State December Tax Collections Show Year-End Surplus
The state Department of Revenue is reporting that half-way through the fiscal year, Pennsylvania's tax collections are running $171.5 million above estimate.
Collections for December totaled $2.4 billion, which was $112.4 million, or 4.8 percent, more than anticipated.
This puts the commonwealth's fiscal year-to-date collections to support its $27.7 billion general fund budget at $12.2 billion at this point.
Budget Secretary Charles Zogby said last month that the state will end the year with a $478 million surplus, up from the original projection from last summer of $293 million.
Sales tax collections last month fell nearly $16 million below estimate, coming in at $774 million, but personal income tax collections were $850 million, or nearly $27 million above estimate.
The state's other major revenue source, the corporation tax generated $546 million, or $101.5 million above estimate, last month.
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