(WHTM) -- The Pennsylvania Department of Revenue has released the results of its February 2024 collections.
Over the course of the month, the state collected $2.8 billion in General Fund revenue, which is $69.5 million, or 2.5% more than anticipated.
The General Fund collections total for the fiscal year is currently $26.5 billion, which is $76.1 million, or 0.3%, above estimate, according to the department.
“At the same time, many economic forecasters who were predicting the U.S. economy to fall into a recession have shifted their viewpoints and now have much more optimistic outlooks. This is all positive news that reinforces the fact that now is the time to act on the important investments Governor Shapiro is proposing,” Pat Browne, the state secretary of revenue said.
The department provided a breakdown of the $2.8 billion collected in February.
- Sales tax receipts: $1 billion ($36.7 million above estimate)
- Personal income tax: $1.2 billion ($40.6 million below estimate)
- Corporation tax revenue: $205.9 million ($42.9 million below estimate)
- Inheritance tax revenue: $140.7 million ($0.5 million below estimate)
- Realty tax revenue: $37.6 million (11.9 million above estimate)
- Malt beverage, liquor, and gaming taxes: $141.2 million ($5.4 million below estimate)
- Non-tax revenue: $66 million ($29.1 million above estimate)
These collections brought the fiscal year-to-date total to:
- Sales tax receipts: $9.5 billion ($9.5 million, or 0.1 percent, above estimate)
- Personal income tax: $10.5 billion ($265.4 million, or 2.5 percent, below estimate)
- Corporation tax revenue: $3.2 billion ($88.8 million, or 2.9 percent, above estimate)
- Inheritance tax revenue: $1 billion ($48.1 million, or 5.0 percent, above estimate)
- Realty tax revenue: $338.6 million ($2.6 million, or 0.8 percent, above estimate)
- Malt beverage, liquor, and gaming taxes: $1.1 billion ($52.6 million, or 4.5 percent, below estimate)
- Non-tax revenue: $805.3 million ($245.1 million, or 43.7 percent, above estimate)
Throughout February, the state's Motor License Fund also received $235.6 million, which is $3.4 million above estimate. This brought the fiscal year-to-date collections, including gas and diesel taxes, for the fund to $2 billion total, which is $14.4 million, or 0.7%, above estimate.