Pennsylvania Revenue Department Releases January 2015 Collections

HARRISBURG, Pa., Feb. 2, 2015 /PRNewswire-USNewswire/ -- Pennsylvania collected $2.4 billion in General Fund revenue in January, which was $89.7 million, or 3.9 percent, more than anticipated, Acting Secretary of Revenue Eileen McNulty reported today. Fiscal year-to-date General Fund collections total $15.7 billion, which is $360.4 million, or 2.3 percent, above estimate.

Sales tax receipts totaled $844.5 million for January, $6.9 million above estimate. Year-to-date sales tax collections total $5.6 billion, which is $66.6 million, or 1.2 percent, more than anticipated.

Personal income tax (PIT) revenue in January was $1.1 billion, $14.1 million below estimate. This brings year-to-date PIT collections to $6.3 billion, which is $400,000, above estimate.   

January corporation tax revenue of $127.2 million was $900,000 below estimate. Year-to-date corporation tax collections total $1.6 billion, which is $162.6 million, or 11.7 percent, above estimate.

Inheritance tax revenue for the month was $72.9 million, $1.4 million below estimate, bringing the year-to-date total to $594.6 million, which is $81.5 million, or 15.9 percent, above estimate.

Realty transfer tax revenue was $31.1 million for January, $7.3 million below estimate, bringing the fiscal-year total to $247.1 million, which is $28.4 million, or 10.3 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $112.7 million for the month, $23 million above estimate and bringing the year-to-date total to $854.6 million, which is $32.6 million, or 3.8 percent, above estimate.

Non-tax revenue totaled $101.4 million for the month, $83.4 million above estimate, bringing the year-to-date total to $478.2 million, which is $45.1 million, or 10.4 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $196.1 million for the month, $7.9 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 $1.4 billion, which is $9.2 million, or 0.7 percent, above estimate.

Media contact: Elizabeth Brassell, 717-787-6960

SOURCE Pennsylvania Department of Revenue

Related Links

http://www.state.pa.us

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