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Pennsylvania Revenue Department Releases Fiscal Year 2014-2015 Collections



HARRISBURG, Pa., July 1, 2015 /PRNewswire-USNewswire/ -- Pennsylvania collected $2.9 billion in General Fund revenue in June, which was $206.7 million, or 6.6 percent, less than the official estimate, Secretary of Revenue Eileen McNulty reported today. Fiscal year 2014-15 General Fund collections totaled $30.6 billion, which is $412.2 million, or 1.4 percent, above estimate.

Sales tax receipts totaled $928.7 million for June, $300,000 below estimate. Sales tax collections for the fiscal year totaled $9.5 billion, which is $16.1 million, or 0.2 percent, more than anticipated.

Personal income tax (PIT) revenue in June was $1.2 billion, $4.1 million above estimate. This brought fiscal-year PIT collections to $12.1 billion, which is $74.6 million, or 0.6 percent, above estimate.      

June corporation tax revenue of $585 million was $71.9 million above estimate. Fiscal-year corporation tax collections totaled $5.1 billion, which is $240 million, or 4.9 percent, above estimate.

Inheritance tax revenue for the month was $96.6 million, $6.5 million below estimate. This brought the fiscal-year total to $1 billion, which is $67.8 million, or 7.3 percent above estimate.

Realty transfer tax revenue was $44.6 million for June, $3.8 million below estimate, bringing the fiscal-year total to $413.8 million, which is $33.7 million, or 7.5 percent less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor, and table games taxes, totaled $100.9 million for the month, $24.4 million below estimate and bringing the fiscal-year total to $1.4 billion, which is $19.2 million, or 1.4 percent, above estimate.

Non-tax revenue for the month totaled negative $3.4 million in June, $247.7 million below estimate, largely because the state did not receive about $125 million for casino licenses and a $95 million transfer to the General Fund from the Oil and Gas Lease Fund that were assumed in the fiscal year 2014-15 budget when it was adopted in July 2014.  This brings the fiscal-year total for non-tax revenue to $1.1 billion, which is $28.3 million, or 2.6 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $227.9 million for the month, $10.3 million below estimate. Fiscal-year collections for the fund ? which include the commonly known gas and diesel taxes, as well as other licenses, fine and fee revenues ? total $2.6 billion, which is $83.6 million, or 3.3 percent, above estimate.

The 2014-15 fiscal year General Fund revenue collections reported above are preliminary, pending a final revenue deposit and year-end adjustments. 

Media contact: Elizabeth Brassell, 717-787-6960

 

SOURCE Pennsylvania Department of Revenue


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News published on 1 july 2015 at 16:57 and distributed by: