2020 may be over, but the lingering effects of the upending year are still being felt. So how did the commonwealth’s revenue fare in the last month of 2020?
Pennsylvania collected $3.7 billion in general fund revenue last month, 14.5 percent higher than anticipated, according to Pennsylvania Department of Revenue data.
Fiscal year-to-date collections for the general fund totaled $18.5 billion, which is 2.6 percent above estimate.
Here’s the breakdown of revenue collected in December:
- Personal income tax (PIT) revenue in December was $1.2 billion, or $36 million above estimate. This brings year-to-date PIT collections to $7.4 billion, or 0.5 percent above estimate.
- Corporation tax revenue of $771.3 million. Year-to-date corporation tax collections total $2.2 billion, which is 16.6 percent above estimate.
- Inheritance tax revenue for the month was $104.8 million, bringing the year-to-date total to $605 million, which is 2.4 percent above estimate.
- Realty transfer tax revenue was $68.6 million for December, bringing the fiscal-year total to $316.9 million, which is $19.2 million, or 6.5 percent, more than anticipated.
Data from the Department of Revenue shows that while the state revenue picked up slightly in December 2020, it dropped in other areas, such as the state’s Motor License Fund.
As some workers have moved to remote operations and Pennsylvanians have traveled less for work or leisure since the pandemic began in March, the Department of Revenue reported another slight drop in revenue for the Motor License Fund, which includes the commonwealth’s gas and diesel tax, as well as license, fine and fee revenue.
The Motor License Fund received $172.9 million in December, $11.2 million below estimate. Fiscal year-to-date collections for the fund totaled $1.4 billion. That total is $5.8 million or 0.4 percent below state estimates.
Additional Revenue Sources
Other revenue sources, including cigarette, malt beverage, liquor and gaming taxes, totaled $178.5 million in December, $17.6 million above estimate and bringing the year-to-date total to $994.4 million, which is $17.5 million, or 1.8 percent, above estimate.
Non-tax revenue totaled $375.6 million for the month, $15.4 million above estimate, bringing the year-to-date total to $665.3 million, which is $15.3 million, or 2.4 percent, above estimate, according to state data.