www.revenue.state.pa.us Direct address changes, requests for inclusion on the mailing list, and any other inquiries to the Pennsylvania Department of Revenue, Bureau of Research I 1147 Strawberry Square I Harrisburg, PA 17128–1100 I 717.787.6300 I FAX 717.787.6738. Page 1 Tom Corbett, Governor Daniel Meuser, Secretary of Revenue IN THIS ISSUE: Monthly Revenue Report January 2012 GENERAL FUND Page 1 MOTOR LICENSE AND GAMING FUNDS Page 2 REVENUE RECEIPTS FOR SELECTED SPECIAL FUNDS Page 2 REFUNDS OF TAXES Page 2 KEY ECONOMIC INDICATORS Page 3 GENERAL FUND GROWTH Page 4 GENERAL FUND COMPARISON OF ACTUAL TO ESTIMATE JANUARY 2012 Page 5 MOTOR LICENSE FUND GROWTH Page 6 MOTOR LICENSE FUND COMPARISON OF ACTUAL TO ESTIMATE JANUARY 2012 Page 6 GENERAL FUND General Fund collections of $2,170.8 million for the month of January were $10.4 million, or 0.5%, below the official estimate. Fiscal year 2011-12 collections of $13,815.9 million were below the official estimate by $497.2 million, or 3.5%. • Total Corporation Tax collections of $96.0 million for the month of January were $27.5 million, or 22.3%, below the official estimate. Year-to-date collections are $286.8 million, or 18.0%, below estimate. • Sales and Use Tax (SUT) collections of $807.5 million were $65.5 million, or 8.8%, above estimate. Year-to-date collections are $42.2 million, or 0.8%, above estimate. • Total Personal Income Tax (PIT) collections of $1,059.4 million for the month of January were $45.6 million, or 4.1%, below estimate. Year-to-date collections are $211.5 million, or 3.6%, below the official estimate. • Realty Transfer Tax (RTT) revenues of $22.9 million were $0.1 million, or 0.2%, above estimate. Year-to-date collections are $9.8 million, or 5.3%, below estimate. • Inheritance Tax revenues of $69.5 million were $6.7 million, or 10.6%, above estimate. Year-to-date collections are $11.3 million, or 2.4%, below estimate. • Other tax revenue including Cigarette, Malt Beverage, Liquor, Table Games, and other miscellaneous tax collections totaled $95.1 million for the month of January. • Nontax revenue collections for the month of January were below the official estimate by $6.6 million. Year-to-date collections are $27.3 million below the official estimate.
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Monthly Revenue Report - January 2012... Page 2 Tom Corbett, Governor Daniel Meuser, Secretary of Revenue REVENUE RECEIPTS FOR SELECTED SPECIAL FUNDS ($ thousands) January January
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www.revenue.state.pa.us
Direct address changes, requests for inclusion on the mailing list, and any other inquiries to the Pennsylvania Department of Revenue,
Bureau of Research I 1147 Strawberry Square I Harrisburg, PA 17128–1100 I 717.787.6300 I FAX 717.787.6738.
Page 1
Tom Corbett, Governor Daniel Meuser, Secretary of Revenue
IN THIS ISSUE:
Monthly Revenue ReportJanuary 2012
GENERAL FUND Page 1
MOTOR LICENSE ANDGAMING FUNDS Page 2
REVENUE RECEIPTS FORSELECTED SPECIAL FUNDS Page 2
REFUNDS OF TAXES Page 2
KEY ECONOMIC INDICATORS Page 3
GENERAL FUND GROWTH Page 4
GENERAL FUND COMPARISONOF ACTUAL TO ESTIMATEJANUARY 2012 Page 5
MOTOR LICENSEFUND GROWTH Page 6
MOTOR LICENSE FUNDCOMPARISON OF ACTUAL TOESTIMATE JANUARY 2012 Page 6
GENERAL FUND
General Fund collections of $2,170.8 million for themonth of January were $10.4 million, or 0.5%, below theofficial estimate. Fiscal year 2011-12 collections of$13,815.9 million were below the official estimate by$497.2 million, or 3.5%.
• Total Corporation Tax collections of $96.0 million for themonth of January were $27.5 million, or 22.3%, below theofficial estimate. Year-to-date collections are $286.8 million,or 18.0%, below estimate.
• Sales and Use Tax (SUT) collections of $807.5 million were$65.5 million, or 8.8%, above estimate. Year-to-datecollections are $42.2 million, or 0.8%, above estimate.
• Total Personal Income Tax (PIT) collections of $1,059.4million for the month of January were $45.6 million, or4.1%, below estimate. Year-to-date collections are $211.5million, or 3.6%, below the official estimate.
• Realty Transfer Tax (RTT) revenues of $22.9 million were$0.1 million, or 0.2%, above estimate. Year-to-datecollections are $9.8 million, or 5.3%, below estimate.
• Inheritance Tax revenues of $69.5 million were $6.7million, or 10.6%, above estimate. Year-to-date collectionsare $11.3 million, or 2.4%, below estimate.
• Other tax revenue including Cigarette, Malt Beverage,Liquor, Table Games, and other miscellaneous tax collectionstotaled $95.1 million for the month of January.
• Nontax revenue collections for the month of January werebelow the official estimate by $6.6 million. Year-to-datecollections are $27.3 million below the official estimate.
www.revenue.state.pa.us
Page 2
Tom Corbett, Governor Daniel Meuser, Secretary of Revenue
REVENUE RECEIPTS FOR SELECTED SPECIAL FUNDS($ thousands)
January January January YTD YTD YTD
FUND NAME 2012 2011 2010 2011-12 2010-11 2009-10
Lottery 1
Public Transportation Assistance
Game Commission
Fish
Racing
Banking
Fire Insurance
Municipal Pension
Highway/Bridge 2
State Gaming
Economic Development & Tourism1 Excludes field paid prizes, commissions, and expenses. 2 Restricted receipts account within the Motor License Fund.
Motor License Fund collections of $232.2 million in January were $7.1 million, or 3.2%, abovethe official estimate. Fiscal year 2011-12 collections of $1,399.1 million were $2.7 million, or0.2%, above the official estimate.
The State Gaming Fund collected $70.9 million in January. Fiscal year-to-date collections forthe fund total $475.5 million.
MOTOR LICENSE AND GAMING FUNDS
REFUNDS OF TAXES 1
($ thousands)
January January January YTD YTD YTD2012 2011 2010 2011-12 2010-11 2009-10
General Fund:
Corporation Taxes
Sales and Use Tax
Employer Tax
Personal Income Tax
Miscellaneous
Motor License Fund:1 Refund numbers reflect amounts recorded by the Department of Revenue in the executive authorizations for refunds.
130,154 120,522 87,345 1,003,669 956,860 889,870
30,093 28,547 27,169 121,023 115,631 112,496
3,094 4,770 1,393 61,485 51,516 39,452
1,396 1,472 1,567 7,304 10,917 6,624
1,004 926 983 7,710 10,447 8,710
5,408 4,654 2,746 15,950 16,493 11,690
0 0 (78) 33 126 148
123 36 169 727 972 987
8,543 6,558 6,967 61,161 57,245 55,567
70,898 66,078 57,353 475,465 453,028 408,720
10,421 9,720 8,427 69,886 66,215 60,049
65,866 119,666 78,292 550,649 497,353 478,865
25,018 52,032 42,928 304,600 235,664 260,355
11,682 9,747 5,755 64,761 66,288 49,174
1,186 155 436 8,003 3,856 4,239
24,834 55,758 27,521 160,652 174,514 152,069
3,146 1,975 1,652 12,634 17,031 13,028
254 223 1,001 5,327 5,957 5,606
www.revenue.state.pa.us
Page 3
Tom Corbett, Governor Daniel Meuser, Secretary of Revenue
Data Source:Personal Income and US Corporate Profits: US Bureau of Economic AnalysisEmployment, Unemployment, Consumer Price Index: Bureau of Labor StatisticsHousing Permits: US Census BureauElectricity: Energy Information AdministrationInitial Claims: PA Department of Labor and Industry
Notes:Data is seasonally adjusted, except for Initial Claims, Housing Permits, Consumer Price Index, and Electricity.All data is Pennsylvania specific, except for Consumer Price Index, which is for PA, NJ, NY, CT, RI, MA, VT, NH,and ME, and Corporate Profits, which is for the US.
KEY ECONOMIC INDICATORS
www.revenue.state.pa.us
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Tom Corbett, Governor Daniel Meuser, Secretary of Revenue
GENERAL FUND GROWTH($ thousands)
January January YTD YTDREVENUE SOURCES 2012 2011 Growth 2011-12 2010-11 Growth