Pa. finished March ahead of projections for tax collections, Revenue Dept. says

    Photo by pxHere.com

    Nothing makes budget season go more smoothly like a bit of cash in the bank. And new tax collection figures for March offer some encouraging signs.

    Taxpayers pumped $4.6 billion into the state’s coffers in March, which was $76.1 million, or 1.7 percent ahead of projections, the state Department of Revenue said Monday. Fiscal year to date, the state has taken in $24.7 billion in tax collections, which was $363.6 million, or 1.5 percent ahead of expectations, the Revenue Department said.

    And since the start of fiscal 2018-19, overall tax revenue is $1.2 billion or 5.2 percent more than was collected during the same time period during the 2017-18 fiscal year, the agency said in a statement.

    Here’s how that breaks down:

    Income tax: The state took $1.1 billion in personal income tax collections in March, which was $3.1 million below estimate, the Revenue Department said. Year-to-date income tax collections are $9.4 billion, which is $371.1 million, or 3.8 percent, less than anticipated.

    Sales tax: The state collected $820.8 million in sales tax revenue for March, which was $19.1 million ahead of expectations. Year to date sales tax collections are $8.2 billion, which was $230.7 million or nearly 3 percent ahead of projections, the Revenue Department said Monday.

    Corporate tax: The state took in $2.3 billion in March, or $113.7 million, above estimate, the Revenue Department said. Year-to-date corporation tax collections are $4.2 billion, which is $453.6 million, or 12.1 percent, ahead of expectations.

    Inheritance tax: The state collected $85.1 million in inheritance tax revenue in March. That was $4.8 million below estimate, the Revenue Department said. Year-to-date collections total to $762.1 million, which is $17.9 million, or 2.3 percent, behind expectations.

    Realty transfer tax: The state took in $39.7 million in March,  which was $1.6 million below estimate, the Revenue Department said. That brings fiscal-year totals to $383.5 million. That’s $27.3 million, or 6.6 percent, behind expectations.

    Vice continues to be big business: Other general fund tax revenue, which includes cigarette, malt beverage, liquor and gaming taxes, totaled $61.4 million for the March, the Revenue Department said. That’s $4.7 million below estimate. And it brings the year-to-date totals to $1.3 billion, which is $1.2 million, or 0.1 percent, above estimate, the agency said Monday.

    John L. Micek
    A 3-decade veteran of the news business, John L. Micek is the Pennsylvania Capital-Star's Editor-in-Chief. An award-winning political reporter, Micek’s career has taken him from small town meetings and Chicago City Hall to Congress and the Pennsylvania Capitol. His weekly column on U.S. politics is syndicated to 800 newspapers nationwide by Cagle Syndicate. He also contributes commentary and analysis to broadcast outlets in the U.S., Canada and the U.K. Micek’s first novel, “Ordinary Angels,” was released in 2019 by Sunbury Press

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here
    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.