Pennsylvania+records+second-straight+month+of+above-estimate+tax+revenue+collections

=From Our Staff= =Published by Capitolwire= =4/2/12= = = = = = = =HARRISBURG (April 2) - Pennsylvania continued its positive run for tax revenue collections in March.= = = =Following up on February’s collections that were $15.6 million above estimate, March recorded an even better result: $94.7 million above estimate .= = = = The more than $110 million in unanticipated revenue collections have helped to cut into the nearly $500 million shortfall that existed at the beginning of 2012. Revenues are currently under estimate by $386.9 million as of the end of March. = = = =The Corbett administration maintains that the end-of-year revenue shortfall – when the fiscal year ends on June 30 - will be in the area of $719 million, while the Independent Fiscal Office has said the shortfall will likely be around $500 million.= = = =The “big three” of state revenue streams, as a whole, continued to perform better than expectations, with sales tax and corporation tax revenues running ahead of estimates enough to more than make up for March personal income tax (PIT) collections coming in below estimate.= = = =The PIT collected $833.6 million last month, $22.8 million below estimate. That performance pushed the PIT’s collections $198.1 million, or 2.6 percent, below estimate for the year.= = = =Corporation tax revenue was the big performer in March, collecting $105.9 million more than expectations. The tax’s revenues for the year, thus far, are $3.6 billion, or $190.6 million (5 percent) below estimate. In February, year to date corporation tax revenues were still running 17.8 percent below estimate.= = = =The sales tax, also performing better than expected, pulled in $2.7 million more than anticipated in March. That helped to keep sales tax collections for the year in positive territory: a total of $6.5 billion, which is $38.4 million, or 0.6 percent, more than estimated.= = = =House Minority Appropriations Chairman Joe Markosek, D-Allegheny, a frequent critic of the revenue estimates made by the Corbett administration, welcomed the revenue collection numbers, but urged caution until April’s revenue figures are in.= = = =“Some good news emerged on the revenue front in March, with General Fund revenues exceeding the official estimate by $94.7 million, or 2.4 percent,” said Markosek in a press release.= = = =“Keep in mind that March and April are generally the two largest revenue months of the year,” said Markosek. “While the revenue picture improved in March, the final payments in April will also play a significant role in determining how tax collections finish the year.”= = = =For more about March’s collections, CLICK HERE to read a press release from the Department of Revenue.= = = = = = = = = = = =News= =home=