Pennsylvania Revenue Department Releases February Collections
HARRISBURG, Feb. 29 /PRNewswire-USNewswire/ -- Secretary of Revenue Tom Wolf today reported that Pennsylvania collected $1.8 billion in General Fund revenue in February, $90.9 million, or 5.4 percent, more than anticipated. Fiscal year-to-date General Fund collections total $15.8 billion, which is $290.3 million, or 1.9 percent, above estimate. Year-to-date collections include two large corporate tax settlements totaling nearly $48 million.
Sales tax receipts totaled $612.5 million for February, which was $8.5 million above estimate. Sales tax collections year-to-date total $5.7 billion, which is $19.7 million, or 0.3 percent, above estimate. Personal Income Tax (PIT) revenue in February was $798.5 million, which was
$17.5 million below estimate. This brings year-to-date PIT collections to $6.4 billion, which is $56.3 million, or 0.9 percent, above estimate. February corporation tax revenue of $172.2 million was $91.7 million above estimate; including $80 million in unanticipated payments. Year-to-date corporation tax collections total $1.9 billion, which is $208.4 million, or 12.7 percent, above estimate. Other General Fund revenue figures for the month included $70.2 million in inheritance tax, which was $12.1 million above estimate, bringing the year-to-date total to $533.7 million, which is $17.1 million above estimate. Realty transfer tax was $25.1 million for February, bringing the total to $306.2 million for the year, which is $7.9 million more than anticipated. Other General Fund revenue including the cigarette, malt beverage and liquor tax totaled $95.3 million for the month, $2 million below estimate, bringing the year-to-date total to $936.1 million, which is $19.1 million below estimate. In addition to the General Fund collections, the Motor License Fund received $294.6 million for the month, $26.4 million below estimate. Fiscal year-to-date collections for the fund total $1.8 billion, which is $24.6 million, or 1.4 percent, below estimate. The Gaming Fund received $40.2 million in unrestricted revenues for February. Fiscal year-to-date collections for the fund total $544.1 million. Gaming Fund receipts include taxes, fees and interest. Of the total for the month, $39.7 million was collected in state taxes for property tax relief, bringing the year-to-date total to $286.6 million. Other gaming-related revenues collected for February included $4.7 million for the Local Share Assessment, for a total of $53.7 million for the year; $5.8 million for the Economic Development and Tourism Fund, for a year-to-date total of $42.1 million; and $14 million for the Race Horse Development Fund, bringing the total for the year to $101.2 million. CONTACT:
CONTACT: Stephanie Weyant of the Pennsylvania Department of Revenue, Web Site: http://www.state.pa.us/
2008-02-29 17:39:53 0302082 PRNEWSWIRE
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