PA collects $2.7 billion in September revenue

PA collects $2.7 billion in September revenue

Author: Alanna Koll/Monday, October 2, 2017/Categories: News and Views

The Department of Revenue reported September’s reported revenue figures Monday, noting the Commonwealth collected $2.7 billion for the month, bringing the fiscal-year- to-date collections to $6.9 billion.  

According to the Independent Fiscal Office, the total collected represents a $92.4 million- or 3.5 percent- increase in year-to-date comparisons with last fiscal year.  

Through the first three months of the fiscal year, the IFO notes that total General Fund revenues were $25.3 million (0.4 percent) above their official estimate. Total tax revenues were $9.4 million above estimate and non-tax revenues were $15.8 million above estimate.  

The IFO report also showed that two of three largest sources of General Fund tax revenue, personal income tax and sales and use tax were below estimate through September. PIT revenues were $13.6 million below estimate, while SUT revenues were $21.8 million below estimate due to a motor vehicle tax shortfall of $25 million.  

Those underperformances, the IFO notes, were offset by strong corporate net income tax revenues of $36.5 million above estimate through the first three months of the FY 2017-2018.