PA Revenue Department Releases Fiscal Year 2015 - 2016 Collections

HARRISBURG, Pa., July 5, 2016 /PRNewswire-USNewswire/ -- Pennsylvania collected $3.1 billion in General Fund revenue in June, which was $67.2 million, or 2.1 percent, less than anticipated, Secretary of Revenue Eileen McNulty reported today. Fiscal year 2015-16 General Fund collections totaled $30.9 billion, which is $29.9 million, or 0.1 percent, above estimate.

Sales tax receipts totaled $918.2 million for June, $45 million below estimate. Year-to-date sales tax collections total $9.8 billion, which is $29.5 million, or 0.3 percent, less than anticipated.

Personal income tax (PIT) revenue in June was $1.3 billion, $51.5 million below estimate. This brings year-to-date PIT collections to $12.5 billion, which is $201.9 million, or 1.6 percent, below estimate.         

June corporation tax revenue of $561.4 million was $16.2 million above estimate. Year-to-date corporation tax collections total $5.1 billion, which is $101.9 million, or 2 percent, above estimate.

Inheritance tax revenue for the month was $110 million, $8 million above estimate, bringing the year-to-date total to $962.2 million, which is $34.7 million, or 3.7 percent, above estimate.

Realty transfer tax revenue was $54.6 million for June, $3 million above estimate, bringing the fiscal-year total to $481.7 million, which is $3.6 million, or 0.8 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $127.2 million for the month, $2.8 million above estimate and bringing the year-to-date total to $1.4 billion, which is $18.6 million, or 1.4 percent, above estimate.

Non-tax revenue totaled $29.7 million for the month, $700,000 below estimate, bringing the year-to-date total to $643.8 million, which is $102.5 million, or 18.9 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $245.2 million for the month, $11.2 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 $2.7 billion, which is $22.6 million, or 0.8 percent, below estimate.

The 2015-16 fiscal year General Fund revenue collections reported above are preliminary, pending a final revenue deposit and year-end adjustments. 

Media contact: Kevin Hensil, 717-787-6960

SOURCE Pennsylvania Department of Revenue

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http://www.state.pa.us