February revenues slightly below expectations for PA
Pennsylvania collected $2 billion in tax revenues in February, or just a tenth of a percent less than expected.
Tax revenue, compared to last year, is up $1.1 billion on 2018 — or 5.7 percent greater. Both corporate taxes and sales taxes were larger than expected in February.
Corporate taxes brought in $116.4 million — or $38.5 million more than expected last month. Sales taxes brought in $760.3 million, or $11.2 million above estimates.
Personal income taxes, inheritance, and realty taxes were lower than expected, at $888.7 million, $79.1 million, and $24.1 million each. They missed their marks by $18.3 million, $5.6 million, and $11.5 million respectively.
Also below revenue estimates was the state’s Motor License Fund, which receives gas tax revenue and driving permit fees. For the fiscal year, it is down 4.2 percent or $78.3 million on its $1.8 billion total.
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