Pennsylvania Exceeds Revenue Projections, Closes Fiscal Year with Strong Surplus

Pennsylvania's revenue collections continue to demonstrate a stable financial outlook, with the state collecting $46.4 billion in General Fund revenue in the 2024-25 fiscal year, $321 million above projections. This surplus is a result of strong sales and personal income tax collections, which both exceeded expectations. Revenue Secretary Pat Browne attributed the exceptional forecast to the hard work of the research staff.

Key Takeaways:

Total General Fund revenue in the 2024-25 fiscal year was $46.4 billion, a $321 million increase above estimate.
Sales tax receipts totaled $1.3 billion in June, $8.5 million above estimate, and $14.7 billion for the fiscal year, $157.6 million above estimate.
Personal income tax (PIT) revenue in June was $1.6 billion, $30.4 million above anticipated, and $19.0 billion for the fiscal year, $186.2 million above expectations.
Corporation tax revenue was below estimate, with June collections totaling $393.4 million, $8.8 million less than anticipated, and fiscal year-to-date collections totaling $7.5 billion, $93.6 million less than expected.
Inheritance tax revenue was above estimate, with June collections totaling $139.4 million, $2.9 million above estimate, and fiscal year-to-date collections totaling $1.7 billion, $28.8 million above anticipated.
Realty transfer tax revenue was above estimate, with June collections totaling $65.7 million, $6.8 million above expectations, and fiscal year-to-date collections totaling $600.8 million, $19.6 million above expected.
Other General Fund tax revenue was below estimate, with June collections totaling $178.3 million, $10.6 million above estimate, however, the fiscal year-to-date total was $16.2 million less than expected.
Non-tax revenue was above estimate, with June collections totaling $85.4 million, $8.1 million above estimate, and fiscal year-to-date collections totaling $1.4 billion, $38.7 million above estimated.

Statistics:

$46.4 billion: Total General Fund revenue in the 2024-25 fiscal year
$321 million: Increase above estimate
$1.3 billion: June sales tax receipts
$8.5 million: Above estimate in June sales tax receipts
$14.7 billion: Fiscal year-to-date sales tax collections
$157.6 million: Above estimate in fiscal year-to-date sales tax collections
$1.6 billion: June personal income tax revenue
$30.4 million: Above anticipated in June personal income tax revenue
$19.0 billion: Fiscal year-to-date personal income tax collections
$186.2 million: Above expectations in fiscal year-to-date personal income tax collections

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