Harrisburg, PA — Pennsylvania collected $3.4 billion in General Fund revenue in May, which was $86.4 million, or 2.6 percent, more than anticipated, Revenue Secretary Pat Browne reported today. Fiscal year-to-date General Fund collections total $41.8 billion, which is $825.7 million, or 2.0 percent, above estimate. This amount is within the range (2 percent) the Department of Revenue strives for with its year-to-date revenue forecasts.
"Our revenue collections are in a very strong position with one month to go in the current fiscal year. We are anticipating that we'll close the fiscal year with a sizable surplus," said Secretary Browne. “Given our current financial position, we now have an opportunity to make the critical investments in Governor Shapiro's budget proposal that will improve the lives of Pennsylvanians across the Commonwealth."
Sales tax receipts totaled $1.2 billion for May, $117.1 million above estimate. Year-to-date sales tax collections total $13.0 billion, which is $199.7 million, or 1.6 percent, more than anticipated. The overage in sales & use tax (SUT) receipts this month is due to two reasons — April activity was significantly stronger than originally forecast, and there was a larger than expected effect from 2024 filing frequency. More SUT is being paid as monthly payments as opposed to quarterly.
Personal income tax (PIT) revenue in May was $1.3 billion, $10.6 million above estimate. This brings year-to-date PIT collections to $16.3 billion, which is $146.8 million, or 0.9 percent, below estimate.
May corporation tax revenue of $391.5 million was $97.9 million below estimate. Year-to-date corporation tax collections total $7.6 billion, which is $234.3 million, or 3.2 percent, above estimate. The shortfall in corporation taxes in May is primarily due to corporate net income tax (CNIT) payments. This shortfall offsets the overage in April. The payments made in April were primarily due in May.
Inheritance tax revenue for the month was $146.9 million, $18.1 million above estimate, bringing the year-to-date total to $1.5 billion, which is $155.4 million, or 11.4 percent, above estimate.
Realty transfer tax revenue was $51.5 million for May, $3.7 million above estimate, bringing the fiscal-year total to $478.9 million, which is $17.2 million, or 3.7 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $185.5 million for the month, $8.0 million below estimate. This brings the year-to-date total to $1.4 billion, which is $74.1 million, or 5.1 percent, below estimate.
Non-tax revenue totaled $81.6 million for the month, $42.8 million above estimate, bringing the year-to-date total to $1.5 billion, which is $440.1 million, or 40.3 percent, above estimate. As has occurred for much of the fiscal year, Treasury receipts exceeded estimate by $44 million in May.
In addition to the General Fund collections, the Motor License Fund received $311.3 million for the month, $2.0 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 $2.9 billion, which is $6.1 million, or 0.2 percent, above estimate.
Media Contact: Jeffrey Johnson, ra-press@pa.gov