Budget Numbers (Still) Improving
The PA Revenue Department May 4 announced that collections in April exceeded expectations by $201 million. This brings year-to-date revenues to $569.1 million above estimate. This extra revenue was seen in Corporate Net Income Tax, Personal Property Tax, and Sales & Use Tax. Two areas where revenues came in lower than anticipated were Real Estate Transfer Tax and cigarette/table games/liquor taxes. This $569.1 million surplus may impact Budget negotiations between the Governor and General Assembly.