March revenue collections bring in $4.6 billion, putting Pa. $364 million ahead of estimate

March brought good news to the state’s fiscal situation with general fund collections totaling $4.6 billion, or $76.1 million more than anticipated.

That brings the year-to-date collections to $24.7 billion, which is nearly $364 million, or 1.5 percent above estimate for the first nine months of the fiscal year, according to state Revenue Secretary Dan Hassell.

Compared to the same period last year, this year’s overall tax revenue is $1.2 billion, or 5.2 percent, higher.

Much of last month’s positive revenue news came out of the sales tax and corporation taxes. Both came in higher than anticipated with the sales tax receipts totaling nearly $821 million, or $19.1 million above estimate, and corporation tax revenue adding up to $2.3 billion, or nearly $114 million above estimate.

The state’s other major revenue course, the personal income tax, came in slightly below estimate at $1.1 billion, about $3 million below estimate.

Smaller revenue sources including the inheritance tax, realty transfer tax, and vice taxes (cigarette, malt beverage, liquor and gaming taxes), all produced revenue that was less than anticipated for the month.