Pennsylvania’s year-to-date revenue collections are $506 million above budgeted estimates as the state’s personal and business tax receipts and sales-tax revenue showed strong results in April.
January through April general fund collections total $22.5 billion. That amount is 2.3% higher than what Pennsylvania was planning to collect during that time, according to the state’s Department of Revenue.
April’s tax collections are $3.3 billion, which is $273.2 million or 9% above earlier projections.
The state received $1.6 billion of personal-income tax revenue last month to bring year-to-date collections to $8.7 billion.
That’s $201.4 million more than budgeted estimates for the first 10 months of the fiscal year.
January through April sales tax receipts total $6.9 billion, which are $144.1 million above budgeted estimates. The state collected $725.7 million of sales-tax revenues in April.
Corporations have paid $4.3 billion in taxes since January, a $188.2 million gain compared to earlier revenue projections. April business tax collections total $666.3 million.
Pennsylvania has more than $8 billion of outstanding debt.
Fitch Ratings and Standard & Poor’s rate the state’s credit AA-plus and AA, respectively.
Moody’s Investors Service rates Pennsylvania Aa1.