PA Revenue Department Releases May Collections

HARRISBURG, Pa., May 30 /PRNewswire-USNewswire/ -- Secretary of Revenue Tom Wolf today reported that Pennsylvania collected $1.8 billion in General Fund revenue in May, $142.2 million, or 7.2 percent, less than anticipated. Fiscal year-to-date General Fund collections total $25.3 billion, which is $294.4 million, or 1.2 percent, above estimate.

Sales tax receipts totaled $695.6 million for May, which was $5.6 million below estimate. Sales tax collections year-to-date total $7.8 billion, which is $2.2 million below estimate.

Personal Income Tax (PIT) revenue in May was $726.7 million, which was $97.9 million below estimate. This brings year-to-date PIT collections to $9.9 billion, which is $166.7 million, or 1.7 percent, above estimate.

"As reported last month, a portion of May's lower-than-estimate income tax collections are because annual income tax returns were processed much more quickly in April than in prior years," Wolf noted.

May corporation tax revenue of $113 million was $31.5 million below estimate. Year-to-date corporation tax collections total $5 billion, which is $95.2 million, or 2 percent, above estimate.

Other General Fund revenue figures for the month included $83.5 million in inheritance tax, which was $12.5 million above estimate, bringing the year-to-date total to $753 million, which is $28.3 million above estimate.

Realty transfer tax was $32 million for May, bringing the total to $394 million for the year, which is $1.8 million less than anticipated.

Other General Fund revenue including the cigarette, malt beverage and liquor tax totaled $177.8 million for the month, $18.2 million below estimate, bringing the year-to-date total to $1.5 billion, which is $8.2 million above estimate.

In addition to the General Fund collections, the Motor License Fund received $360.8 million for the month, $15.2 million below estimate. Fiscal year-to-date collections for the fund total $2.5 billion, which is $64.7 million, or 2.5 percent, below estimate.

The Gaming Fund received $48 million in unrestricted revenues for May. Fiscal year-to-date collections for the fund total $686.9 million. Gaming Fund receipts include taxes, fees and interest. Of the total for the month, $47.8 million was collected in state taxes for property tax relief, bringing the year-to-date total to $428.2 million.

Other gaming-related revenues collected for May included $5.6 million for the Local Share Assessment, for a total of $67.7 million for the year; $7 million for the Economic Development and Tourism Fund, for a year-to-date total of $63 million; and $16.9 million for the Race Horse Development Fund, bringing the total for the year to $151.1 million.

CONTACT: Stephanie Weyant

(717) 787-6960

First Call Analyst:
FCMN Contact:

Source: Pennsylvania Department of Revenue

CONTACT: Stephanie Weyant of the Pennsylvania Department of Revenue,
+1-717-787-6960

Web Site: http://www.state.pa.us/

2008-05-30 16:54:31 0374036 PRNEWSWIRE