totaled $776.9 million for June, $7.7 million above estimate. Sales tax collections for the fiscal year totaled $8 billion, which is $362.1 million, or 4.3 percent, less than anticipated.

Personal income tax (PIT) revenue in June was $1.1 billion, $2.8 million above estimate. This brought fiscal year PIT collections to $10 billion, which is $308.3 million, or 3 percent, below estimate.

June corporation tax revenue of $541.8 million was $25.5 million below estimate. Fiscal year corporation tax collections total $4.6 billion, which is $510.1 million, or 10 percent, below estimate.

Other General Fund revenue figures for the month included $77.1 million in inheritance tax, $800,000 below estimate, bringing the fiscal year total to $753.8 million, which is $18.4 million below estimate.

Realty transfer tax was $36.7 million for June, $12.5 million above estimate, bringing the total to $296 million for the fiscal year, which is $23.9 million higher than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage and liquor taxes totaled $130.5 million for the month, $4 million above estimate and bringing the fiscal year total to $1.3 billion, which is $48.8 million above estimate.

Non-tax revenue, including $66 million in table games license fees, totaled $379.2 million in June, $57.6 million above estimate, bringing the fiscal year total to $2.7 billion, which is $50.3 million below estimate.

Also included in the June General Fund collections is $234.3 million that was transferred from the Tax Amnesty program.
In addition to the General Fund collections, the Motor License Fund received $195.3 million for the month, $28.9 million above estimate. Fiscal year collections for the fund total $2.6 billion, which is $5.4 million, or 0.2 percent, above estimate.

For more information, visit www.revenue.state.pa.us.

Information and photo provided by Commonwealth Media Services