State Tax Revenues Continue Upward Trend

Graph-UpThe PA Department of Revenue released figures showing January 2015 General Fund revenue at $2.4 billion, bringing year to date collections $360.4 million over estimate.  Breakdown showing year to date estimates are: Sales Tax $66.6 million more than anticipated; Personal Income Tax $400,000 over estimate; Corporate Tax Revenue $162.6 million more than anticipated; Inheritance Tax revenue $81.5 million more than anticipated; Other General Fund taxes (tobacco, malt beverage, liquor and table games) showed $23 million above estimate.  On the negative side was the Real Estate Transfer Tax which came in $28.4 million below estimates.