Pennsylvania Revenue Department Releases February 2014 Collections

HARRISBURG, Pa., March 3, 2014 /PRNewswire-USNewswire/ -- Pennsylvania collected $1.6 billion in General Fund revenue in February, which was $34.6 million, or 2.1 percent, less than anticipated, Secretary of Revenue Daniel Meuser reported today. Fiscal year-to-date General Fund collections total $16.3 billion, which is $75.5 million, or 0.5 percent, below estimate.

Sales tax receipts totaled $621.6 million for February, $44.6 million below estimate. Year-to-date sales tax collections total $6 billion, which is $67 million, or 1.1 percent, less than anticipated.

Personal income tax (PIT) revenue in February was $745.3 million, $500,000 below estimate. This brings year-to-date PIT collections to $6.9 billion, which is $101 million, or 1.4 percent, below estimate.    

February corporation tax revenue of $58.2 million was $6.8 million below estimate. Year-to-date corporation tax collections total $1.5 billion, which is $81.1 million, or 5.7 percent, above estimate.

Inheritance tax revenue for the month was $60.5 million, $7 million below estimate, bringing the year-to-date total to $542.3 million, which is $16 million, or 2.9 percent, below estimate.

Realty transfer tax revenue was $15.7 million for February, $3 million below estimate, bringing the fiscal-year total to $248.4 million, which is $12 million, or 4.6 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $105.6 million for the month, $1.5 million above estimate and bringing the year-to-date total to $940.8 million, which is $9.5 million, or 1 percent, below estimate.

Non-tax revenue totaled $41.7 million for the month, $25.9 million above estimate, bringing the year-to-date total to $175.8 million, which is $48.9 million, or 38.5 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $208.5 million for the month, $24.3 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 $1.6 billion, which is $13.3 million, or 0.9 percent, above estimate.

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

Media contact: Elizabeth Brassell, 717-787-6960

SOURCE Pennsylvania Department of Revenue

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