The March tax revenue numbers are in and Pennsylvania continues to hemorrhage red ink under Gov. Ed Rendell.With three full months left in the current fiscal year, the state has already spent $1.6 billion more than it took in. (Rendell projects the deficit will reach $2.3 billion by the end of June.)
Pennsylvania collected $3.9 billion in General Fund revenue during March, $334.6 million, or 7.9 percent, less than anticipated, according to Revenue Secretary Stephen H. Stetler.
Fiscal year-to-date General Fund collections total $18.7 billion, which is $1.6 billion, or 7.9 percent, below estimate, Stetler says.
March is usually the biggest tax collection month of the year, but nothing could slow the runaway train of deficit spending under Rendell and the current Legislature.
Here's the monthly recap from the Pennsylvania Department of Revenue:
Sales tax receipts totaled $589.2 million for March, $51 million below estimate. Sales tax collections, year-to-date, total $6.2 billion, which is $350.4 million, or 5.4 percent, less than anticipated.
Personal income tax (PIT) revenue in March was $763.6 million, $59.8 million below estimate. This brings year-to-date PIT collections to $7.2 billion, which is $376.5 million, or 5 percent, below estimate.
March corporation tax revenue of $2.3 billion was $192.5 million below estimate. Year-to-date corporation tax collections total $3.9 billion, which is $366.7 million, or 8.7 percent, below estimate.
Other General Fund revenue figures for the month included $66.7 million in inheritance tax, $10.5 million below estimate, bringing the year-to-date total to $569.6 million, which is $74.9 million below estimate.
Realty transfer tax was $17.4 million for March, $13.4 million below estimate, bringing the total to $230.3 million for the year, which is $79.7 million less than anticipated.
Other General Fund tax revenue including cigarette, malt beverage and liquor taxes totaled $102.1 million for the month, $16.2 million above estimate, bringing the year-to-date total to $785.8 million, which is $9.1 million below estimate.
Non-tax revenue totaled $14.1 million for the month, $23.6 million below estimate, bringing the year-to-date total to -$76.4 million, which is $350.6 million below estimate.
In addition to the General Fund collections, the Motor License Fund received $184.1 million for the month, $14 million below estimate. Fiscal year-to-date collections for the fund total $1.9 billion, which is $109 million, or 5.5 percent, below estimate.
The Gaming Fund received $54.9 million in unrestricted revenues for March. Fiscal year-to-date collections for the fund total $434.2 million. Gaming Fund receipts include taxes, fees and interest. Of the total for the month, $56.8 million was collected in state taxes for property tax relief, bringing the year-to-date total to $434.3 million.
Other gaming-related revenues collected for March included $6.7 million for the Local Share Assessment, for a net total of $50.2 million for the year; $8.3 million for the Economic Development and Tourism Fund, for a year-to-date total of $63.9 million; and $20 million for the Race Horse Development Fund, bringing the total for the year to $153.3 million.
1 comment:
Crusty again, I saw that picture of eddie before only he had more hair. It was from U of P clown college when the class was doing animal impressions. Eddie made us all laugh. He was the best seal in the group.
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