Harrisburg, Pennsylvania-In December, Pennsylvania raised US$3.7 billion in general fund income, reaching US$465.8 million, or 14.5%, which is more than the Secretary of Taxation Dan. Hassel’s report today is expected to raise a total of $18.5 billion in general funds as of the fiscal year date, which is $467.1 million or 2.6% higher than the estimated figure.
The total sales tax revenue in December was US$1 billion, higher than the expected US$54.4 million. So far, the total sales tax collection is US$6.4 billion, which is US$54.4 million more than expected, or 0.9%.
Personal income tax (PIT) income in December was $1.2 billion, which was $36 million higher than expected. This brings PIT’s year-to-date revenue to US$7.4 billion, which is US$36 million or 0.5% higher than the estimate. The
companies’ December corporate income tax income was $771.3 million, which was $308.8 million higher than expected. To date, the company’s total tax revenue is US$2.2 billion, which is US$310.4 million higher than expected, or 16.6%.
This month’s inheritance tax income was US$104.8 million, which was US$14.4 million higher than the estimated value, bringing the year-to-date total income to US$605 million, which was US$143 million or 2.4% higher than the estimated value.
The real estate transfer tax revenue in December was US$68.6 million, higher than the forecast of US$19.2 million, bringing the total income for the current fiscal year to US$316.9 million, which was US$19, US$2 million or 6.5% higher than expected.
Other general fund taxes, including taxes on cigarettes, malt beverages, spirits, and gambling, totaled US$178.5 million for the month, which was US$17.6 million higher than estimated, bringing total revenue for the year to US$994.4 million, of which US$17.5 million. Or 1.8%, which is higher than estimated. The total non-tax income of
for the month was 375.6 million US dollars, which was US$15.4 million higher than expected, bringing the total income at the beginning of the year to 665.3 million US dollars, which was US$15.3 million higher than expected, or 2.4%.
In addition to the income from the general fund, the Auto License Fund received US$172.9 million that month, which is US$11.2 million lower than the estimate. The fund’s tax year date collection, including the well-known gasoline and diesel taxes, and other permit, fines and fee income, totaled $1.4 billion, which is below the estimated value of $5.8 million, or 0.4%.
as part of the state budget recently signed by the governor. Tom Wolfe, the tax law amendment requires the Tax Department to review revenue estimates for fiscal year 2021. These revised estimates are reflected in the information above.