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PA in the Black for the First Quarter

The state’s revenue picture brightened enough in September to put collections for the first quarter of the fiscal year slightly ahead of estimates.

The Pennsylvania Department of Revenue reports that the Commonwealth collected 2.4 billion dollars in general fund revenue last month, which was 1.8% more than anticipated.  It was enough to make up for collections in August that were below estimates, bringing the state two-tenths of a point above estimate for year to date collections.

Personal income tax revenue was above estimate, bringing in 1% more than anticipated for the first quarter. Corporation taxes are running 14%  ahead of estimates year to date. But other collections remain below estimate, including sales, inheritance and other general fund tax revenue.