Governor Tom Wolfe today announced that Pennsylvania generated record $ 43.9 billion in revenue for the 2021-22 fiscal year. Governor Wolf wants to use this income to make large investments to improve the lives of Pennsylvania and reduce costs.
In May, Pennsylvania raised $ 3.2 billion in general revenue. That’s $ 402.4 million, or 14.2 percent, above the estimate. Year-to-date general revenue collections totaled $ 43.9 billion, which is $ 4.9 billion, or 12.5 percent higher than the estimate.
“Currently, Pennsylvania banks have $ 4.9 billion, more than expected this year. It’s a big pot of money and wants to use it to lower some barriers that prevent Pennsylvania from succeeding. I think, “said Governor Wolf. “We have the historic investment we want to invest in education from kindergarten to high school and the money we pay for the corporate net income tax cuts and reforms we have proposed to strengthen our business in Pennsylvania, but still 18 There are 100 million dollars left, “said Governor Wolf. “When Pennsylvania is hurt and the state government is hurt, there is no reason not to spend this huge amount of money to improve education, lower taxpayer costs and build a stronger economy. Investing is a way to guarantee the future success of Pennsylvania. “
Over the past seven years, the Wolf administration has corrected the volatile public finances of Pennsylvania through sound fiscal management. When Governor Wolf took office, Pennsylvania was operating with a budget deficit of $ 2 to $ 3 billion, and the Rainy Day Fund had fallen to just $ 231,800.
Today, the Rainy Day Fund includes a record $ 2.8 billion (more than 12,000 times more than when Governor Wolf took office) to protect Pennsylvania from future emergencies. The Rainy Day Fund is completely separate from Pennsylvania’s $ 4.9 billion surplus this year and the remaining $ 2.1 billion in the Federal US Relief Program that Pennsylvania must mandate by 2024.
The Governor’s plans to invest in Pennsylvanian cost savings are balanced on the income of recurring general revenue sources and do not rely on temporary sources of funding. Over the past seven years, revenues have increased by an average of $ 2.2 billion annually, and data forecasts from nationally recognized economic forecasting firms Moody’s Analytics and IHS Markit show a continued increase in federal tax revenues.
Based on the latest revenue estimates, Pennsylvania will have billions of dollars in general revenue balance at the end of 2022-23, even if the Governor’s proposed budget is fully implemented.
“Pennsylvania earned record income this year,” said Governor Wolf. This is an investment in a better future for all Pennsylvanians. Students have the resources to succeed, and workers have the skills to support themselves and their families. To ensure that our economy continues to grow in the future, we need to invest in the next generation of workers, leaders and innovators. “
See below for more information on the May Revenue Collection.
Sales tax receipts for May totaled $ 1.2 billion, exceeding the estimate by $ 129.1 million. Year-to-date sales tax collections totaled $ 12.7 billion, a billion dollars, or 8.7 percent higher than expected.
Personal income tax (PIT) revenue in May was $ 1.1 billion, surpassing the estimate by $ 126.9 million. This brings the year-to-date PIT collection to $ 16.5 billion. That’s $ 2.2 billion, or 15.2 percent, above the estimate.
Corporate tax revenue in May was $ 510.9 million, exceeding the estimate by $ 129.5 million. Year-to-date corporate tax collections totaled $ 6.3 billion, which is $ 1.2 billion, or 24.4 percent above the estimate.
This month’s inheritance tax revenue was $ 132.3 million, which was $ 15.6 million above the estimate, and the year-to-date total was $ 1.4 billion, or $ 159.8 million, or 12.6 percent above the estimate.
Real estate transfer tax revenue in May was $ 69.3 million, which was $ 13.9 million higher than expected and totaled $ 771.1 million for the fiscal year, which was $ 153.9 million (24.9%) higher than expected.
Other general revenues, including tobacco, malt beverages, liquor and game taxes, totaled $ 176.3 million this month, below the estimate of $ 3.1 million, and year-to-date total of $ 1.6 billion, or $ 16.5 million. In other words, it was 1.1%. The above quote.
This month’s non-tax revenue totaled $ 29.7 million, below the estimate by $ 9.4 million and year-to-date to $ 4.6 billion, or $ 112.9 million, or 2.5 percent above the estimate.
In addition to the general fund collection, the Motor License Fund received $ 301.1 million that month. This is $ 10.7 million above the estimate. The fund’s fiscal year to date collections (including commonly known gas and diesel taxes, other licenses, fines, and fee income) total $ 2.6 billion, with an estimate of $ 30.3 million, or 1.2 percent. It exceeds.
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