Pennsylvania Revenue Department Releases January 2014 Collections - WAFF-TV: News, Weather and Sports for Huntsville, AL

Pennsylvania Revenue Department Releases January 2014 Collections

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SOURCE Pennsylvania Department of Revenue

HARRISBURG, Pa., Feb. 4, 2014 /PRNewswire-USNewswire/ -- Pennsylvania collected $2.4 billion in General Fund revenue in January, which was $43.5 million, or 1.8 percent, less than anticipated, Secretary of Revenue Daniel Meuser reported today. Fiscal year-to-date General Fund collections total $14.6 billion, which is $40.9 million, or 0.3 percent, below estimate.

Sales tax receipts totaled $814.2 million for January, $6.9 million below estimate. Year-to-date sales tax collections total $5.4 billion, which is $22.4 million, or 0.4 percent, less than anticipated.

Personal income tax (PIT) revenue in January was $1.2 billion, $71.3 million below estimate. This brings year-to-date PIT collections to $6.1 billion, which is $100.5 million, or 1.6 percent, below estimate.    

January corporation tax revenue of $131.9 million was $30 million above estimate. Year-to-date corporation tax collections total $1.4 billion, which is $87.9 million, or 6.5 percent, above estimate.

Inheritance tax revenue for the month was $68.7 million, $3.1 million below estimate, bringing the year-to-date total to $481.9 million, which is $8.9 million, or 1.8 percent, below estimate.

Realty transfer tax revenue was $31.4 million for January, $2.1 million below estimate, bringing the fiscal-year total to $232.7 million, which is $9 million, or 3.7 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $91.3 million for the month, $2.8 million below estimate and bringing the year-to-date total to $835.2 million, which is $11 million, or 1.3 percent, below estimate.

Non-tax revenue totaled $25.6 million for the month, $12.8 million above estimate, bringing the year-to-date total to $134.1 million, which is $23 million, or 20.7 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $205.7 million for the month, $1.3 million 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 $1.4 billion, which is $11.1 million, or 0.8 percent, below estimate.

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

Media contact: Elizabeth Brassell, 717-787-6960

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