Harrisburg, PA — Pennsylvania ended the 2020-21 fiscal year with $40.4 billion in General Fund collections, Revenue Secretary Dan Hassell reported today. That total is $3.4 billion, or 9.3 percent, above estimate.
Final revenue collections were stronger than expected in nearly every tax type. This has been a trend in recent months as Pennsylvania's economy has rebounded from the impact of the COVID-19 pandemic.
"Fortunately, we are in a much different situation than we encountered a year ago at this time," said Secretary Hassell, noting the commonwealth ended the 2019-20 fiscal year with revenue collections that were $3.2 billion, or 9.1 percent, below estimate. "This fiscal year closed with the largest surplus in the commonwealth's history. As part of that, more than $2.5 billion will be moved to the Rainy Day Fund, which will help Pennsylvania to weather a future economic downturn."
Below is an overview of June revenue collections and final collections for the fiscal year:
Sales tax receipts totaled $1.2 billion for June, $189.2 million above estimate. Fiscal year-to-date sales tax collections total $12.8 billion, which is $930.9 million, or 7.8 percent, more than anticipated.
Personal income tax (PIT) revenue in June was $1.4 billion, $97.5 million above estimate. This brings fiscal-year total PIT collections to $16.3 billion, which is $845.2 million, or 5.5 percent, above estimate.
June corporation tax revenue of $714.2 million was $305.0 million above estimate. Fiscal year-to-date corporation tax collections total $6.3 billion, which is $1.2 billion, or 23.3 percent, above estimate.
Inheritance tax revenue for the month was $100.8 million, $12.2 million above estimate, bringing the fiscal-year total to $1.3 billion, which is $228.7 million, or 20.5 percent, above estimate.
Realty transfer tax revenue was $65.1 million for June, $18.6 million above estimate, bringing the fiscal-year total to $640.2 million, which is $114.1 million, or 21.7 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $152.9 million for the month, $8.7 million below estimate and bringing the fiscal-year total to $1.7 billion, which is $123.6 million, or 7.6 percent, above estimate.
Non-tax revenue totaled $103.0 million for the month, $45.2 million below estimate, bringing the year-to-date total to $1.2 billion, which is $2.4 million, or 0.2 percent, below estimate.
In addition to the General Fund collections, the Motor License Fund received $273.5 million for the month, $37.1 million above 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 $2.8 billion, which is $19.5 million, or 0.7 percent, above estimate.
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