HARRISBURG, PA — Pennsylvania collected $2.9 billion in General Fund revenue in February, outperforming estimates by $44.0 million, or 1.6 percent, according to Revenue Secretary Pat Browne. Fiscal year-to-date collections stand at $27.0 billion, falling slightly below projections by $104.3 million, or 0.4 percent.
“Collections from all of our major revenue sources are nearly right on target, and that is a big reason why our overall collections are so close to our projections,” said Secretary Browne. “Our goal is typically to be within 2 percent of our estimate, so we’re in a very good place with four months to go in the current fiscal year.”
Sales tax revenue reached $1.1 billion in February, exceeding estimates by $33.5 million. Year-to-date sales tax receipts total $9.7 billion, which is $55.2 million, or 0.6 percent, above projections. Personal income tax (PIT) collections added $1.2 billion in February, surpassing estimates by $10.4 million. However, year-to-date PIT revenue remains $141.0 million, or 1.3 percent, below expectations at $11.0 billion.
Corporation tax revenue for the month fell short by $11.8 million, with February collections of $199.1 million. The year-to-date total stands at $3.0 billion, $36.0 million, or 1.2 percent, under projections. However, inheritance tax revenue was notably robust, reaching $159.3 million in February—$17.9 million above estimates—contributing to a year-to-date total of $1.1 billion, which is $21.1 million, or 1.9 percent, higher than expected.
The Motor License Fund, supported by gas and diesel taxes and other vehicle-related fees, saw February collections of $269.8 million, exceeding projections by $23.4 million. This brings its year-to-date total to $2.0 billion, surpassing estimates by $99.4 million, or 5.1 percent.
With overall revenue collections tracking close to projections, the state appears positioned to meet its fiscal targets by the end of the fiscal year in June.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.