Revenue Department Releases October Collections

HARRISBURG, Pa., Nov. 1, 2010 /PRNewswire-USNewswire/ -- Pennsylvania collected $1.8 billion in General Fund revenue in October, which was $57.3 million, or 3.2 percent, less than anticipated, Secretary of Revenue C. Daniel Hassell reported today. Fiscal year-to-date General Fund collections total $7.6 billion, which is $18.5 million, or 0.2 percent, above estimate.

Sales tax receipts totaled $712.9 million for October, $2 million above estimate. Year-to-date sales tax collections total $2.8 billion, which is $44.5 million, or 1.6 percent, more than anticipated.

Personal income tax (PIT) revenue in October was $696 million, $43.8 million below estimate. This brings year-to-date PIT collections to $2.9 billion, which is $55.3 million, or 1.9 percent, below estimate.

October corporation tax revenue of $130.8 million was $11.5 million above estimate. Year-to-date corporation tax collections total $720.8 million, which is $62.4 million, or 9.5 percent, above estimate.

Other General Fund revenue for the month included $55.8 million in inheritance tax, $3.7 million below estimate, bringing the year-to-date total to $248.1 million, which is $3.7 million below estimate.

Realty transfer tax revenue was $21 million for October, $9 million below estimate, bringing the fiscal-year total to $102.8 million, which is $28.2 million less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes totaled $127.2 million for the month, $1.3 million below estimate and bringing the year-to-date total to $492.2 million, which is $7.4 million above estimate.

Non-tax revenue totaled $12.6 million for the month, $13.1 million below estimate, bringing the year-to-date total to $258 million, which is $8.6 million below estimate.

In addition to the General Fund collections, the Motor License Fund received   $222.8 million for the month, $2.4 million below estimate. Fiscal year-to-date collections for the fund total $838.6 million, which is $33.1 million, or 4.1 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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