STATE REVENUES BELOW ESTIMATES FOR THE YEAR
ALL TAX CATEGORIES UNDER ESTIMATES
Pennsylvania Department of revenue reports tax collections are below estimates so far this fiscal year.
Sales tax revenues so far this year total $6.6 billion which is $126.5 million or 1.9% less than anticipated.
Personal Income tax revenue is $7.5 billion which is $128.1 million or 1.7% below estimate.
Corporate Tax revenue is $1.5 billion which is $171.1million or 10.%5 below estimate.
Inheritance tax revenue is $68.4 million, which is $23.1 million or 3.7% below estimate.
Realty transfer Tax revenue is $309.7 million which is $50.4 million or 14% less than estimated.
Other general fund revenue, including cigarette, tobacco, liquor and table games is $1.2 billion, which is $24 million or 2% below estimates.
Non-tax revenue is $292.8 million which is $73.5 million or 33.5% above estimates.
Motor License fund, gas, diesel, fines and fees is $1.7 billion, $18.1 million or 1 % below estimates.
Total revenue so far is $18 billion, which is $449.7 million, or 2.4% below estimate.
The fiscal year ends June, 30. so there are 4 more months left in the year and possibly this numbers will improve. The number to note is the Personal income tax which is down 1.7%. This is a good indicator of the financial health of the states citizens. Pennsylvania needs reform of it s tax policy with the focus on economic growth.
School districts are still are still raising taxes as fast as they can. They are over stating budgets and spending as much as they can. NWL WANTS TO KICK the can down the road with bonds by making them increase in payment in the future . They are all afraid of tax reform. We need to get rid of school taxes on our homes.
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