• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Pennsylvania Revenue Department Releases April Collections

Posted on: Wednesday, 30 April 2008, 15:00 CDT

HARRISBURG, Pa., April 30 /PRNewswire-USNewswire/ -- Secretary of Revenue Tom Wolf today reported that Pennsylvania collected $3.7 billion in General Fund revenue in April, $256.1 million, or 7.4 percent, more than anticipated. Fiscal year-to-date General Fund collections total $23.5 billion, which is $436.6 million, or 1.9 percent, above estimate.

Sales tax receipts totaled $729.5 million for April, which was $24.2 million below estimate. Sales tax collections year-to-date total $7.1 billion, which is $3.5 million above estimate.

Personal income tax (PIT) revenue in April was $1.9 billion, which was $182.1 million, or 10.3 percent, above estimate. Year-to-date PIT collections are at $9.2 billion, which is $264.6 million, or 3 percent, above estimate.

"In part, April's good income tax collections reflect the fact that business profits and investment earnings were fairly strong in Pennsylvania last year, particularly in the early months of the year before the economy began to slow down," Wolf said. "However, it is also true that the Revenue Department is making significant strides in improving collection processing, and annual income tax returns were processed much more quickly this April than in prior years.

"A portion of April's higher-than-estimate collections results from this faster processing. As a result, Pennsylvania will likely see lower-than-estimate income tax collections in May that could offset a significant portion of April's higher-than-estimate receipts."

April corporation tax revenue of $652.3 million was $29.2 million above estimate. Year-to-date corporation tax collections total $4.8 billion, which is $125.3 million, or 2.7 percent, above estimate.

Other General Fund revenue figures for the month included $69.4 million in inheritance tax, which was $3.9 million above estimate, bringing the year-to-date total to $669.5 million, which is $15.8 million above estimate.

Realty transfer tax was $31.3 million for April, bringing the total to $362 million for the year, which is $0.5 million less than anticipated.

Other General Fund revenue including the cigarette, malt beverage and liquor tax totaled $285.3 million for the month, $67.9 million above estimate, bringing the year-to-date total to $1.4 billion, which is $27.9 million above estimate.

In addition to the General Fund collections, the Motor License Fund received

$188.6 million for the month, $18.1 million below estimate. Fiscal year-to-date collections for the fund total $2.1 billion, which is $49.5 million, or 2.3 percent, below estimate.

The Gaming Fund received $50.7 million in unrestricted revenues for April. Fiscal year-to-date collections for the fund total $638.8 million. Gaming Fund receipts include taxes, fees and interest. Of the total for the month, $50.3 million was collected in state taxes for property tax relief, bringing the year-to-date total to $380.5 million.

Other gaming-related revenues collected for April included $3.3 million for the Local Share Assessment, for a total of $62.1 million for the year; $7.4 million for the Economic Development and Tourism Fund, for a year-to-date total of $55.9 million; and $17.8 million for the Race Horse Development Fund, bringing the total for the year to $134.3 million.

CONTACT: Stephanie Weyant (717) 787-6960

Pennsylvania Department of Revenue

CONTACT: Stephanie Weyant of the Pennsylvania Department of Revenue,+1-717-787-6960

Web Site: http://www.state.pa.us/

Source: PRNewswire-USNewswire

More News in this Category