After a dismal June, Pa. took in $4.1B in July

After finishing the 2019-20 budget year $3.2 billion in the red, the state collected $4.1 billion in July, with about a quarter coming from extended due dates on taxes, the Department of Revenue said Monday.

“Our goal was to provide relief for Pennsylvania residents and business owners by giving them more time to file their returns and make their tax payments,” Revenue Secretary Dan Hassell said in a statement. “Now that several of those significant deadlines that were extended have passed, much of the revenue that we expected to receive in the prior fiscal year has come in. We’re working as quickly as we can to process returns so that we’ll have a clearer picture of anticipated revenue collections for the remainder of the fiscal year.”

About $1.6 billion of the revenue the state took in last month, the first month of the 2020-21 fiscal year, “can be attributed to extending due dates for various taxes due to the COVID-19 pandemic.”

Rocked by COVID economy, Pa. finishes 2019-20 budget year $3.2B in the red

Here’s how the rest of July looked, by the numbers:

Sales Taxes: The state took in $1.3 billion in July, compared to $974.2 million in June.

Personal Income Taxes: PIT collections totaled $2.3 billion in July, compared to $1 billion in June.

Corporate Taxes: The state took in $240.5 million in July, compared to $398.7 million in June.

Inheritance Taxes: Inheritance taxes totaled $118.4 million in July, compared to $80.1 million in June.

Realty Transfer Taxes: $17.9 million in July, compared to $33.1 million in June.

Sin Taxes: The state collected $144.8 million in tax revenue from cigarette, malt beverage, liquor and gaming taxes in July, compared to $136.8 million in June.

July’s collection data “does not include a comparison against anticipated amounts because revenue estimates for each month are not yet finalized,” the Revenue Department said in its statement