Pa. collected $44.9B in taxes in 2022-23 budget year; edging projections | Wednesday Morning Coffee

Pennsylvania closed the books on the 2022-23 fiscal year with a total of $44.9 billion in general fund tax collections, according to newly released state Revenue Department data. That tally is $1.3 billion, or 3.1% ahead of estimates.

It is also slightly less, you’ll note, than the $45.5 billion budget that the state Senate sent over to the House last week that also included $100 million for a controversial private school tuition vouchers initiative.

The data, released Monday, comes as the state House returns to session today at high noon to … do something … even as legislative leaders and the Democratic Shapiro administration work to unravel a fiscal knot that’s left the state without a new budget six days into the 2023-24 fiscal year.

Below, a look at tax collections for June (and the fiscal year as a whole) by major category.

Sales Tax: Sales receipts totaled $1.2 billion for June, which was $31 million ahead of estimates, according to the Revenue Department. Fiscal year-to-date sales tax collections totaled $14 billion, which was $209.5 million, or 1.5%, more than anticipated.

Personal Income Tax: PIT revenue in June was $1.4 billion, or $137.8 million below estimate. This brought the fiscal year-to-date total to $17.6 billion, which was $535.6 million, or 2.9%, behind estimates.

Corporate Taxes: June’s corporation tax revenue of $589.6 million was $252.9 million above estimate. Fiscal year-to-date corporation tax collections totaled $8.3 billion, which was $1.4 billion, or 19.8% ahead of estimates.

Inheritance Tax: Inheritance tax collections in June totaled $128.7 million, or $11.7 million above estimate. This brought the fiscal year-to-date total to $1.5 billion, which was $62.3 million, or 4.3%, above estimate, state data showed.

Realty Transfer Tax: Collections totaled $64.6 million for June, which was $7.3 million below estimate. That brought the the fiscal-year total to $643.8 million, which was $116.6 million, or 15.3%, less than anticipated.

Other General Fund Revenue: Collections that included cigarette, malt beverage, liquor and gaming taxes, totaled $179.2 million for the month, $0.5 million below estimate. This brought the fiscal-year total to $1.7 billion, which was $9.8 million, or 0.6%, below estimate.

Non-tax Revenue: Collections totaled $72.1 million for the month, $33.7 million above estimate, bringing the year-to-date total to $1.1 billion, which is $365.1 million, or 47.1%, above estimate.

Motor License Fund: The state’s Motor License Fund received $252.1 million for the month, $3.4 million above estimate. Fiscal year-to-date collections for the fund – which includes gas and diesel taxes, as well as other license, fine and fee revenues – totaled $3 billion, which was $42.2 million, or 1.4%, above estimate.