February General Fund revenue collections fall short of Department of Revenue estimates by 1. Percent or $20 Million. Corporate tax category was the only major tax category to come in above estimate for the month. Corporation taxes are 7. Percent or $104 Million above estimate, consumption taxes are 1. Percent or $88 Million above estimate.
February General Fund revenue collections fall short of Department of Revenue estimates by 1. Percent or $20 Million. Corporate tax category was the only major tax category to come in above estimate for the month. Corporation taxes are 7. Percent or $104 Million above estimate, consumption taxes are 1. Percent or $88 Million above estimate.
February General Fund revenue collections fall short of Department of Revenue estimates by 1. Percent or $20 Million. Corporate tax category was the only major tax category to come in above estimate for the month. Corporation taxes are 7. Percent or $104 Million above estimate, consumption taxes are 1. Percent or $88 Million above estimate.
Pennsylvania House of Representatives Republican Caucus
Economic Brief State Representative Sue Helm
March 2011
February 2011 General Fund Revenues
fall short of Department of Revenue estimate.
February General Fund revenue collections were short of Department of Revenue estimates by 1.3 percent or $20 Million.
In February, the corporate tax category was the only
major tax category to come in above estimate for the month. Corporate taxes were above estimate by 17 percent or $11 Million. Consumption taxes missed projections by 2 percent or $13 Million and Personal Income Tax collections were 3 percent or $23 Million under Department of Revenue expectations. EMPLOYMENT STATISTICS January 2011 Monthly Change Year-to-date actual collections for all three major tax Labor Force 6.344 Million +18,000* categories still remain higher than Department of Revenue year-to-date estimates. Corporation taxes are 7.9 percent Unemployment Rate 8.2% -0.3 or $104 Million above estimate, consumption taxes are 1.4 Total Employment 5.821 Million +30,000* percent or $88 Million above estimate, and Personal Income Tax collections are 1 percent or $65 Million over year-to-date 12-Month Growth expectations. All together, the General Fund is $243 Million or Total Employment +30,000* 1.6 percent over expectations for the year. Unemployment Rate -0.6 * Includes annual benchmarking adjustments General Fund Revenue FEBRUARY REVENUE COLLECTIONS Estimate Actual Actual Collections