PA Revenue Department Releases October Collections

HARRISBURG, Pa., Nov. 1, 2012 /PRNewswire-USNewswire/ -- Pennsylvania collected $2 billion in General Fund revenue in October, which was $71.5 million, or 3.6 percent, more than anticipated, Secretary of Revenue Dan Meuser reported today. Fiscal year-to-date General Fund collections total $8.1 billion, which is $82.2 million, or 1 percent, above estimate.

Sales tax receipts totaled $755.3 million for October, $2.9 million below estimate. Year-to-date sales tax collections total $3 billion, which is $73.2 million, or 2.4 percent, less than anticipated.

Personal income tax (PIT) revenue in October was $867.6 million, $14.5 million above estimate. This brings year-to-date PIT collections to $3.3 billion, which is $38.9 million, or 1.2 percent, above estimate.    

October corporation tax revenue of $164.5 million was $49.8 million above estimate. Year-to-date corporation tax collections total $869.7 million, which is $136.2 million, or 18.6 percent, above estimate.

Inheritance tax revenue for the month was $67.2 million, $7.2 million below estimate, bringing the year-to-date total to $257 million, which is $25.2 million, or 8.9 percent, below estimate.

Realty transfer tax revenue was $31.8 million for October, $6.9 million above estimate, bringing the fiscal-year total to $120.4 million, which is $4.8 million, or 4.2 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $125.7 million for the month, $3.2 million below estimate and bringing the year-to-date total to $488.7 million, which is $17 million, or 3.5 percent, below estimate.

Non-tax revenue totaled $26.5 million for the month, $13.7 million above estimate, bringing the year-to-date total to $108.4 million, which is $17.7 million, or 19.5 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $218.6 million for the month, $500,000 below estimate. Fiscal year-to-date collections for the fund – which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues – total $828.9 million, which is $2.8 million, or 0.3 percent, above estimate.

For more information, visit www.revenue.state.pa.us.

Media contact: Elizabeth Brassell , 717-787-6960

SOURCE Pennsylvania Department of Revenue

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http://www.revenue.state.pa.us