HARRISBURG, PA — Pennsylvania’s General Fund revenue collections for March totaled $6.2 billion, exceeding projections by $70 million, or 1.1 percent, according to Revenue Secretary Pat Browne. This positive performance places fiscal year-to-date General Fund collections at $33.2 billion, just $34.3 million (0.1 percent) below estimate, maintaining the state’s standing within its financial goals for the year.
“March is our biggest month for collections from corporation taxes, so it’s very encouraging to see those collections coming in over estimate this month,” said Secretary Browne. “We are also well within our goal of being within 2 percent of our overall projections, which puts us in a strong position with three months to go in the current fiscal year.”
Key revenue sources displayed mixed performance for March. Corporate tax revenue, which serves as a major component of March’s collections, reached $3.0 billion, exceeding estimates by $77.2 million. Year-to-date corporate tax collections now total $6.1 billion, 0.7 percent above expectations.
Personal income tax (PIT) revenue came in at $1.6 billion for the month, surpassing projections by $45 million. Despite this gain, year-to-date PIT collections of $12.6 billion remain 0.8 percent below estimate, highlighting an area for close monitoring.
Sales tax receipts underperformed in March, totaling $1.1 billion, which is $36.5 million below estimate. Year-to-date, however, sales tax collections stand at $10.8 billion, narrowly exceeding expectations by $18.8 million.
Inheritance tax revenue added $157.4 million in March, slightly below projections by $3.8 million, but the year-to-date total of $1.3 billion surpasses estimates by 1.4 percent. Realty transfer tax revenue also performed well, generating $47.7 million for the month, $1.6 million over projections, bringing the fiscal-year total to $423.9 million, which is 2.7 percent above estimate.
Meanwhile, non-tax revenue for March fell below expectations, totaling $214.5 million, which is $11.8 million under estimate. The Motor License Fund, which includes gas and diesel taxes, took in $206.8 million in March, $29.5 million below forecast. However, fiscal year-to-date collections for the Motor License Fund are $2.2 billion, exceeding projections by 3.2 percent.
With three months remaining in the fiscal year, Pennsylvania remains within a narrow margin of its overall revenue projections, signaling a stable financial position as state budget planning continues.
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