Pennsylvania November Revenue Report Shows Slight Underperformance Against Estimates
HARRISBURG, PA – The Pennsylvania Department of Revenue announced on Monday that the state collected $2.9 billion in General Fund revenue for November, falling short of expectations by $87.2 million, or 2.9 percent. Despite this shortfall, Revenue Secretary Pat Browne expressed optimism, noting that year-to-date collections stand at $16.4 billion, which is just $9.9 million, or 0.1 percent under estimate.
Browne emphasized, “Five months into this fiscal year, our revenue collections are right on estimate, which is a great place to be.” Historically, the goal is to stay within 2 percent of projections, and thus far, the state is performing solidly.
Sales tax receipts for November totaled $1.2 billion, exceeding projections by $13.8 million. Year-to-date sales tax collections reached $6.1 billion, up $25.8 million, or 0.4 percent compared to estimates. However, personal income tax (PIT) revenue was reported at $1.1 billion, which is $41.2 million below expectations, bringing the year-to-date PIT collections to $6.5 billion—down $63 million, or 1.0 percent.
The corporation tax revenue also lagged behind estimates, with November collections of $185 million falling short by $56 million. Overall corporate tax collections total $1.7 billion thus far, which is $69.5 million, or 4.0 percent, below expectations.
Other revenue sources, such as inheritance and realty transfer taxes, performed better, exceeding estimates for November. Notably, the Motor License Fund recorded collections of $273.4 million, showing a surplus of $10 million against estimates.
While November’s results indicate some challenges, the state’s fiscal outlook remains cautiously optimistic as it continues to monitor revenue trends moving forward.
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