This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Revenue Department Releases Fiscal Year 2012-13 Collections

HARRISBURG, Pa., July 1, 2013 /PRNewswire-USNewswire/ -- Pennsylvania collected $2.7 billion in General Fund revenue in June, which was $45.4 million, or 1.7 percent, less than anticipated, Secretary of Revenue Dan Meuser reported today.

Fiscal year 2012-13 General Fund collections totaled $28.6 billion, which was $56.9 million, or 0.2 percent, above estimate. The fiscal year ended June 30.

Sales tax receipts totaled $801.3 million for June, $17.6 million below estimate. Sales tax collections for the fiscal year totaled $8.9 billion, which was $325.6 million, or 3.5 percent, less than anticipated.

Personal income tax (PIT) revenue in June was $1 billion, $18.1 million below estimate. This brought fiscal-year PIT collections to $11.4 billion, which was $85.6 million, or 0.8 percent, above estimate.

June corporation tax revenue of $512.5 million was $1.1 million above estimate. Fiscal-year corporation tax collections totaled $5.2 billion, which was $274.5 million, or 5.6 percent, above estimate.

Inheritance tax revenue for the month was $75.2 million, $3.5 million above estimate. This brought the fiscal-year total to $845.3 million, which was $16.5 million, or 1.9 percent below estimate.

Realty transfer tax revenue was $34.1 million for June, $800,000 below estimate, bringing the fiscal-year total to $338.7 million, which was $19 million, or 6 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $135.6 million for the month, $4 million below estimate and bringing the fiscal-year total to $1.4 billion, which was $50.5 million, or 3.5 percent, below estimate.

Non-tax revenue totaled $102.4 million in June, $9.5 million below estimate, bringing the fiscal-year total to $579.8 million, which was $70.4 million, or 13.8 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $173.6 million for the month, $21.6 million below estimate. Fiscal-year collections for the fund – which include the commonly known gas and diesel taxes, as well as other licenses, fine and fee revenues – totaled $2.4 billion, which was $19.2 million, or 0.8 percent, above estimate.

For more information, visit www.revenue.state.pa.us.

Media contact: Maia Warren, 717-787-6960

Editor's note: The 2012-13 fiscal year General Fund revenue collections reported above are preliminary, pending a final revenue deposit and year-end adjustments. 

SOURCE Pennsylvania Department of Revenue

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,596.67 -58.10 -0.35%
S&P 500 1,983.94 -3.72 -0.19%
NASDAQ 4,814.87 +2.1620 0.04%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs