Department of Revenue officials report the state has again ended the fiscal year with tax collections above what was estimated.
Pennsylvania collected a total of $46.4 billion in General Fund revenue which represents over $320 million or nearly one percent more than anticipated. This is also nearly one billion more than last year.
While corporation tax revenue and revenue from cigarette, alcohol, and gaming taxes were all below estimates, revenue from sales tax, personal income tax, inheritance tax, realty transfer tax, non-tax revenue, and revenue from the Motor License Fund were all above what was projected.
This result allows the state to again close out the fiscal year with what officials describe as a “meaningful” surplus.