Pennsylvania revenue beats expectations for the year

(WJET/WFXP/YourErie.com) – The Pennsylvania Department of Revenue announced on July 1 that Pennsylvania ended its fiscal year some $5.6 billion (13.2%) above its estimate of general fund income.

General fund revenue is generated by sales tax, personal income tax, corporation tax, inheritance tax, land transfer tax and other taxes on things like cigarettes , alcoholic beverages and games.

Sales tax was $1.1 billion (or 8.7%) more than expected, collecting a total of $13.9 billion in fiscal year 2021-22.

Personal income tax was $2.4 billion (14.9%) higher than forecast. A total of $18.1 billion was collected through personal income tax throughout the year.

Corporate taxes were $1.7 billion (29.2%) higher than forecast. A total of $7.3 billion was collected throughout the year.

Estate tax revenue was $173 million (12.6%) higher than expected. Total estate tax collection was $1.6 billion throughout the year.

Property transfer taxes were $164.2 million (24%) higher than expected. A total of $847.1 million was raised throughout the year.

Other general fund tax revenue (for cigarettes and other) was $21.1 million (1.2%) higher than expected. These taxes raised $1.7 billion for the year.

Non-tax revenue totaled $4.6 billion for the year. This is $117.2 million (2.6%) more than expected.

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Collections from the Automobile License Fund (not part of the General Fund) were $37.4 million (1.3%) higher than planned. These revenues (a total of $2.9 billion for the year) include gasoline and diesel taxes, as well as revenues from licenses, fines and fees.