Halfway through Pennsylvania’s fiscal year the state Department of Revenue has brought in $12.2 billion, about 1.4 percent above what was projected.
Department spokesperson Elizabeth Brassell said it’s good news to be above estimate so far, but the months they collect the most revenues are still ahead.
She said, compared to the halfway point of the 2011-12 fiscal year, the state is doing well.
“Last year at December we were 3.6 percent below estimate. And total collections are up as well,” said Brassell. “Collections this December (are) $2.4 billion as compared to collections in December 2011 of$1.7 billion.”
Most General Fund tax categories were above estimates, including the personal income tax, and the realty transfer tax; but consumer-based taxes like the sales tax and cigarette, malt beverage, liquor, and table games taxes were below.
Brassell said those fluctuations are normal throughout the year from individual categories.
“The sales tax is below estimate. It’s not very far below estimate, it’s only $15.9 million below for the month and 2.7 percent for the year,” said Brassell. “One of the highlights for us is the corporate tax revenue. For the year it’s up almost 20 percent over estimate. So that’s good news.”
Other revenues halfway through 2012-13 fiscal year:
- Personal income tax (PIT) revenue- $4.8 billion, which is $44.8 million or 0.9 percent above estimate.
- Inheritance tax- $390.5 million, which is $23.3million, or 5.6 percent below estimate.
- Realty transfer tax revenue- $178.9 million, which is $12.9 million, or 7.8 percent more than anticipated.
- Non-tax revenue including unclaimed property- $158.2 million, which is $39.2 million, or 33 percent above estimate.
Brassell said she hopes the corporate tax revenue is a sign of bettering economic conditions but they won’t be able to tell until they get the bulk of those numbers in March.