Revenue Department Releases March 2024 Collections
HARRISBURG — Pennsylvania collected $6.3 billion in General Fund revenue in March, which was $289.9 million, or 4.8 percent, more than anticipated, Revenue Secretary Pat Browne reported today. Fiscal year-to-date General Fund collections total $32.8 billion, which is $366.0 million, or 1.1 percent, above estimate. This amount is within the range (2 percent) the Department of Revenue (DOR) strives for with its year-to-date revenue forecasts.
Sales tax receipts totaled $1.1 billion for March, $73.3 million above estimate. Year-to-date sales tax collections total $10.6 billion, which is $82.7 million, or 0.8 percent, more than anticipated. Sales tax receipts are over estimate in part due to a larger than expected effect of a change in payment frequency. At the start of each calendar year, DOR can make changes to how often entities are required to pay Sales and Use tax based on their remittances the prior year.
Personal income tax (PIT) revenue in March was $1.5 billion, $122.6 million above estimate. This brings year-to-date PIT collections to $12.1 billion, which is $142.8 million, or 1.2 percent, below estimate. PIT Withholding exceeded estimate by $48.1 million, which could be due to changes in payment frequency.
March corporation tax revenue of $3.1 billion was $63.8 million above estimate. Year-to-date corporation tax collections total $6.3 billion, which is $152.6 million, or 2.5 percent, above estimate. Within this tax group, shortfalls in Corporate Net Income and Insurance Premium Taxes ($79.4 million below estimate) were more than offset by strong collections in Gross Receipts and Bank Shares Taxes ($143.9 million over estimate).
Inheritance tax revenue for the month was $142.2 million, $1.8 million above estimate, bringing the year-to-date total to $1.2 billion, which is $49.9 million, or 4.5 percent, above estimate.
Realty transfer tax revenue was $40.1 million for March, $7.5 million above estimate, bringing the fiscal-year total to $378.6 million, which is $10.0 million, or 2.7 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $50.9 million for the month, $6.2 million below estimate. This brings the year-to-date total to $1.2 billion, which is $58.8 million, or 4.8 percent, below estimate.
Non-tax revenue totaled $253.2 million for the month, $27.2 million above estimate, bringing the year-to-date total to $1.1 billion, which is $272.3 million, or 34.6 percent, above estimate. Treasury receipts exceeded estimate by $31.4 million in March.
In addition to the General Fund collections, the Motor License Fund received $236.8 million for the month, $16.1 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 $2.3 billion, which is $30.5 million, or 1.4 percent, above estimate.
